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Self-Storage Real Estate Acquisitions and Sales: April 2021

Update 4/15/21 – 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 2021.

80 East Storage in Statesboro, Ga., sold to Midgard Self Storage, which operates more than 40 locations in seven states. The facility at 21150 US-80 comprises 84,580 net rentable square feet in 637 units. The seller, a private owner, was represented in the transaction by Ken DeVaul, senior associate, and Patrick Kidder, president, of Meridian Storage Group, a real estate firm focused on the self-storage sector. Midgard is managed by Reliant Real Estate Management LLC.

A Space Place Self Storage in Huntsville, Texas, sold. The facility at 20 FM 1791 comprises 50,940 rentable square feet in 320 units. The buyer, an LLC, and the seller, also an LLC, were represented in the transaction by Brandon Karr of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

A+ Storage in Columbia, Tenn. sold to Andover Properties LLC, which operates the Storage King USA brand. Built in 2003 on 4.5 acres at 2689 Old Highway 31 N., the facility comprises 70,275 net rentable square feet. It’s been expanded twice, most recently in 2017 to add climate-controlled units. This is Andover’s third acquisition in Tennessee. The seller, A+ Storage Spring Hill LP, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.

A3 Storage Centers in Cedar Park, Texas, sold to Montfort Capital Partners LLC, a Dallas-based firm that invests in self-storage nationwide. Built in 1996 on 5.65 acres, the facility at 2100 N. Bell Blvd. contains 494 units. Montfort plans to rebuild the existing office and add a multi-story, climate-controlled building to the site this year. The buyer was represented in the transaction by Jon Danklefs, an investment specialist with M&M.

Access Storage in Middletown, Conn., sold to Lakewood, N.J.-based Gefen Self Storage CT I LLC for $2.2 million. Built in 2000 on 7.65 acres, the facility at 1511 Saybrook Road comprises 49,300 square feet. The seller was Middletown Self Storage LLC, which is controlled by Michael Epright, a Haddam, Conn.-based attorney. Gefen is led by Steven Weinstock.

American Self Storage in Albuquerque, N.M., sold. The facility at 5220 San Mateo Blvd. N.E. comprises 52,325 net rentable square feet in 412 units. The property was 100 percent occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.

Brazos Self Storge in Lake Jackson, Texas, sold. Built in 1978 on 3.4 acres, the facility at 1819 TX-332 comprises 45,086 net rentable square feet in 378 units and 30 outdoor vehicle-storage spaces. The property was expanded in 1981 and 1992. The seller, an LLC, was represented in the transaction by Gabriel Coe, Brett Hatcher, Brian Kelly and Dave Knobler, investment specialists with M&M.

StorageMart, which operates more than 200 self-storage properties across Canada, the United Kingdom and the United States, has acquired a property in Melbourne, Fla., that was managed by self-storage REIT CubeSmart. The facility at 1060 Polo Drive contains six buildings comprising 71,665 rentable square feet in 698 units. Built in 2005 on 3.85 acres, it was acquired by an affiliate of The Storage Investment Group LLC (SIG) in February 2019, with an expansion completed in June 2020. SIG is a Philadelphia-based private-equity development and investment firm.

A facility managed by CubeSmart in Valdosta, Ga., sold to Southern Storage Management Systems Inc. The 3.17-acre property at 3819 N. Valdosta Road contains nine buildings comprising 63,210 square feet. The seller, Collett Capital LLC, was represented in the transaction by Compton for Colliers International.

D’Iberville Self Storage in D’Iberville, Miss., sold. The 3.6-acre property at 10539 Gorenflo Road comprises 40,100 square feet in 302 units. The buyer and the seller were represented in the transaction by Matt Porter, an associate with the Williams Storage Group of M&M.

A facility managed by Extra Space Storage in New Arlington, N.J., sold. Opened in September, the property at 450 Belleville Turnpike comprises 71,160 square feet in 940 units. The deal was brokered by The Hatcher Group of M&M.

Golder Storage in Odessa, Texas, sold. The facility at 3607 N. Golder Ave. comprises 4,527 square feet in 21 units and 26 vehicle-storage spaces. The property includes a 1,364-square-foot, single-family residence. The seller, an LLC, was represented in the transaction by Danklefs and Arol Horkavy, investment specialists with M&M.

Merit Hill Capital purchased Good Spot Storage in Houston. The facility at 3735 Mangum Road comprises 30,013 square feet. The seller, a private investor, was represented in the transaction by Dave Knobler, senior vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments for M&M.

Hawkeye Storage in Red Oak, Iowa, sold to Dougherty Storage LLC. The facility at 2503 N. Broadway St. comprises 29,120 net rentable square feet in 189 units. The buyer and the seller were 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.

