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Self-Storage Real Estate Acquisitions and Sales: August 2022

Update 8/24/22 – 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 August 2022.

A two-property self-storage portfolio in Central Florida sold to Strategic Storage Growth Trust III Inc. (SSGT III), a private real estate investment trust (REIT) sponsored by an affiliate of SmartStop Self Storage REIT Inc. 44 Self Storage at 5688 Florida Highway 44 in Wildwood and Rolling Acres Self Storage at 175 Rolling Acres Road in Lady Lake comprise 187,400 square feet in 1,760 units. Both are in The Villages, a 5,600-acre, master-planned community. SmartStop is a self-managed REIT that operates an owned and managed portfolio of 172 self-storage facilities in Canada and the United States.

Arnold Self Storage at 3577 N. Eastman Road in Midland, Michigan, comprises 42,055 square feet in 373 units. It was 97% occupied at the time of sale. The seller, Safe Storage Investors, was represented in the transaction by Frank DeSalvo and David Pelleshi of Sands Investment Group. The buyer was represented by Jesse Luke and Scott Rihm of EquiCap Commercial, a Saint Charles, Illinois-based brokerage specializing in self-storage. Safe Storage Investors is an affiliate of Safe Storage USA, which operates two facilities in Maine and one in Wisconsin.

Create Space Storage in Amarillo, Texas, sold to an undisclosed REIT. The facility at 4332 Teckla Blvd. comprises 31,912 rentable square feet. The seller was represented in the transaction by Josh Cato, senior associate, Parker Sweet, president, and Cameron Vale, senior vice president, for brokerage and advisory firm Berkshire Hathaway Commercial Real Estate.

A facility managed REIT CubeSmart in Tampa, Florida, sold for $18.5 million. The five-story building at 3935 W. Cypress St. comprises 83,000 square feet in about 600 units. The seller was Freedman’s Development, which built the facility.

McGee Lane Self Storage in Lewisville, Texas, sold to Morningstar Properties, which operates the Morningstar Storage brand. The facility at 1850 McGee Lane is Morningstar’s 25th location in Texas. The company operates about 100 self-storage facilities across 16 states.

A two-property Stor’It of Los Gatos portfolio in Los Gatos, California, sold to Insite Property Group, the parent company of SecureSpace Self Storage. The facilities at 17334 Farley Road and 688 University Ave. comprise 45,149 rentable square feet in 778 units, including wine storage. The Farley location also offers 16 vehicle-storage spaces. The portfolio included six apartment units that are managed by a third-party company. The seller, Vasona Lake Storage, was represented in the transaction by Jacob Becher, executive vice president of the de Jong | Becher Self Storage Team at Colliers Self Storage Group, which specializes in the acquisition, disposition and financing of self-storage facilities nationwide.

Stor-All Self Storage in Nampa, Idaho, sold to StorageMart, which operates more than 260 self-storage properties across Canada, the United Kingdom and the United States. The facility at 2821 12th Ave Road comprises 128,293 rentable square feet in 845 units. Founded in 1973, the StorageMart portfolio comprises more than 19.2 million rentable square feet.

Wentworth Property Co. purchased a newly built property in Tempe, Arizona, at Certificate of Occupancy from a joint venture between Kitchell Development and WDP Partners. The three-story facility at 1791 W. Greentree Dive comprises 80,059 rentable square feet in 793 units. It’ll be managed by REIT Extra Space Storage Inc. The buyer and seller were represented in the transaction by Norman Herd, designated broker for Quantum Property Advisors, a Phoenix-based real estate services firm that specializes self-storage.

The following sales were brokered by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm.

