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Self-Storage Real Estate Acquisitions and Sales: April 2020

Update 4/23/20 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in April 2020.

1804 Storage in Bismarck, N.D., sold to Five Star Storage. The facility at 4613 Centurion Drive comprises more than 65,000 rentable square feet in 350 units. The property is now Five Star’s second Bismarck location and will undergo enhancements, including new fencing, gate access, signage and video cameras. The company operates 17 self-storage facilities in Minnesota and North Dakota.

American Personal Storage in Port Lucie, Fla., sold for $7.2 million to a joint venture between First Neck Self Storage and Snapbox Self Storage, which will manage the facility. Located on 5 acres at 1849 S.W. South Macedo Blvd., the facility contains nine buildings comprising 69,219 square feet in 602 units. The one-year, $6 million acquisition loan was provided by Citibank. The seller was represented in the transaction by Elliott and Mele.

Dayton MSA Portfolio, a group of self-storage properties in Huber Heights, Germantown, Piqua and Tipp City, Ohio, sold to an unidentified LLC. Together, the properties comprise 146,000 square feet. The seller, also an LLC, and buyer were represented in the transaction by Sean M. Delaney, senior vice president, and Jeffrey L. Herrmann, associate, of M&M.

A mixed-use property in West Caldwell, N.J., that was managed by self-storage real estate investment trust (REIT) CubeSmart sold for $19.2 million. The facility at 670 Passaic Ave. comprises 41,000 square feet of self-storage and 67,000 square feet of industrial/warehouse space. The buyer and the seller, a private investor, were represented in the transaction by Nicholas Bocchi, Alan Cafiero and Ben Sgambati, investment specialists with M&M.

Belvedere Storage LLC, an affiliate of Taylor/Theus Holdings Inc., sold a newly constructed, five-story self-storage facility in West Palm Beach, Fla., to GFN West Palm Beach LLC for $14.5 million. The facility at 1520 Belvedere Road comprises 112,000 square feet on 2 acres. It’ll be managed by REIT Extra Space Storage Inc. and branded under its name. GFN is an affiliate of Boca Raton, Fla.-based investment firm Kayne Anderson Capital Advisors LP.

Storage Property I LLC sold Lighthouse Storage in Homestead, Fla., to MHC 3 (Orlando FL) LLC for nearly $4 million. The facility at 701 S. Homestead Blvd. comprises 42,858 square feet on 2.3 acres. The property previously sold for $2.75 million in 2013.

Simply Self Storage, which owns or manages more than 100 self-storage facilities in the United States and Puerto Rico, acquired Needmore Road Self Storage in Dayton, Ohio. The facility at 1830 Needmore Road comprises 61,750 square feet. The buyer and the seller were represented in the transaction by Delaney and Herrmann. Fellow M&M broker Michael Glass assisted.

Store It All Self Storage, which operates 19 locations in New Jersey, Texas and Vermont, purchased Noah's Ark Self Storage in Converse, Texas. The facility at 8465 IH-10 E. is east of downtown San Antonio. It comprises 82,960 net rentable square feet in 267 units and 149 vehicle-storage spaces. The buyer and the seller, an LLC, were represented in the transaction by Jon Danklefs, an investment specialist for M&M.

Nofrey Self Storage in Oroville, Calif., sold for $3.2 million to a family partnership based in Redding, Calif. The facility at 6225 Lincoln Blvd. sits on 9 acres and contains 10 single-story buildings. It comprises 43,466 net rentable square feet in 367 units and 119 vehicle-storage spaces. The buyer and the seller, The Colligan Family, were represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group Inc., which specializes in self-storage real estate in California and Nevada.

Secur-It Personal Storage in Columbus, Ohio, sold to an unidentified LLC for more than $1.6 million. The facility at 435 Georgesville Road comprises 51,100 rentable square feet in 446 units and retail spaces. The buyer and seller, an individual/personal trust, were represented in the transaction by M&M investment specialists Gabriel Coe and Brett R. Hatcher.

Storway in Scranton, Pa., sold to Mark Shadek, a regional buyer. The sale included two parcels on Olyphant Avenue and an adjoining parcel on Boulevard Avenue, totaling 2.6 acres. Opened in 2006, the self-storage facility comprises 16,000 rentable square feet in 130 drive-up units and 15 outdoor vehicle-storage spaces. The Boulevard parcel is already approved for a 26,800-square-foot expansion. The acquisition is Shadek’s second self-storage property. The seller was represented in the transaction by IRE.


4/9/20 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in April 2020.