10 Federal Storage LLC, which operates 48 facilities in eight states, purchased I-35 Storage in Burleson, Texas. The facility at 2121 S. Burleson Blvd. comprises 55,531 net rentable square feet in 338 units. The seller, 2121 Burleson Storage LLC, was represented in the transaction by Bellomy and Johnson. Aaron Palmer of Modern Mountain Real Estate represented 10 Federal.

A local seller sold the Laredo Storage portfolio in the Rio Grande Valley of Texas to a private-equity firm. The transaction consists of an undisclosed number of properties on a combined 6.8 acres. The facilities total 138,980 net rentable square feet in 1,044 units. The sale was brokered by Josh Cato, Parker Sweet and Cameron Vale of Berkshire Hathaway Storage Group, an affiliate of investment firm Berkshire Hathaway Inc., led by CEO Warren Buffett.

Nelson Road Self Storage in Longmont, Colo., sold to Merit Hill Capital. The facility at 1819 Nelson Road comprises 83,760 net rentable square feet in 604 units. Built on 7.4 acres off Highway 119, the site includes 13 single-story buildings. The seller, a private investor, was represented in the transaction by Walter Brauer, vice president, and Nick Walker, executive vice president, with CBRE Group Inc., a commercial real estate services and investment firm.

Development and real estate firm InSite Property Group, which operates the SecureSpace Self Storage brand, purchased RightSpace Storage in Rialto, Calif. The facility at 2850 Foothill Blvd. comprises 37,825 net rentable square feet in 369 units. The seller was represented in the transaction by The Hatcher Group. Based in Redondo Beach, Calif., InSite has more than 40 facilities operating or under construction.

SRE Self-Storage in Van Alstyne, Texas, sold to a local investor. The 1.5-acre property at 156 Henson Road comprises 9,400 rentable square feet in 71 units, with room for expansion. The property is in proximity to Mantua, a master-planned, mixed-use project that’ll include 6,000 houses and 675 acres of commercial space. The seller was represented in the transaction by Chad Snyder and Tyler Trahant, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Stadium Self Storage in Mansfield, Texas, sold to Austin, Texas-based Bassdale Investments LLC. The facility at 911 E. Broad St., Suite 114, comprises 43,745 net rentable square feet in 343 units. The seller was represented in the transaction by Bellomy and Johnson, who also procured the buyer.

Stor Yor Stuf in Transfer, Pa., sold to a private buyer. Built in 1995 on 5.8 acres, the facility at 3502 N. Hermitage Road comprises 32,900 square feet in more than 200 units and 30 outdoor vehicle-storage spaces. Spread over two parcels, the property includes 10 storage buildings and a rental office. The sellers were represented in the transaction by Investment Real Estate LLC (IRE), a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

The two-property StorNGo portfolio in Blythewood and Elgin, S.C., sold to a national buyer. Together, the facilities at 860 Community Road and 811 Bookman Road, respectively, sit on more than 11 acres. The Elgin site opened a year ago, while four new buildings were added to the other in 2019. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

The Storage Mall in Lexington Park, Md., sold to a private buyer. Built in 1984 on 3.4 acres, the facility at 21323 Great Mills Road comprises more than 28,000 square feet in about 300 units and 34 outdoor vehicle-storage spaces. The deal included 11 storage buildings, a rental office and an apartment. The seller was represented in the transaction by IRE.

A four-property U-Store-It portfolio in the Elmira/Horseheads, N.Y., market sold to a private buyer. The facilities comprise 146,023 rentable square feet in 999 units and 50 covered vehicle-storage spaces. The deal included a single-family rental home and a commercial warehouse. The properties had an average occupancy of more than 90 percent at the time of sale. The sellers, who built and operated the facilities without any software for 20 years, were represented in the transaction by IRE.

A joint venture between Cerberus Capital Management and Go Store It acquired The Vault in Clermont, Fla. The facility at 12665 Hancock Road comprises 60,000 net rentable square feet in 474 units and vehicle-storage spaces. This is now Go Store It’s fifth location in Florida. The company intends to expand in Central Florida, according to Ryan Hanks, CEO. Since forming last July, the joint venture has acquired assets in the Carolinas, Florida, Texas and Virginia. Based in Charlotte, N.C., and affiliated with Madison Capital Group LLC, Go Store It specializes in the acquisition, development and management of self-storage nationwide. Its portfolio comprises more than 3 million square feet. Founded in 1992, Cerberus specializes in alternative investing. It has more than $48 billion in assets across complementary credit, private-equity and real estate strategies.


4/1/21 – 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 2021.