  • Affordable Park Place Storage at 310 Flaming Road in Grants Pass, Oregon, sold for $3.75 million. The deal includes an approved two-building expansion that’ll add 8,800 square feet in 46 units. The seller was Property Investment Co.
  • Auburn Self Storage and North Auburn Self Storage in Auburn, California, sold to Merit Hill Capital LP for $20.85 million. The facilities at 12101 Enterprise Drive and 12035 Shale Ridge Road, respectively, comprise 107,706 square feet. Merit Hill acquires, owns and manages self-storage facilities nationwide.
  • BuxBear Storage at 14009 E. 21st St. in Tulsa, Oklahoma, sold for $6.85 million. The seller was East 21st Storage LLC.
  • A pair of facilities managed by Extra Space in Mooresville and Salisbury, North Carolina, sold for $23.6 million. Together, the locations comprise 136,994 square feet in 1,385 units. The property at 1110 Brawley School Road in Mooresville encompasses 70,994 square feet, while the one at 725 Jake Alexander Blvd. S. in Salisbury offers 66,000 square feet. The purchase included a second-phase expansion to be delivered at Certificate of Occupancy. The seller, a private investor, was represented in the transaction by Morgan Windbiel, first vice president.
  • StorMaster Self Storage in Marietta, Georgia, sold to global investment firm KKR for $18.1 million. Built in 1996 on 4 acres, the facility at 1401 Powder Springs St. S.W. comprises 73,300 square feet. Based in New York, KKR launched Alpha Storage Properties as a self-storage investment platform last December.

The following sales were brokered by JLL Capital Markets, a real estate and investment-management firm.

  • SecureSpace Self Storage acquired 11 Central Self Storage facilities from Pegasus Group. The properties include seven in the San Francisco Bay Area; one in Portland, Oregon; and three in Austin, Texas. Together they comprise more than 650,000 square feet. Based in Torrance, California, SecureSpace operates more than 35 facilities in 11 states.
  • A Washington, D.C. facility managed by Extra Space sold to Invesco Real Estate, a global real estate investment manager, in a partnership with Baranof Holdings LLC, a Dallas-based self-storage developer. Built in 2020, the seven-story building at 72 Florida Ave. N.E. offers 1,752 units. The seller, Foulger-Pratt, was represented in the transaction by managing directors Steve Mellon and Brian Somoza as well as directors Craig Childs, Bill Prutting and Jay Wellschlager, who also procured the buyer.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.

  • Max Storage at 132 Old Highway 91 in Hurricane, Utah, comprises 148,040 square feet in 971 units. It was built last year on more than 22 acres. The seller, a local development and investment group, was represented in the transaction by Jordan Farrer, senior investment associate, and Adam Schlosser, senior managing director of investments.
  • Prime Storage in Houston sold to a publicly traded REIT. Built in 2000 at 9333 S. Main St., it offers 189,088 square feet in 1,326 units. The seller, a local partnership, was represented in the transaction by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments.
  • Weekender Storage in Woodland, Washington, sold for $8.9 million. Built in 2017, the facility at 1745 Schurman Way comprises 99,316 rentable square feet in 245 units. Specializing in boat/RV storage, it was 99% occupied at the time of sale. The buyer and seller, both limited-liability companies (LLCs), were represented by investment specialist Christopher R. Secreto.

The Hatcher Coe Group of M&M represented the sellers in the following transactions:

  • The two-property American Self Storage portfolio in Alexandria, Virginia, and Kensington, Maryland, comprises 282,596 rentable square feet in 2,822 units. The facilities at 4551 Eisenhower Ave. and 3700 Plyers Mill Road, respectively, were 98% occupied at the time of sale.
  • A two-property Area Storage portfolio in Harbinger and Point Harbor, North Carolina, comprises 116,615 rentable square feet in 785 units. The facilities were 95% occupied at the time of sale. Area Storage operates three facilities in South Carolina and Virginia.
  • KO Storage sold 24 of its properties across Minnesota to an unnamed buyer. The facilities comprised more than 700,000 rentable square feet. In addition to representing the seller, investment specialists Gabriel Coe, Nathan Coe and Brett R. Hatcher also procured the buyer.
  • The two-property Store Your Stuff portfolio in Baldwinsville and Clay, New York, comprises 83,550 rentable square feet in 748 units. The facilities at 7443 Van Buren Road and 8530 Henry Clay Blvd., respectively, were 100% occupied at the time of sale. The Coes and Hatcher also represented the buyer, an LLC.

