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 Plus Mini Storage in Navarre, Fla., was sold to National Storage Affiliates Trust (NSAT), a real estate investment trust (REIT). The facility at 7030 Navarre Parkway comprises 91,825 rentable square feet in 751 units. The buyer and the seller, W.M. Bell & Co. of Santa Rosa County LLC, were represented in the transaction by Bill Barnhill and Shannon Barnhill Barnes, both broker affiliates for the Argus Self Storage Sales Network.
Alcom Mini Storage in Cherryville, N.C., was sold to an out-of-state buyer. The 4-acre property at 243 Dick Beam Road comprises more than 20,000 rentable square feet of space in 123 traditional and vehicle-storage units. It also contains a rental office and a 5,000-square-foot warehouse. The facility opened in 2007, with the latest expansion in 2010, and has room for more growth. The seller was represented in the transaction by Michael Morrison, an associate broker with real estate firm Midcoast Properties Inc.
Barracuda Boat & RV Storage in Gainesville, Fla., was sold for $2.3 million. The 36,720-square-foot facility at 6401 N.W. 120th Lane was renovated in 2007 and includes a mix of traditional storage units, covered vehicle spaces and outdoor parking. The seller was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists with Marcus & Millichap (M&M). They were assisted by M&M broker Kirk Felici.
EZ Storage in Eastpointe, Mich., was sold to an out-of-state limited liability company (LLC). The property at 21500 Gratiot Ave. comprises 65,810 square feet. The buyer and the seller, also an LLC, were represented in the transaction by Hatcher. Fellow broker Steven Chaben assisted.
Franz Road Self Storage in Katy, Texas, was sold to a Houston-based LLC. The property at 23012 Franz Road contains 274 units. The buyer and the seller, a personal trust, were represented in the transaction by Dave Knobler, first vice president of investments for M&M.
Ivy Ridge Self Storage in Fisherville, Va., was sold for $1.4 million to a private investor. Built in 2007, the 2.3-acre property at 68 Ivy Ridge Lane is comprised of six metal buildings consisting of more than 190 units, including 31 that are temperature-controlled. The property also includes a 475-square-foot rental office and some additional office space for lease. The seller was represented in the transaction by Investment Real Estate LLC (IRE).
King Arthur Self Storage in Draper, Utah, was sold. The facility at 14039 Minuteman Drive comprises 118,500 square feet of storage space in more than 1,000 units. The seller was represented in the transaction by Jonathan Cutler, an affiliate agent for The Storage Acquisition Group (TSAG).
The four-property Max Value Self Storage portfolio in Atlanta was sold to an out-of-state buyer. The facilities sit on more than 15 acres of land and contain more than 79,000 rentable square feet of space in 571 traditional and climate-controlled units. The portfolio also includes a rental office, retail space, an apartment and two development sites. The seller was represented in the transaction by Morrison.
Maximum Security Self Storage in Waymart, Pa., was sold for $957,500 to a private investor. Opened in 1986, the 4.4-acre property at 582 Roosevelt Highway comprises five buildings containing more than 170 climate-controlled and drive-up units. It also includes outdoor vehicle parking, two retail areas and a rental office with a kiosk. The property was most recently enlarged in 2010, and can be expanded by another 10,000 net rentable square feet of space. The seller was represented by George Hatchard, a brokerage advisor for IRE.
Ranch Self Storage in Mesa, Ariz., was sold for $2.8 million to Wentworth Property Co. LLC. Built in 1979, the 2.3-acre property at 1930 S. Pennington St. includes seven buildings containing 41,700 square feet of space in 367 units. The buyer and the seller, an LLC controlled by four local investors, were represented in the transaction by Bill Alter, managing director of Rein & Grossoehme.
Storage Depot in College Station, Texas, was sold to an LLC. The 4.56-acre property at 11990 Old Wellborn Road was built in 1993 and renovated in 2014. The property comprises 37,260 rentable square feet of space in 272 units. The buyer was represented in the transaction by Knobler. The seller, an LLC, was represented by M&M Senior Associate Nicholas Ling.
A two-property U-Stor-It Self Storage portfolio in Mobile, Ala., was sold. Located within 3 miles of one another, the facilities total 80,800 net rentable square feet of space in 526 drive-up units. The buyer and the seller, an out-of-state investor, were represented in the transaction by Nick Walker, executive vice president and managing member of the Self Storage Advisory Group for CBRE Group.
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.
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, employs approximately 70,000 employees, excluding affiliates, and serves real estate investors, occupiers and owners through more than 400 offices worldwide.
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.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in 512 storage facilities in 29 states.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail as well as office and industrial leasing.
Based in Yorktown, Va., TSAG represents a private real estate investment fund that's solely focused on acquiring self-storage facilities. Sellers deal directly with the purchaser with no intermediaries and pay no sales commission.
Phoenix-based Wentworth Property has developed more than 7 million square feet of commercial office and industrial space. Its portfolio includes build-to-suit, conversions and ground-up developments.
- Digital Journal: The Storage Acquisition Group Announces the Sale of King Arthur Self Storage in Draper City, Utah
- Navarre Press News & Information: A+ Mini Storage Sold
- PR Urgent: Self Storage in Cherryville, NC, Sold