Real Estate Roundup: Self-Storage Transactions June 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.

A-1 Mini Storage in Selma, Ala., was sold to an out-of-state limited liability company (LLC). The portfolio includes three locations within a half-mile radius that operate from the main office at 1112 Singleton Drive. The sites contain 20 buildings comprising 87,321 rentable square feet in 583 units and fours office suites on 5 acres. The transaction was completed by Michael Morrison, an associate broker with Midcoast Properties Inc.

Affordable Self Storage in The Woodlands, Texas, was sold to a Texas-based buyer. The 4.86-acre, seven-building property at 1626 Sawdust Road comprises 90,800 rentable square feet of space in 465 units. The buyer and the local seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co.

Boulevard 26 Storage in Richland, Texas, was sold to a Philadelphia real estate investment firm. The 2.34-acre property at 7410 Boulevard 26 comprises 33,607 rentable square feet in 305 interior, climate-controlled units and 57 vehicle-parking spaces. It also contains an 8,500-square-foot retail center and two office suites with 720 rentable square feet. The buyer and the seller, an Austin, Texas, private partnership, were represented in the transaction by Danny Cunningham and Brandon Karr, first vice presidents of investments for Marcus & Millichap (M&M).

Cañon City Self Storage in Cañon City, Colo., was sold for $1.75 million. The 4.4-acre property at 3345 E. Highway 50 comprises 30,350 rentable square feet of storage space and 4,800 square feet of vehicle-storage parking. The seller was represented in the transaction by Joan Lucas, owner of Joan Lucas Real Estate Services and a broker affiliate for the Argus Self Storage Sales Network.

Hot Shots Storage in Wichita Falls, Texas, was sold to a Dallas-based buyer. The property at 1602 Loop 11 was built in 2009 and comprises 21,950 rentable square feet of space in 198 units. The local seller was represented in the transaction by Chris Storm, vice president for Henry S. Miller. The buyer was represented by Bellomy, Johnson and fellow broker John Arnold.

Keep Self Storage in Houston was sold to a Lakewood, N.J.-based buyer. The property at 16617 Kuykendahl Road comprises 33,934 net rentable square feet of storage space in 332 units. The buyer and the Provo, Utah, seller, were represented in the transaction by Bellomy and Johnson.

Maximum Storage in Lansing, Mich., was sold to an out-of-state LLC. The 5-acre property at 5600 Aurelius Road comprises 69,115 square feet of storage space in 745 units. It also includes outdoor vehicle-parking spaces. The buyer and the seller, a private investor, were represented in the transaction by M&M associates Tom Berlin and Zach Munce.

Storage Express in Columbia, S.C., was sold to a national real estate investment trust. The property at 3400 Broad River Road comprises 46,000 rentable square feet of space in 382 units. The seller was represented in the transaction by Midcoast President Dale C. Eisenman.

A self-storage developer purchased a 3.9-acre site in Brighton, Colo., for $1.27 million. The project will include 95,000 square feet of storage space. Once complete, the facility will be managed by self-storage real estate investment trust CubeSmart. The land acquisition was brokered by Lucas.

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.

Established in 1924 and based in Texas, Henry S. Miller is an independent, full-service commercial real estate firm.

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.

Sources:
Commercial Property Executive, Bellomy & Co. Facilitates Texas Storage Sale
PR.com, Argus Broker Affiliate Announces Sale of Colorado Self Storage Facilities
RE Journals, Marcus & Millichap Sells 745-Unit Self-Storage Facility in Lansing