The following sales were brokered by Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • Built on 5.7 acres, Annex Storage & U-Haul at 305 Jefferson St. in Newnan, Georgia, comprises 47,149 rentable square feet in 360 units, with room for expansion. It was 99% occupied at the time of sale. The seller was represented by Michael Morrison.
  • Taylor’s Linden Mini Storage in Linden, North Carolina, sold to a regional buyer. Built on 10.4 acres, the facility at 10889 Ramsey St. comprises 35,352 rentable square feet in 265 units. It was 99% occupied at the time of sale. The seller was represented by Hal H. Tanner III.

The following sales were brokered by SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.

  • A CubeSmart-managed facility in Charlotte, North Carolina, comprises 72,725 rentable square feet in 604 units. The seller was represented in the transaction by Scott Schoettlin, managing director, and Zachary Urow, executive vice president.
  • A CubeSmart-managed facility in Burleson, Texas, comprises 70,454 rentable square feet in 663 units. It was 98% occupied at the time of sale. The seller was represented in the transaction by Schoettlin and Urow.

8/23/22 – 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 2022.

Aubin Lane Self Storage at 2615 Aubin Lane in Baton Rouge, Louisiana, sold for $1.25 million to Wong Cubes LLC, which is registered to Randy D. Wong, co-owner of the Wong family group of restaurants. The seller was represented in the transaction by broker Christopher DeCesare.

Real estate investment firm Boundary Ventures acquired a four-property self-storage portfolio in Cecil County, Maryland, for $18.8 million. Together, the properties total 125,000 square feet in 883 units. Cecil Mini Storage at 804 E. Pulaski Highway in Elkton comprises 20,425 square feet in 84 units. Chesapeake Storage at 1089 Augustin Herman Highway in Elkton offers 39,350 square feet in 362 units. Elton Storage at 4 Coachman Drive in Elkton encompasses 53,115 square feet in 288 units. Rogers Mini Storage at 1882 W. Pulaski Highway in North East comprises 20,425 square feet in 149 units. The seller, Acorn Investment Co., was represented in the transaction by Tom Mottley, senior vice president and principal for MacKenzie Commercial Real Estate. Andrew Meeder, also senior vice president and principal with MacKenzie, represented the buyer.

Westport Properties Inc., which operates more than 120 US Storage Centers nationwide, acquired the two-property Chicago Northside Storage portfolio in Illinois. The Chicago property at 1516 N. Orleans St. was completed in 1998 and comprises 73,761 square feet in 885 units. Built in 1982, the facility at 3510 Wilmette Ave. in Wilmette offers 46,894 square feet in 378 units. The seller, Han Capital Group, was represented in the transaction by MJ Partners Self Storage Group, a real estate firm that offers acquisition, disposition, financing, consulting and asset management.

Flying D Mini-Storage in Billings, Montana, sold to an out-of-state buyer. The 4.28-acre property at 7700 Highway 312, B offers 16,920 rentable square feet in 102 units, with another 130 under construction. The buyer and the seller were represented by Larry Hayes and Kim Van Delinder of Hayes & Associates, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

SecureSpace Self Storage acquired Nalley Valley Self Storage in Tacoma, Washington. The four-story facility 2201 S. Tacoma Way comprises 60,272 square feet as well as 188 vehicle-storage spaces. The property also has 1.1 acres of entitled expansion. Based in Torrance, California, SecureSpace operates more than 25 facilities in 10 states.

