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Self-Storage Real Estate Acquisitions and Sales: September 2019

September 20, 2019

8 Min Read
Self-Storage Real Estate Acquisitions and Sales: September 2019

Update 9/20/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in September 2019.

A Plus Boat Club Storage in Fort Worth, Texas, sold to Denver-based Spartan Investment Group. The facility at 8955 Boat Club Road sits on 4.5 acres and comprises 60,856 square feet in 209 units. The property will be rebranded as Fort Worth Boatel and Storage. The deal was brokered by Danny Cunningham, senior associate, and Brandon Karr, senior vice president, of Karr Self Storage Group, an affiliate of M&M.

A CubeSmart-branded facility in Pembroke Pines, Fla., sold to First Neck Self-Storage Group LLC for $13 million. The facility at 8321 Pines Blvd. comprises 111,023 square feet. Built in 1990, it last sold in 2015 for $8.9 million to Storage Pros Management LLC. Storage Pros Pembroke Pines and Wagner Pembroke Pines of Farmington Hills were listed as sellers, according to a source. First Neck is a joint venture between asset-management and investment-advisory firm CSM Capital Corp. and real estate investment and management company Self-Storage Capital Partners (SSCP). Founded in 2013, SSCP operates the Snapbox Self Storage brand name.

Another CubeSmart-branded property in South Grafton, Mass, sold to Merit Hill Capital LP for $3.9 million. Constructed in 2016, the facility at 100 Milford Road sits on a 5-acre parcel. An expansion to add more units began late last year. The seller was Hilltop Self Storage of Grafton LLC. Merit Hill is a Brooklyn, N.Y.-based real estate firm that acquires, develops and manages self-storage facilities nationwide.

Discount RV & Boat Storage in El Mirage, Ariz., sold to an undisclosed buyer for about $4.4 million. The property at 10075 N. El Mirage Road sits on more than 18.5 acres and comprises 605 vehicle spaces. The seller was represented in the transaction by Jeff Gorden of Eagle Commercial Realty Services, an Argus affiliate.

Gateway Storage in Gulf Shores, Ala., sold to an unidentified LLC. The newly constructed facility at 21371 Coastal Gateway Blvd. opened in April. It sits on 3 acres and comprises 47,925 net rentable square feet in 447 climate-controlled units. The seller, also an LLC, was represented in the transaction by M&M investment specialists Gabriel Coe, Jonathan M. Fawley and Brett R. Hatcher, who also secured the buyer.

Kuna Self Storage in Kuna, Idaho, sold to an unidentified buyer. The facility at 640 W. Avalon Street comprises 23,742 square feet in 166 units and 15 outdoor parking spaces. The seller, Messmer Properties Inc., was represented in the deal by M&M Investment Associate Jordan Farrer and Schlosser. M&M Senior Investment Associate Paul Ryan assisted.

Global One Services LLC sold North Penn Storage in Edmond, Okla., to NitNeil Development LLC for $3.05 million. The property at 15505 N. Pennsylvania Ave. comprises 63,600 square feet. NitNeil Development is an affiliate of Atlanta-based real estate development and investment firm NitNeil Partners, which owns 23 self-storage facilities, primarily in the Southeast. Jeff Lester of NAI Sullivan Group brokered the deal on behalf of the buyer and seller.

Georgia-based Macon Veterans Fund LLC acquired a two-property self-storage portfolio from Safeguard Storage Inc. in Trussville, Ala., for $5.36 million. Both facilities are on Gadsden Highway and mark the fund’s entry into the Birmingham, Ala., market. Safeguard’s Aaron Harwell acquired the property at 8156 Gadsden in 2016 from Stow-Away Self Storage. Macon Veterans partner Andy Blalock indicated the fund is interested in growing its presence in the area through additional acquisitions or facility expansions.

Sprague & Sullivan Storage in Spokane Valley, Wash., sold to an unidentified buyer. The facility at 16104 E. Sprague Ave. comprises 126,710 square feet. It includes outdoor boat/RV parking, truck rentals and mobile-storage containers. The sellers, Dean and Elizabeth Grafos, were represented by Parsons and Schlosser at M&M.

9/6/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in September 2019.

Public Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, purchased A+ Storage in Murfreesboro, Tenn. The facility at 863 Fortress Blvd. sits on 4.63 acres. It consists of seven single-story buildings comprising 91,198 square feet in 800 units. The seller was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for real estate firm Colliers International. Based in Glendale, Calif., Public Storage has interests in 2,444 self-storage facilities in 38 states, with approximately 164 million net rentable square feet.

