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Self-Storage Real Estate Acquisitions and Sales: December 2019

Update 12/23/19 – 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 December 2019.

AAA Storage in Bettendorf, Iowa, sold to StayLock Self Storage. The facility at 5900 Valley Drive and 5900 State St. comprises 130,130 square feet including some outdoor storage for RVs. The buyer was represented in the transaction by IEB Real Estate. StayLock operates more than 60 facilities in five states.

Layton’s Self Storage in Belvidere, N.J., sold to local storage operators. The family-owned facility was built on 1.2 acres in 1980 and comprises 14,983 rentable square feet. It also contains two industrial buildings totaling just over 5,000 square feet. Both are occupied by tenants. The seller was represented in the transaction by Linda Cinelli, owner of LC Realty, an Argus affiliate.

Moose Crossing Self-Storage in Blakeslee, Pa., sold to Moose Crossing Storage Associates LLC for $3.96 million. Built in 2007 on nearly 5 acres, the facility at 321 Route 940 features 15 buildings comprising 331 units, an office showroom and a manager’s apartment. Chuck Shields, a self-storage investment specialist with Argus affiliate Beacon Commercial Real Estate, represented the seller, Gearhart Properties LLC.

RI Self Storage in Central Falls, a northern suburb of Providence, R.I., sold to an LLC. The facility at 817 Dexter St. contains 458 units, plus three office and warehouse spaces totaling 37,826 net rentable square feet. The seller, a private investor, was represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher. Nathan Coe and Hatcher also represented the buyer.

Select Climate Storage in Mexia, Texas, sold to Ideal Self Storage of Waco, which operates six locations in the state. Built in 2013, the facility at 246 S. Martin Luther King Jr. Highway comprises 11,285 net rentable square feet in 89 units. The property includes land for expansion. The buyer and the seller, Select Climate Storage LLC, were represented in the transaction by Bellomy and Johnson.

Self Storage Solutions in Burleson, Texas, sold. The facility at 2032 W. FM 917 sits on 4.1 acres and contains 13 buildings. Constructed in four phases between 2000 and 2011, it comprises 83,850 square feet. The seller, a family partnership, was represented in the transaction by Brandon Karr, senior vice president, and Danny Cunningham, senior associate, of the Karr Self Storage Group of M&M.

Somerset Mini Storage in Somerset, Wis., sold. The facility at 219 WI-35 comprises 30,708 square feet in 172 units and 28 vehicle-storage spaces. The property includes land for expansion. The seller was represented in the transaction by Chris Kampmeyer, investment associate, and Adam Schlosser, senior vice president of investments, for M&M.

Store 11 Self Storage in Toa Payoh, Singapore, sold to Extra Space Asia (ESA), a privately owned business that operates self-storage across the Asian continent. The six-story facility at 11 Block D Lor 3 comprises more than 50,000 square feet. The location is ESA’s 10th in Singapore.

The Storage Place sold two self-storage properties in Dickson, Tenn., to an unidentified LLC. Combined, the facilities comprise 56,155 square feet in 465 units. The site at 715 Highway 70 W. comprises 30,155 net rentable square feet in 225 units and 11 parking spaces. The one at 120 Tennsco Road serves as a satellite for the other, comprising 26,000 net rentable square feet and 20 parking spaces. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe and Hatcher of M&M.

Triple Nichol Storage in Miami, Ariz., sold to Encino, Calif.-based TAJ Apex Consulting Group LLC for $1.55 million. The facility at 3586 E. U.S. Highway 60 comprises 24,928 rentable square feet in 289 units, including 53 vehicle-parking spaces. The property includes container storage and three mobile homes for management, office and tenant use. Built in 1980 on 3.8 acres, the facility underwent renovations in 2017 and 2018. The seller, Georgeanna Jones of Durango, Colo., was represented by Denise Nunez, senior vice president of NAI Horizon, a full-service commercial real estate company serving Arizona.

Storage King, which owns 21 self-storage properties primarily in Southeast England, acquired five facilities trading under its franchisee license from Flexi Store Self Storage Limited. The properties are in Dudley, Nottingham, Shrewsbury and Warrington and West Bromwich, England. The deal was brokered by JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.

Strategic Storage Trust IV Inc. (SST IV), a public, non-traded REIT sponsored by SmartStop Self Storage REIT Inc., acquired a newly constructed facility in Surprise, Ariz. Built earlier this year, the facility at 13788 W. Greenway Road comprises about 79,000 square feet in 716 units. The acquisition marks the company’s entry into the Phoenix market. SST IV owns 22 self-storage facilities comprising 1.8 million net rentable square feet. SmartStop owns or manages 140 self-storage facilities in Toronto and the United States. Its portfolio comprises about 10.5 million net rentable square feet.

12/12/19 – 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 December 2019.

Private investment firm Crystal View Capital acquired AAA Platte Self Storage in Colorado Springs, Colo. The facility at 4510 Edison Ave. comprises 308,749 square feet in 877 units, plus outdoor vehicle storage. The three-year, adjustable-rate loan was provided by MidCap Financial Services and secured by Cutt Ableson, senior managing director, and Johnny King, associate director, for Berkadia, a Berkshire Hathaway and Jefferies Financial Group company. Las Vegas-based Crystal View focuses on value-add real estate in preferred asset classes including self-storage.