Oakland Road Self Storage in San Jose, California, sold to Invesco Real Estate, a global real estate investment manager, in a partnership with Baranof Holdings LLC, a Dallas-based self-storage developer. The multi-story facility at 1799 Oakland Road was built in 2018 by Hudson Industrial Equities, the seller. It’ll be managed by self-storage real estate investment trust Extra Space Storage and branded under its name. The seller was represented by Tom de Jong, executive vice president and partner of the de Jong l Becher Self Storage Team at Colliers Self Storage Group, which specializes in the acquisition, disposition and financing of self-storage facilities nationwide.

Phoenix-based. U-Haul International Inc. acquired Starpar Storage in Sebring, Florida. The facility at 4541 Tanglewood Drive offers 575 units, with room for expansion. Established in 1945, U-Haul owns and manages more than 75 million square feet of storage space nationwide.

Extra Space Storage acquired Woodland Self Storage in Austin, Texas. The facility at 1620 S. Interstate 35 comprises 92,288 square feet in 952 units. The seller, Endeavor Real Estate Group, was represented in the transaction by Steve Mellon, Adam Roossien, Brian Somoza and Matthew Wheeler of JLL Capital Markets, a full-service, global provider of capital solutions for real estate investors and occupiers.

The following sales were brokered by Investment Real Estate, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

  • Delco Storage in Collingdale, Pennsylvania, sold to a private investor. The facility at 519 MacDade Blvd. comprises 13,550 net rentable square feet in 152 units.
  • iStore Self Storage in Mechanicsburg, Pennsylvania, sold to Moove In Self Storage, which operates more than 50 locations in six states. The facility at 5130 E. Trindle Road comprises 70,750 net rentable square feet in 495 units.
  • State Line Mini Storage at 23 Country Road 15 in Lindley, New York, contains 16 buildings comprising 16,000 net rentable square feet. It offers 124 units and 24 vehicle-storage spaces.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.

  • Coastal Boat & RV Storage at 2651 State Highway 35 in Angleton, Texas, offers 191,294 square feet in 376 enclosed vehicle-storage units. The seller, a local developer, was represented in the transaction by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments.
  • Crawford Street Storage at 1025 W. Crawford St. in Salina, Kansas, comprises 11,250 square feet. The seller, a local investor, was represented by Robert Cook, associate, and Sean M. Delaney, senior managing director. They were assisted by Colby Haugness.
  • A four-property portfolio in Texas sold to a New York-based partnership. Together, the facilities comprise 429,169 net rentable square feet in 2,199 units. The transaction includes Drive-Up Self Storage at 4624 Garth Road in Baytown, Great Spaces at 28543 FM 2978 in Magnolia, Mini City Self Storage at 9000 Westpark Drive and Mr. Self Storage at 13001 Veterans Memorial Drive in Houston. The seller, a Georgia-based partnership, was represented by Knobler and LeClaire.
  • East Wenatchee Mini Storage in East Wenatchee, Washington, sold for $18 million to a limited-liability company (LLC). The facility at 423 Rock Island Road comprises 113,215 square feet in 946 units. The buyer and the seller, also an LLC, were represented by Christopher R. Secreto.
  • Independence Self Storage in Grantsville, Utah, sold to a national self-storage operator. The facility at 651 W. Main St. comprises 82,550 square feet in 540 units. The buyer and the seller, a local family, were represented by Jordan Farrer, senior investment associate, and Adam Schlosser, senior vice president of investments.
  • Interstate Storage in Kansas City, Kansas, sold to an LLC. The facility at 1719 Minnesota Ave. comprises 13,432 square feet in 115 units. The buyer and the local seller were represented by Delaney and Robert Cook, associate. They were assisted by Haugness.
  • Jetport Storage in Fort Myers, Florida, sold to RecNation RV & Boat Storage. The facility at 14600 Jetport Loop offers 117,552 square feet in 239 vehicle-storage spaces. The buyer and the seller, a local development group, were represented by Farrer and Schlosser.
  • U-Stor-It in Crete, Illinois, sold to an LLC. The facility at 25608 S. Dixie Highway comprises 30,860 square feet, with room for expansion. The buyer and the seller, a California-based LLC, were represented by Delaney and Jeffrey L. Herrmann, senior associate.

