Real Estate Roundup: Self-Storage Transactions December 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.

1670 Southwestern Self Storage purchased Southtowns Self-Storage in Angola, N.Y., for $1.475 million. The 11.2-acre property at 1670 Eden Evans Center Road contains six buildings comprising 30,000 rentable square feet in 260 units. Built in 1990, it also offers outdoor vehicle storage.

AAA Storage City in Ridgeland, S.C., was sold to a national private-equity group. The property at 3715 Argent Blvd. contains commercial and traditional units, a manager’s residence, and an office. The seller was represented in the transaction by Dale C. Eisenman, president and broker in charge of Midcoast Properties Inc.

Air Capital Self Storage LLC in Haysville, Kan., was sold for $598,000. The facility at 7520 S. Broadway St. was built in 1981 and sits on 1.59 acres. It comprises 25,925 square feet of storage space. The seller was represented in the transaction by Larry Goldman, an investment properties specialist with RE/MAX Commercial Properties, an affiliate of the Argus Self Storage Sales Network.

Armor Self Storage in Mineral Wells, Texas, was sold. The 5.5-acre property at 4200 U.S. Hwy. 180 E. comprises 67,874 rentable square feet in 394 units. It also includes room for expansion. The seller was represented in the transaction by Richard D. Minker, senior vice president, and Chad Snyder, senior associate, with Colliers International Self Storage Advisory Services Group, another Argus affiliate.

Bear Creek Mini Storage in Talent, Ore., was sold for $2.78 million. The property at 711 S. Pacific Highway comprises 26,300 square feet of storage space. The seller, Richard Halpin, was represented in the transaction by Scott King, an Argus broker affiliate.

Budget Self Storage in Battle Creek, Mich., was sold to an international buyer. The property at 250 S. Bedford Road A comprises 62,550 rentable square feet in 432 units. The buyer and the seller, EDA Cassar LLC, were represented in the transaction by Mark Floria, an investment broker with Pogoda Cos.

Kangaroo II Self-Storage in Loveland, Colo., was sold to CSGBSH Loveland CO I LLC, an East Coast investment fund, for $4.95 million. The property at 100 Valency Drive comprises 73,325 square feet. The seller was represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, first vice president of investments, for Marcus & Millichap (M&M).

Life Storage in Arvada, Colo., was sold. The facility at 6535 Sheridan Blvd. comprises 64,320 square feet in 637 climate-controlled units. The seller, a local limited-liability company (LLC), was represented in the transaction by LeClaire and Schlosser.

Nandua Mini Storage in Tasley, Va., was sold for $875,000. The 10-acre property at 21999 Taylor Road Route 650 contains seven buildings comprising 150 units and a rental apartment. The seller, Teresa Loomis, was represented in the transaction by George Hatchard, brokerage advisor for Investment Real Estate LLC (IRE).

Pensacola Mini Storage in Pensacola, Fla., was sold to an LLC. The 1.88-acre property at 4422 West Jackson St. contains eight single-story buildings comprising 26,700 square feet in 281 units. The buyer and the seller were represented in the transaction by Luke Elliot, first vice president of investments, and Michael A. Mele, executive managing director of investments, for M&M.

Regal Self Storage Development has purchased 255,697 square feet of land at 12615 Judson Road in San Antonio on which it plans to build a self-storage facility. The seller, an LLC, was represented in the transaction by Mele and Jon Danklefs, senior associate, for M&M.

Spacemax Storage in Charlotte, N.C., was sold. The 2.1-acre property at 2908 Monroe Road comprises 69,318 rentable square feet in 658 units. The seller was represented by Colliers.

A two-property portfolio in Phoenix was sold to a private fund from the East Coast. The portfolio comprises 184,835 square feet and consists of 1,600 units, vehicle-storage spaces and a manager’s residence The seller was 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 out of 554 offices in 66 countries. The company offers a variety of services for investors, business owners and developers.

Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions.

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

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.

Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.

Based in Farmington Hills, Mich., Pogoda Cos. is a self-storage operator with approximately 2 million square feet of self-storage space in Michigan and Ohio. The firm also provides brokerage, consulting, investment and management services to the self-storage industry through Pogoda Group Inc. and Pogoda Management Co.

Sources:

Colorado Real Estate Journal, Kangaroo II Jumps Off the Market at Price of $4.95 Million
Commercial Property Executive, Cushman & Wakefield Facilitates San Diego Storage Sale
PR.com, Argus Broker Affiliate Announces Oregon Self Storage Sale
The Buffalo News, Self-Storage, Retail Plaza, Tire Store Among Properties Sold

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