Assured Storage in Goose Creek, S.C., was sold to an undisclosed REIT. The facility at 1110 Harbour Lake Drive comprises 41,619 square feet. The seller was represented in the transaction by Compton.

Bird-in-Hand Self Storage in East Lampeter Township, Pa., was sold to a private investor. The facility at 249 Railroad Ave. was built in 1986 and expanded in 2001. It sits on 3 acres and comprises 20,000 net rentable square feet, plus 35 vehicle-storage spaces. The seller, Rick Robinson, was represented in the transaction by Kevin Bledsoe, vice president of brokerage for Investment Real Estate, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Boscawen Mini Storage in Boscawen, N.H., was sold to a portfolio owner. In addition to self-storage, the site includes a catering restaurant. The property at 146 King St. is just off State Highway Route 3. The seller was represented in the transaction by Joe Mendola, senior advisor for NAI Norwood Group, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

Clermont Self Storage in Cape May Courthouse, N.J., was sold to Axis Self Storage, which owns 16 self-storage properties in three states, for $1.5 million. The facility at 27 Clermont Drive comprises 38,780 rentable square feet in 292 units. The seller, American Storage Partners, was represented in the transaction by Jesse Luke, managing partner of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage, and Anne Williams, first vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

10 Federal Storage LLC, which operates more than 25 facilities in five states, acquired five facilities in Georgia and North Carolina, including the four-property EconoStor portfolio in submarkets east of Atlanta and American Mini Storage in Wilmington, N.C. The purchases bring the total sites owned and operated by 10 Federal Self Storage Acquisition Company 2 LLC to eight.

Flower Mound Self Storage in Flower Mound, Texas, was sold. The facility at 2400 Victory Drive comprises 27,490 square feet in 197 units. The seller, a local limited-liability company, was represented in the transaction by Thomas Parsons, investment associate, and Adam Schlosser, senior vice president of investments, for The LeClaire Group of M&M.

Magnum Self Storage in Seattle was sold for $11.5 million to Florida-based Callanan Family Associates. The facility at 5422 Shilshole Ave. N.W. includes a two-story, 63,240-square-foot structure and an adjacent 4,650-square-foot parking lot on Ballard Ave. N.W. The seller was Magnum LP, associated with the Hall family, who had owned the property since 1976.

Compass Self Storage, a member of the Amsdell family of companies, acquired Shaler Self Storage in Allison Park, Pa. The facility at 422 Elfinwild Road comprises more than 37,000 net rentable square feet. Compass now operates four locations in Greater Pittsburgh. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. It currently owns and operates 90 properties in 10 states.

Pinnacle Storage Properties, a Houston-based firm that operates more than 15 self-storage facilities, acquired five Storage Plus locations in Oregon and Washington. The purchase includes Storage Plus of Centralia Fords Prairie and Storage Plus of Centralia Gold in Centralia, Wash., Storage Plus of Kelso in Kelso, Wash., and Storage Plus of Roseburg and Storage Plus of Winston in Oregon. It was made through a partnership with CFJ LLC, according to John Manes, Pinnacle Partner and CEO. Pinnacle is a privately held real estate owner and operator focused on the acquisition, development and management of self-storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets.

New Sources:
Birmingham Business Journal, Georgia Storage Company Makes $5.36M Buy in Metro Birmingham
REBusiness Online, Marcus & Millichap Brokers Sale of 126,710 SF Self-Storage Facility in Spokane Valley, Washington
The Oklahoman, Commercial Real Estate Transactions From The Oklahoman for Sept. 14, 2019
The Real Deal, Hot demand: Pembroke Pines Self-Storage Facility Sells for $13M
Worcester Business Journal, Grafton Self Storage Sold to Investment Firm for $3.9M

Previous Sources:
PR Newswire, 10 Federal Acquires Five Self Storage Facilities in Georgia and North Carolina
Chestnut Post, Argus Broker Affiliate Closes on Sale of New Hampshire Self Storage Facility
Yahoo Finance, Compass Self Storage Hits Milestone of 90 Self Storage Centers With Acquisition in Pittsburgh, Pa
My Ballard, Magnum Self Storage Property Sells for $11.5M
Daily Journal of Commerce, Investor Buys Ballard Self-Storage Property
Pinnacle Storage Properties, Pinnacle Storage Properties Announces New Market Venture With the Acquisition of Five West Coast Properties
Nasdaq, Public Storage (PSA) Unveils Storage Units in Murfreesboro
Commercial Property Executive, New Jersey Storage Facility Changes Hands

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