The Hatcher Coe Group of M&M represented the sellers in the following transactions:

  • All About Storage at 813 N. Broadway in Portland, Tennessee, comprises 51,170 net rentable square feet in 264 units.
  • BuxBear Storage at 1935 Aerotech Drive in Colorado Springs, Colorado. opened in 2020. It comprises 111,360 net rentable square feet in 605 units.
  • Goochland Self Storage at 1309 Broad St. Road in Oilville, Virginia, comprises 36,900 net rentable square feet in 217 units.          
  • Niceville Loc-N-Stor in Niceville, Florida, sold to KO Storage, which operates more than 140 locations in several states. The facility at 216 Government Ave. comprises 23,776 net rentable square feet in 123 units.
  • Papa's Lockers Self Storage at 16632 Smokey Point Blvd. in Arlington, Washington, offers 35,031 net rentable square feet in 189 units.
  • Sunset Self Storage at 6089 N. Winton Way in Winton, California, will be managed by Extra Space Storage and branded under its name. It comprises 47,850 net rentable square feet in 359 units.

The following sales were brokered by Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • Crooked Creek Boat & RV in West Union, South Carolina, sold to a local development company. The 10.3-acre property at 518 Ebenezer Road contains two buildings comprising 4,480 rentable square feet of enclosed parking as well as outdoor vehicle storage. The seller was represented by Michael Morrison.
  • Granite City Storage in Mt. Airy, North Carolina, sold to a regional buyer. The facility spans two parcels across from each other at 1428 and 1431 N. Andy Griffith Parkway. It offers 53,986 rentable square feet in 402 units. The seller was represented by Morrison and Jesse Luke, partner with EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage.

New Sources:
Business Observer, Tampa Storage Facility Sells for Nearly $20 million
Community Impact, Morningstar Storage Now Open in Lewisville
Connect CRE, KKR Locks Up Marietta Self-Storage Facility for $18M
Globe Newswire, SecureSpace Acquires 11 Self-Storage Facilities Across Three States
PR Newswire, Safe Storage Investors Announces Sale of Arnold Self Storage
PR Newswire, StorageMart to Enter the Nampa, ID Area with New Acquisition
Real Estate Weekly, Marcus & Millichap Arranges the Sale of a Two Property Self-Storage Portfolio
REBusiness Online, Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo
REBusiness Online, Foulger-Pratt Sells 1,752-Unit Self-Storage Facility in D.C.
REBusiness Online, Self-Storage Trust Purchases 1,760-Unit Portfolio in The Villages, Florida
Connect CRE, It Takes $24M for Lakeland Village to Buy Two Self-Storage Facilities Near Charlotte

Previous Sources:
Commercial Observer, Boundary Ventures Acquires Cecil County Self-Storage Portfolio in $19M Deal
The Daily Record, Four-Property, Self-Storage Portfolio Sold for $18.8M in Cecil County
Global Newswire, SecureSpace Acquires Nalley Valley Self Storage in Seattle MSA
Greater Baton Rouge Business Report, Wong Restaurant Family Buys Self-Storage Facility for $1.25M
Marcus & Millichap, Marcus & Millichap Arranges the Sale of a Four Property Self-Storage Portfolio in Houston, Texas
Multi-Housing News, Westport Properties Enters Chicago Self Storage Market
Newswire, Padlock Partners UK Fund III Completes Acquisition of Watford Self-Storage Property
PR Newswire.com, Self Storage in Mt. Airy, NC, Sold
PR Newswire, U-Haul Opens at Former Starpar Storage, Brings 20 Jobs to Sebring
PR Urgent, Self Storage in West Union, SC Sold By Midcoast Properties Inc.
REJournals, Class-A Self-Storage Facility in Austin Sells to Extra Space Storage

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