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Self-Storage Real Estate Acquisitions and Sales: August 2019

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 August 2019.

AAA Metra Mini Storage in Lockwood, Mont., sold to U-Locked Mini Storage for $1.15 million. The facility at 803 Cerise Road comprises 133 units and 35 outdoor parking spaces, and has room for expansion. The property includes a mobile home used as the facility manager’s residence. The deal was brokered by Larry Hayes and Kimberly VanDelinder of Hayes and Associates Realty, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

AAA Self Storage in Bellville, Texas, was sold. The facility at 12085 TX-36 contains six single-story buildings comprising 65,950 net rentable square feet in 395 units. The 5.42-acre property opened in 2005 and was expanded in 2013 and 2016. It includes 1.6 acres of land for expansion. The seller, an Austin-based partnership, was represented in the transaction by Dave Knobler, first vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Public Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, acquired Bald Eagle Mini Storage in Hugo, Minn., for $6 million. The facility at 13465 Fenway Boulevard Circle sits on 3.9 acres and comprises 62,745 rentable square feet. The buyer and the seller were represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate.

Metro Storage LLC, which operates more than 135 self-storage properties in 14 states, acquired an Extra Space Storage facility in Orlando, Fla. Opened in 2018, the two-story structure at 7500 W. Colonial Drive comprises 62,607 rentable square feet in 641 units. The $5.6 million acquisition-bridge loan was funded by a Midwestern bank and featured a 48-month, fixed-rate loan term with interest-only payments for the full term, one 12-month extension option and an open prepayment structure, according to a press release from Talonvest Capital Inc., the brokerage firm that negotiated the loan. Headquartered in Lake Forest, Ill., the Metro Self Storage brand operates a portfolio comprising about 9.1 million square feet of storage space.

Flowing Wells Self Storage in Tucson, Ariz., sold to Wentworth Property Co. LLC for more than $1.7 million. The facility was built on 2.92 acres along Flowing Wells Road. It comprises 38,715 net rentable square feet in 362 units. The property encompasses six single-story buildings, along with a manager’s office and residence. Wentworth intends to add capital improvements. Based in Phoenix, the company owns 19 facilities in four states comprising more than 1.3 million net rentable square feet. It was 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.

Glasgow Self Storage in Glasgow, Ky., sold to an undisclosed limited liability company. Built in 2010 on 6.6 acres at 908 Happy Valley Road, the facility comprises 66,075 net rentable square feet in 452 units. The buyer and seller were represented by Gabriel Coe and Brett R. Hatcher, investment specialists with M&M.

Strategic Storage Trust IV Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, acquired Guardwell Self Storage in Redmond, Wash., for $11.5 million from real estate firm Calder Investments Advisors. The facility at 23316 Redmond-Fall City Road N.E. was constructed in 1997 and sits on 4.5 acres. Its six buildings comprise 48,000 net rentable square feet in 350 units. The buyer and the seller, a private investor, were represented in the transaction by Jacob Becher, Gabriel Coe, Anastasios Douglas and Brett R. Hatcher, investment specialists with M&M. They were assisted by Joel Deis, regional manager for M&M.

The three-property Iron Self-Storage portfolio in Bolton, Cannock and Northwich, England sold to an affiliate of Legal & General Investment Management Ltd., a Europe-based asset manager. Together, the newly constructed facilities comprise about 140,000 square feet. They’ll be operated by third-party management firm SureStore Management Services. LGIM Real Assets acquired the portfolio on behalf of its $3 billion UK Property Fund. The transaction marks LGIM’s entry into the self-storage sector. The company has been actively diversifying its holdings, with other recent investments including healthcare properties, hotels and student housing.

Merit Hill Capital, a Brooklyn, N.Y.-based real estate firm, acquired Monroe Stor & Lock Self Storage in Monroe, Ohio. The property at 889 Lebanon St. contains 50,050 square feet in 445 units. The seller was represented in the transaction by Ryan Clark and Zack Urow of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.

North Fork Self Storage in Cutchogue, N.Y. sold to GoodFriend Self Storage/Post Management Self-Storage. Built in 2006 on about 3 acres at 50 Commerce Drive, the four-building facility comprises 79,000 net rentable square feet, 7,000 of which were recently added. New York-based GoodFriend acquires, develops and manages self-storage in the metro New York market. A $14.6 million bridge loan for the acquisition and expansion was arranged by Talonvest. The non-recourse loan included $13.8 million of initial funding, along with an additional $800,000 for the future.

Rent A Space Ltd. sold its facility in the Aintree area of North Liverpool, England, to Armadillo Self Storage Ltd. The property on Dunnings Bridge Road comprises more than 50,000 square feet. Constructed in 2015, it’s physical occupancy was more than 85 percent at the time of sale. Rent A Space still operates a facility in Shrewsbury, England. Armadillo is owned by Big Yellow Group PLC, which operates 99 locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names.

Star Self-Storage in Grandview, Mo., sold to an undisclosed buyer. The facility was built on 3 acres at 12120 Grandview Road. It comprises 48,073 net rentable square feet in 365 units and 12 vehicle parking spaces. The buyer and the seller were represented by Sean M. Delaney, senior vice president investments, and Britney Hendricks, associate, of M&M.

Phoenix-based U-Haul International Inc., which operates more than 1,600 self-storage facilities across North America, has acquired three facilities in three states. The company purchased Intelliguard Self Storage in Mesa, Ariz. Rebranded as U-Haul Moving & Storage at Falcon Field, the facility at 1614 N. Higley Road features a two-story building containing 613 indoor, climate-controlled units. The company also purchased Kelly Road Self Storage at 130 Kelley Road in Orono, Maine. Renamed U-Haul Storage of Orono, it offers 126 drive-up units. Finally, U-Haul acquired Moultonborough Self Storage in Moultonborough, N.H., and branded it as U-Haul of Moultonborough Self-Storage. The facility at 1060 Whittier Highway contains 200 drive-up storage units. Established in 1945, U-Haul owns and manages more than 62.5 million square feet of storage space nationwide.

Sources:
Benzinga, Metro Storage LLC Acquires Storage Facility in Orlando, Florida
Commercial Property Executive, Strategic Storage Trust IV Buys Seattle-Area Facility
Commercial Property Executive, Talonvest Arranges $15M Acquisition Loan
IP&E Real Assets, Legal & General Diversifies Holdings With Debut Self-Storage Deal
RE Journals, Marcus & Millichap Sells 377-Unit Self-Storage Facility in Missouri
REBusiness Online, SkyView Advisors Brokers Sale of 280-Unit Self-Storage Facility in Monroe, Ohio
The Business Desk, Self-Storage Site Sells in Multimillion-Pound Deal
Yahoo Finance, U-Haul Now Operating at Higley Road Location in Mesa
Yahoo Finance, U-Haul Acquires Self-Storage Facility on Route 25 in Moultonborough
Yahoo Finance, New U-Haul Store in Orono to Serve University of Maine Students
Yahoo Finance, Strategic Storage Trust IV Acquires 350-Unit Self Storage Facility Near Seattle

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