Real Estate Roundup: Self-Storage Transactions September 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.

Affordable Self-Storage in Anna, Texas, was sold to a local owner. The 6.73-acre property at 13177 Highway 5 comprises 49,555 rentable square feet in 388 units. It also includes 20 enclosed vehicle-storage units as well as 16 carport-covered and 63 uncovered spaces. An adjacent 0.86-acre parcel contains an office building with two 1,000-square-foot suites. The buyer and the seller, a private investor, were represented in the transaction by Brandon Karr, first vice president of investments, and Danny Cunningham, senior associate, of Marcus & Millichap (M&M).

Arlington Stor-More in Arlington, Texas, was sold. The property at 2932 W. Division St. comprises 41,178 rentable square feet in 186 units. It also contains 2.5 acres for expansion. The seller was represented in the transaction by Richard D. Minker and Chad Snyder, brokers for Colliers International Self Storage Advisory Services Group, an affiliate of the Argus Self Storage Sales Network.

Hemet Self Storage in Hemet, Calif., was sold to a private investor. The facility comprises 77,758 rentable square feet in 711 units. The buyer and the seller, a private investor, were represented in the transaction by Devin Beasley, Luke Elliott and Michael A. Mele, investment specialists for M&M. Fellow broker James Market assisted.

Higley Self Storage of Broadway at 457 S. Higley Road in Mesa, Ariz., was sold. The buyer and the seller, both private investors, were represented in the transaction by Beasley, Elliott and Mele.

The two-property Lahout’s Mini Storage portfolio in Littleton, N.H., was sold for $355,000. Together, the facilities on Union Street comprise 15,825 square feet. The seller was represented in the transaction by Joseph Mendola, senior advisor for NAI Norwood Group, an Argus affiliate.

Life Storage in Londonderry, N.H., was sold. The 5.69-acre property at 6 Smith Lane comprises 50,466 rentable square feet in 419 units. The seller was represented by Ryan Clark, director of investment sales, and Parker Sweet, senior associate, of SkyView Advisors.

Life Storage in Margate, Fla., was sold to a limited liability company (LLC) for $12.65 million. The property at 5185 Coconut Creek Parkway comprises 64,629 square feet. The buyer and the seller, an LLC, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M. Company vice president and regional manager Ryan Nee assisted.

Lock & Roll Self Storage in Port Jervis, N.Y., was sold for $1.5 million to a private investor. The 5.4-acre property at 51 US-209 opened in 2008 and was expanded in 2012. The land also includes approval for another 4,500 net rentable square feet of storage. The five buildings contain a rental office and 125 storage units. The sellers, David and Dee Koroluk, were represented in the transaction by George Hatchard, a brokerage advisor for Investment Real Estate LLC.

My Garage in Wildwood, Fla., was sold for $7.3 million. The 19.02-acre property at 5626 C Thomas Road comprises 97,700 square feet of space in workshops, warehouses and storage units. The facility was built last year. The seller was represented in the transaction by Josh Koerner and Frost Weaver, brokers for Weaver Realty Group, an Argus affiliate.

Riverbank Self Storage in Riverbank, Calif., was sold to Small Town Storage for $2.075 million. The facility at 2754 Sierra St. comprises 24,430 square feet and contains 172 units. The seller, Trojan Storage, was represented in the transaction by Walter Brauer, vice president of CBRE Group Inc.

Storage Court in Tacoma, Wash., was sold to Snapbox Self Storage. The property at 3310 S. Sprague Ave. comprises 50,450 rentable square feet in 552 units. The seller, a local private group, represented itself in the transaction. The buyer was represented by Hugh Horne, principal at Charmel Storage Capital.

A self-storage development site in Pembroke Park, Fla., was sold to an LLC. Expected to be complete next summer, the six-story facility at 2801 S.W. 31st Ave. will comprise 86,000 rentable square feet in more than 950 units. The buyer and the seller, an LLC, were represented in the transaction by Mele and Brian Fulton, investment specialist, for M&M.

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.

Headquartered in Los Angeles, CBRE offers advice and execution for appraisal and valuation, corporate services, development service, investment management and consulting.

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.

Charmel Storage Capital is a Los Angeles-based boutique commercial real estate brokerage firm focused exclusively on self-storage.

Since its inception in 1998, Investment Real Estate 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.

SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, Fla., the firm also has offices in Cleveland and Milwaukee.

Source:
Commercial Property Executive, Mele Group Arranges Sale of Self-Storage Development

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