Birdneck Self Storage in Virginia Beach, Va., sold. The facility at 1195 Bells Road comprises 36,950 gross square feet in 282 units, plus outdoor vehicle storage. The sale was managed by Chris Nielsen, associate, and Cowles M. “Monty” Spencer Jr., CEO and group president for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Dayton Self Storage in Dayton, Ohio, sold to a limited-liability company (LLC). The facility at 1524 N. Keowee St. sits on 1.2 acres and comprises 14,260 net rentable square feet in 90 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists with Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

A two-property High Point Storage portfolio in the Houston metropolitan market sold to Public Storage Inc., a real estate investment trust and third-party management firm. The self-storage facilities are in Dickinson and La Marque. Together they comprise more than 235,900 net rentable square feet in 1,117 units. The deal was brokered by Bill Bellomy and Michael Johnson, principals with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas. Based in Glendale, Calif., Public Storage has interests in 2,468 self-storage facilities in 38 states, with approximately 167 million net rentable square feet. It holds a 35 percent interest in Shurgard Self Storage SA, which has 231 facilities in seven European countries, with approximately 13 million net rentable square feet.

Lone Star Self Storage in Mansfield, Texas, sold to Southern Storage LLC of Mansfield. The facility at 2027 Lone Star Road sits on 2.06 acres. It contains five buildings comprising 27,452 net rentable square feet in 186 units, with room for expansion. The buyer and the seller, a Cleburne, Texas-based family partnership, were represented in the transaction by Bellomy and Johnson of Bellomy & Co.

Store Space Self Storage acquired Metro Storage in Dearborn, Mich. The facility at 6470 Wyoming Ave. sits on 3.2 acres and comprises 96,148 square feet. 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. Metro Storage LLC operates more than 135 self-storage properties in 14 states. Based in Winter Garden, Fla., Store Space owns or manages 32 facilities in 12 states.

Safe-T Access Storage in Washington, Ind., sold to a partnership led by Access Storage Now, an Indiana-based self-storage operator. The facility at 96 N. Commercial Park Drive comprises 164 units, including large enclosed spaces for boats and RVs. The property will be co-owned with local investors Jordan and Miriam Briggeman. Access operates 13 self-storage facilities throughout the state.

SS Mcnab LLC sold a recently constructed self-storage facility in North Lauderdale, Fla., to Value Store It Management Inc. for $12 million. The property at 7600 W. McNab Road opened earlier this year. Its footprint is about 200,000 square feet. SS Mcnab bought the undeveloped land in 2015 for $1.4 million. Value Store It, led by South Florida investor Todd Ruderman, operates 18 self-storage properties in Florida and Massachusetts.

Stow-Away Self Storage in Collinsville, Ill., sold to a private investor. The facility at 1 Business Center Court comprises 44,038 rentable square feet in 354 units. The seller, an unidentified individual/personal trust, was represented in the transaction by M&M Investment Specialists Sean M. Delaney and Britney Hendricks, who also procured the buyer.

Crystal View purchased Stowaway Mini Storage in Portage, Mich. The facility at 9879 Portage Road comprises 57,325 square feet in 398 units. Ableson and King arranged the $2.5 million, 10-year, fixed-rate loan that was provided by CIBC World Markets Inc.

Sunshine Plaza and Mini Storage in Wickenburg, Ariz., sold for $855,000. The facility at 1020 W. Wickenburg Way, No. 7, sits on 3.25 acres and contains 100 units. It also features seven retail spots. The seller was represented in the transaction by Jeff Gorden and Kyle Topper, brokers with Eagle Commercial Realty Services, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

New Sources:
CP Executive, Karr Self Storage Arranges Fort Worth-Area Storage Transaction
PR Newswire, Strategic Storage Trust IV Acquires Newly Constructed, Class A, 716-Unit Self Storage Facility in the Greater Phoenix Area
RE Journals, Marcus & Millichap Wraps Sale of 465 Self-Storage Units in Tennessee
REBusiness Online, Marcus & Millichap Arranges Sale of 458-Unit Self-Storage Facility in Central Falls, Rhode Island
Vietnam News, Extra Space Asia Opens Its 10th Facility in Singapore

Previous Sources:
Chestnut Post, The Storage Acquisition Group Announces the Sale of Birdneck Self Storage in Virginia Beach
Dubois County Free Press, Access Storage Now Acquires Washington Storage Facility, Argus Broker Affiliates Arrange Sale of Arizona Storage Facility
REBusiness Online, Berkadia Arranges $10.1M in Acquisition Financing for Self-Storage Property in Colorado
REBusiness Online, Berkadia Arranges $2.5M Acquisition Loan for Self-Storage Facility in Metro Kalamazoo
REBusiness Online, SkyView Advisors Brokers Sale of 96,148 SF Self-Storage Property in Dearborn, Michigan
REBusiness Online, Bellomy Arranges Sale of 1,117-Unit Self-Storage Portfolio in Southeast Texas
The Real Deal, Prolific Self-Storage Operator Is a Buyer in North Lauderdale

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