Real Estate Roundup: Self-Storage Transactions August 2018

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Acquisitions and Buying” topics page. Following are additional acquisitions and sales that weren’t covered.

AA Storage in Little Rock, Ark., was sold for $9.6 million to First Neck LR 10th St. LLC, a Philadelphia limited liability company (LLC). The 4-acre property at 5700 W. 10th St. contains 517 units as well as a two-story, 4,200-square-foot office. The seller was AA Storage @ Fair Park Limited Partnership.

AAA Spring Storage in Spring, Texas, was sold. The facility at 25528 Aldine Westfield Road comprises 79,778 square feet of storage space in 673 units, 77 outdoor parking spots, 14 lockers and one retail space. The seller was represented in the transaction by Dave Knobler, first vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments, for Marcus & Millichap (M&M).

Choice Storage in Key West, Fla., was sold for $23.8 million to a national ownership/management company. The 6-acre property at 2600 N. Roosevelt Blvd. comprises 55,000 rentable square feet of space and has room for expansion. The real estate transaction was brokered by Atlanta-based Southeastern Business Intermediaries LLC (SBI) and Jeremiah Baron & Co. Commercial Real Estate LLC.

Clover Hill Self Storage in Richmond, Va., was sold. The facility at 16830 Hull St. Road comprises 89,250 square feet of storage space in 514 units. The seller was The Jenkins Organization Inc., which had operated the facility since 2015.

Diamond T Storage in College Station, Texas, was sold to an LLC. The facility at 3262 Rock Prairie Road comprises 17,820 square feet of storage space. The buyer and the seller, also an LLC, were represented in the transaction by Knobler.

Eagle’s Nest Storage in Humble, Texas, was sold to a national LLC. The facility at 11950 Will Clayton Parkway comprises 119,470 square feet of storage space in 426 units. The seller was represented in the transaction by Knobler and LeClaire.

Four Seasons Boat & RV Storage in Tullahoma, Tenn., was sold. The facility at 4396 Awalt Road comprises 52,128 rentable square feet of storage space in 141 units. The seller was represented in the transaction by Ashley Compton, national director with Collier’s International.

Freedom Self Storage in Shelton, Wash., was sold for $3.6 million to an out-of-state LLC. The 5.33-acre property at 2992 E. Johns Prairie Road contains nine single-story buildings comprising 36,900 square feet of storage space in 253 units. It also includes two offices and a small studio. The buyer and the seller, a local LLC, were represented in the transaction by Christopher R. Secreto, an investment specialist with M&M.

Guymon Econo-Storage in Guymon, Okla., was sold to a private investor. The property at 605 S.E. 5th St. comprises 43,700 rentable square feet of storage space. The buyer and the seller, also a private investor, were represented in the transaction by Jared Jones, owner of Jones Investment Properties and a broker affiliate for the Argus Self Storage Sales Network.

Hubbard Storage in Park Rapids, Minn., was sold for $360,000 to a local operator. The 1.99-acre property at 16890 Brandon Drive comprises 19,008 rentable square feet. The seller was represented in the transaction by Tom Flannigan and Corly Wilkerson of KW Commercial Minneapolis. Both are Argus broker affiliates.

Lone Star Mini Storage in Ingram, Texas, was sold to an LLC. The facility at 2824 Junction Hwy. comprises 45,680 square feet of storage space. The buyer and the seller, also an LLC, were represented in the transaction by Jon Danklefs, an investment specialist with M&M.

Merrillville Storage in Merrillville, Ind., was sold to an out-of-state operator. The property at 3950 W. 73rd Ave. comprises 32,000 rentable square feet in 183 units. It also contains vehicle-parking spaces and four rental houses. The buyer was represented in the transaction by EquiCap Commercial.

Pine Belt Mini Storage in Laurel, Miss., was sold for $515,000 to an out-of-state buyer. The 2-acre property at 4876 MS-15 comprises 20,100 rentable square feet of storage space in 138 units. The buyer and the seller were represented in the transaction by Bill Barnhill and Shannon Barnhill, both Argus broker affiliates.

Rochester Mini Storage in Rochester Hills, Mich., was sold to an out-of-state buyer. The facility at 1790 S. Livernois comprises 94,115 square feet of storage space. The buyer and the seller, a local owner, were represented in the transaction by Gabriel Coe, Brett R. Hatcher and Brian Kelly, investment specialists with M&M. Fellow M&M broker Steven R. Chaben assisted.

The Space Place in Lancaster, Calif., was sold. The facility at 825 W. Ave. L12 comprises 46,917 square feet of storage space in 547 units. The seller, an LLC, was represented in the transaction by LeClaire and Adam Schlosser, first vice president of investments for M&M.

Storage Nation of Smyrna in Nashville, Tenn., was sold to a Florida-based operator. The facility at 300 Wolverine Trail comprises 84,060 rentable square feet in 572 units and 17 vehicle-parking spaces. The buyer and the seller, a private LLC, were represented in the transaction by LeClaire and Schlosser.

Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.

Colliers is a global commercial real estate services firm employing more than 16,000 professionals who operate from 554 offices in 66 countries. The company offers a variety of services for investors, business owners and developers.

Headquartered in Saint Charles, Ill., EquiCap is a boutique brokerage firm specializing in the self-storage industry. Its primary focus is in the Midwest and mid-South markets.

Formed in 1989, Jenkins Organization has an ownership and management portfolio comprising more than 3.5 million square feet of storage space in Louisiana, Minnesota, Missouri, Oklahoma and Texas.

Jeremiah Baron & Co. is a commercial brokerage firm with offices in Palm Beach Gardens and Stuart, Fla. The company specializes in the sale, leasing and management of retail shopping centers, office buildings, industrial warehouses, and multi-family properties throughout Florida.

Founded in 1971, M&M is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.

SBI is a commercial real estate that specializes in off-market brokering of commercial properties. It also arranges permanent, bridge and equity financing for real estate investors, corporations and developers.

Source:
Northwest Arkansas Democrat Gazette, Company Pays $9.6M For Mini-Storage Warehouse in Little Rock; Apartments Sell for $7.1M