4 Storage LLC in Deer Park, N.Y., sold to an unidentified private-equity group. The facility at 541 Acorn St. comprises 58,500 square feet in 541 units. Built in phases between 2000 and 2003 on 2.9 acres, the property includes 10 single- and two-story buildings with a solar-panel energy system. It recently received improvements to asphalt, the HVAC system and its solar-energy fans. The facility was 83 percent occupied at the time of sale. The seller was represented by Robert Bloch, Luke Elliott, Michael Mele and Noah Obuchowski, investment specialists for the Self-Storage Advisory Group of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

A mixed-use property comprising AAA Self Storage and Meadow View Apartments in Charlestown, N.H., sold to an unidentified buyer for $1 million. The facility at 3507 Claremont Road comprises 20,200 square feet in 59 storage units. The seller was represented in the transaction by Joe Mendola, senior advisor, and Joe Robinson, advisor, for NAI Norwood Group, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

StorageVault Canada Inc., which operates 202 self-storage facilities throughout the Canadian provinces, has agreed to acquire two properties in Winnipeg, Manitoba, from affiliate Access Self Storage Inc. for more than $7.8 million. As part of its payment, StorageVault will issue more than $3.8 million in common shares.

In a separate transaction, StorageVault acquired Trans Can Mini-Stor in Brandon, Manitoba, for $3.7 million. The property at 355 Park Ave. E. will be rebranded under the Access name. Once the Winnipeg transaction closes, StorageVault will operate 12 locations in the province. It operates self-storage facilities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. It’s portfolio of 152 owned properties comprises more than 8.2 million rentable square feet.

B-EB Highway Storage Village in Bangor, Pa., sold to Budget Store and Lock. The facility on Bill Scott Boulevard comprises more than 30,000 net rentable square feet in 240 units. It also has more than 40 outdoor spaces for vehicle storage. Opened in 2002, the facility was developed in phases until 2004. The property includes seven storage buildings, with room to expand on the site’s 12 acres. The seller was represented in the transaction by Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998. Founded in 1997, Budget Store and Lock operates 26 locations throughout Pennsylvania.

Ideal Storage Group, which operates eight locations in Pennsylvania, acquired Dover Mini Storage in Dover, Pa., in a 1031 exchange. The facility at 2171 Palomino Road sits on nearly 4 acres. It contains five buildings comprising more than 35,000 square feet in 250 units. The seller was represented in the transaction by Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Houston Mini Storage in Houston was sold to a local buyer. The facility at 12841 S. Main St. comprises 31,490 net rentable square feet in 240 units. The buyer was represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas. The seller was represented by Taucha Hogue, director of commercial real estate advisory firm Newmark Knight Frank.

A two-facility portfolio in California sold for $5.15 million to a buyer completing a 1031 exchange. Liberty Self Storage at 1639 N. Guam St. in Ridgecrest sold for $1.9 million. It sits on 5.8 acres and comprises 45,300 square feet. U-Stor City at 6142 Lindberg Blvd. in California City sits on a 4.88-acre parcel. The 52,481-square-foot facility sold for $3.25 million. The seller, a California-based limited liability company (LLC), was represented in the transaction by Christopher R. Secreto, senior managing director of investments and an executive director of the National Self-Storage Group for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Smith's Mini Warehouse in Myrtle Beach, S.C.., sold. The facility at 100 Sun Light Drive contains 221 units. The buyer and the seller were represented in the transaction by Dale C. Eisenman and Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Storage Solutions of Terry in Terry, Miss., sold to Terry Storage LLC for $1.5 million. The facility comprises 45,550 net rentable square feet in 283 units, with room to expand on the property. Argus affiliate brokers Bill Barnhill and Stuart P. LaGroue Sr. represented the seller in the transaction.

A Wright Storage facility in Hiawatha, Iowa, sold to a regional operator for $800,000. Built on about 1.2 acres, the facility comprises 19,240 square feet in 90 units. The seller was represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate.

New Sources:
Commercial Property Executive, American Personal Storage Sells Miami-Area Asset
REBusiness Online, Marcus & Millichap Arranges Sale of 61,750 SF Self-Storage Facility in Dayton
NJ Biz, Marcus & Millichap Sells Mixed-Use West Caldwell Property for $19.25M
REBusiness Online, Marcus & Millichap Brokers Sale of 267-Unit Self-Storage Facility Near San Antonio
Law.com, Homestead Self-Storage Facility Trades for Nearly $4 Million
RE Journals, Marcus & Millichap Sells Big Self-Storage Portfolio in Dayton Area
South Florida Business Journal, West Palm Beach Self-Storage Facility Sells for $15M
The Real Deal, Kayne Anderson Buys Self-Storage in West Palm for $15M

Previous Sources:
Benzinga, Smith’s Mini Storage, Myrtle Beach, SC - Sold by Midcoast Properties Inc.
NEREJ, NAI Norwood Group Sells 20,200 SF Multifamily/Self-Storage Facility
REBusiness Online, Bellomy Negotiates Sale of 240-Unit Houston Mini Storage Facility
The Brandon Sun, StorageVault Acquires Brandon Facility
Yahoo Finance, StorageVault Adding 3 Stores in Manitoba for $11.5 Million

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