A-1 Mini Storage in Spring, Texas, sold. The facility at 17536 Stuebner Airline Road contains 280 units. The seller, a limited-liability company (LLC), was represented in the transaction by Danny Cunningham, Brandon Karr and Dave Knobler, investment specialists with Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

A-Another Storage in Conroe, Texas, sold to Merit Hill Capital LP, a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. The facility at 15891 I-45 S. comprises 52,480 square feet in 421 units. The buyer and the seller were represented in the transaction by Cole Rice and Craig Rice of CSD Realty Co. Merit Hill operates 130 self-storage properties in 30 states.

The two-property Adams Storage portfolio, with facilities in Olney, Ill., and Vincennes, Ind., sold. Together, Adams U-Store It at 515 W. Lafayette and Adams University Self Storage at 709 S. 13th St. comprise 23,050 square feet in 180 units. There’s room for expansion on both sites. The buyer and the seller were represented in the transaction by Marla Čolić, an investment specialist with the Williams Storage Group of M&M.

Amarillo Lock Storage in Amarillo, Texas, sold to an unidentified self-storage real estate investment trust (REIT). Built in 1972 on 2 acres, the facility at 4518 S. Georgia St. comprises 42,150 net rentable square feet in 238 units. The seller, Watchman Properties, a Utah-based real estate investment and development firm, acquired the property in 2017. Andrew Plunkett, Parker Sweet and Cameron Vale of Berkshire Hathaway Storage Group brokered the deal.

Discount Storage in Nederland, Texas, sold to KE Property Holdings LLC, a private investor. The facility at 1420 S. 21st St. comprises 10,560 square feet in 56 units. The buyer and the seller were represented in the transaction by Cole and Craig Rice.

Self-storage REIT Extra Space Storage Inc. purchased a facility it manages in Nashville, Tenn., for $17.8 million. The seller of the 4.4-acre site at 3744 Annex Ave. is PGIM Real Estate. Built in 1986, the property contains eight single-story buildings comprising 76,205 rentable square feet. Headquartered in Salt Lake City, Extra Space owns or operates 1,921 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico.

A facility managed by Extra Space in Chicago Heights, Ill., sold. Built in 2012 and expanded in 2019, the property at 515 W. Lincoln Highway comprises 72,166 square feet in 774 units. The seller, an LLC, was represented in the transaction by Gabriel Coe, Sean M. Delaney and Brett R. Hatcher, investment specialists for M&M. They were assisted by M&M Regional Broker Steven Weinstock.

Andover Properties LLC, which operates the Storage King USA brand, acquired Great Value Storage in Santa Clarita, Calif. Built in 2019 at 24314 The Old Road, the facility comprises 105,743 net rentable square feet in 1,072 units and 85 wine-storage spaces. It’s the company’s first location in Los Angeles County and fourth acquisition in California. Founded in 2003 and based in New York City, Andover owns or manages 73 self-storage facilities in 16 states, totaling more than 5.5 million rentable square feet.

Highway 43 Self Storage in Elkhorn, Wis., sold. The facility at 801 E. Centralia St. comprises 40,466 net rentable square feet in 290 units. Built in 2016, it also offers 38 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group.

Compass Self Storage, a member of the Amsdell family of companies, acquired four facilities in Florida, Georgia and South Carolina. Together, they comprise 183,000 net rentable square feet. The deals include two Jodeco Self Storage facilities at 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; Palmetto Self Storage at 5A Estate Drive in Bluffton, S.C.; and Storage Depot at 9085 S.W. State Road 200 in Ocala, Fla. Headquartered in Cleveland, Compass operates 98 facilities in 15 states.

Private real estate firm The Ezralow Co. acquired 12 Price Self Storage facilities in California. Located in Contra Costa, Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura Counties, the properties comprise 1.75 million square feet. The $364 million loan was provided by Gantry, an independent commercial-mortgage banking firm. It was brokered by company principals Braden Turnbull and Peter Welsh, senior director Paige Serden, and senior associate Josh Natker. Based in Calabasas, Calif., Ezralow develops and owns commercial real estate across a spectrum of asset classes.

Q-2 Self Storage in Pensacola, Fla., sold to a Mississippi-based private investor for $1.4 million. The facility at 9718 W. Highway 98 comprises 16,200 rentable square feet in 191 units. The seller was represented in the transaction by Bill Barnhill and Stuart P. LaGroue, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Sealy Self Storage in Sealy, Texas, sold to Pass Go Legacy LLC. The facility at 311 Maler Road comprises 10,000 square feet in 44 units. The buyer and the seller were represented in the transaction by Cole and Craig Rice.

KO Storage, which operates 73 facilities in nine states, purchased Stockade Self Storage in Rochester, Minn., for $2.75 million. The facility at 1308 Hadley View Court N.E. comprises 43,500 square feet. Founded in 2016 and based in Minneapolis, KO is owned by partners Ryan Burnet, Andrew Freeman and John Marshalla.

Andover purchased Stor-Mor Self Storage in Colorado Springs, Colo. The 4.2-acre property at 4825 E. Platte Ave. contains 67,300 net rentable square feet of drive-up storage.

Dromedary CC LLC purchased Storage Sense in Lee’s Summit, Mo., for $8.2 million at Certificate of Occupancy. Developed by Strickland Construction, the 2.54-acre property at 920 N.E. Deerbrook St. contains 74,350 rentable square feet. The seller was represented in the transaction by Larry Goldman of Goldman Investment Advisors, an Argus affiliate.

Bluebird Self Storage, which operates facilities in six Canadian provinces, purchased five StoreSmart Self Storage properties in Alberta, Canada. The facilities in Canmore, Cochrane, Edmonton, Red Deer and Sherwood Park contain 362,000 square feet of space. The acquisition was financed by CWB Financial Group, with investment-management firm Harrison Street Real Estate Capital LLC brokering the deal. Since 1983, Bluebird has developed and managed nearly 100 facilities across North America. Headquartered in Toronto, it operates locations in Burlington, Calgary, Hamilton, Mississauga and Montreal.

Town & Country Self Storage in Pascagoula, Miss., sold. The facility at 3423 Pascagoula Road comprises 15,175 square feet in 146 units. The buyer and the seller were represented in the transaction by Matt Porter and Anne Williams, investment specialists with the Williams Storage Group of M&M.

Unlimited Storage in Waco, Texas, sold to Store Space Self Storage, a Winter Garden, Fla.-based operator that owns or manages 50 facilities in 15 states. The facility at 1620 La Salle Ave. comprises 58,000 square feet in 438 units. The buyer and the seller were represented in the transaction by Cole and Craig Rice.

Lighthouse Storage acquired Valley Storage in Batesville, Ind. The facility at 513 E. Boehringer St. features three buildings containing 168 units. Lighthouse operates four facilities in Indiana and two in Kentucky. It also has a development underway in Boonville, Ind.

West Side Mini Storage in Ashtabula, Ohio, sold. The facility at 3209 N. Ridge Road W. comprises 46,800 net rentable square feet in 380 units. Built on 12 acres in 1995, the facility has had several expansions, with the latest completed last year. The sellers, Mike and Brenda Wall, were represented in the transaction by Thomas K. Gustafson, national director, and Matt Davis, vice president, of the Self Storage Group for Colliers International.

New Sources:
Hartford Business, Middletown Self-Storage Facility Property Sells for $2.2M
PR Newswire, Go Store It Acquires New Facility in Clermont, FL
PR Newswire, InSite Property Group Acquires RightSpace Storage in Rialto, CA
PR Newswire, StorageMart Acquires Melbourne, FL Storage Facility
PR Urgent, Two-Property Portfolio, Elgin and Blythewood (Columbia), South Carolina, Sold by Midcoast Properties, Inc.
REBusiness Online, Marcus & Millichap Brokers Sale of 320-Unit Self-Storage Facility in Huntsville, Texas
REBusiness Online, Montfort Capital Buys 494-Unit Self-Storage Property in Cedar Park, Texas
REJournals, Bellomy & Co. Closes Sale of 189-Unit Self-Storage Facility in Iowa
REBusiness Online, Berkshire Hathaway Storage Group Brokers Sale of 1,044-Unit Portfolio in Laredo

Previous Sources:
REBusiness Online, Marcus & Millichap Brokers Sale of 280-Unit A-1 Mini Storage Facility in Metro Houston
EIN Presswire, Bluebird Self Storage Acquires 5 Alberta Properties From Storesmart Self Storage
Multi-Housing News, PGIM Sells Nashville Self Storage Facility for $18M
Yahoo, Lighthouse Storage purchases Valley Storage
PR.com, Argus Broker Affiliate Announces Sale of New Missouri Self Storage Facility at Certificate of Occupancy
Post Bulletin, Med City Storage Center Sold for $2.75 Million
Multi-Housing News, Watchman Properties Sells Texas Self Storage
REBusiness Online, Compass Self Storage Acquires Three Self-Storage Centers Around the Southeast
REBusiness Online, Watchman Properties Sells 238-Unit Self-Storage Facility in Amarillo
REJournals, Storage Facility in Chicago Heights Sells
Stockhouse, Compass Self Storage Expands Their Footprint

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