Update 12/18/20 – 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 December 2020.
Advantage Storage in Arlington, Texas, sold. Built in 2019, the facility at 1040 W. Sublett Road comprises 95,825 net rentable square feet in 771 units. The seller was represented in the transaction by The Hatcher Group of M&M.
Big Sky Discount Storage & Annex in Susanville, Calif., sold for $2 million to a family partnership based in Yuba City, Calif. The 9.6-acre property at 474-445 Big Sky Blvd. contains 12 single-story buildings comprising 62,980 net rentable square feet in 247 units. The buyer and the seller, Safe-Hold Storage LLC, 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.
Andover/Storage King acquired a Haslet, Texas, self-storage facility that was previously managed by Life Storage. The 9-acre property at 12460 US-287 comprises 78,950 square feet in 623 units and 22 vehicle-storage spaces. The buyer and the Texas-based seller, 287 Willow Springs Storage LP, 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.
Lock Up Storage Services in Odessa, Texas, sold. The 2.07-acre property at 2440 E. 8th St. comprises 34,691 square feet in 204 units. The seller, a personal trust, was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for M&M.
Baranof Holdings LLC and Invesco Real Estate acquired the two-property Nest Self-Storage portfolio in Salem, Ore., and the original property developers, MWIC Parkway LLC and MWIC Turner Road LLC. The facilities at 1815 Hyacinth St. and 2150 Turner Road S.E. total 166,877 rentable square feet in 1,135 units. The seller was represented in the transaction Luke Elliott, Jim Lewis, Michael Mele and Greg Wells, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Invesco is the global real estate investment-management arm of Invesco Ltd. It invests on direct property and publicly traded real estate securities. Dallas-based Baranof develops, builds and acquires self-storage properties nationwide.
The two-property Ray's Self Storage in Burlington, N.C., sold. The main facility at 1907 Maple Ave. comprises 63,405 net rentable square feet, while the satellite location at 860 Plantation Drive contains 8,800. Together they offer 629 units. The transaction was brokered by Cowles M. “Monty” Spencer Jr., CEO and group president of The Storage Acquisition Group (TSAG), and David Spencer, vice president and senior advisor for TSAG as well as an agent for Keller Williams Commercial.
StorageMart, which operates 225 self-storage properties across Canada, the United Kingdom and the United States, purchased the two-property SOS Self Storage portfolio in Fishers and Noblesville, Ind. The facilities at 13111 Marilyn Road and 15220 Cumberland Road, respectively, contain traditional self-storage and vehicle-storage units. Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned and operated by the Burnam Family, which has been in the storage industry for three generations. Its portfolio consists of more than 15 million square feet of storage.
The Storage Co. in Wadsworth, Ohio, sold. The 4.48-acre property at 1031 High St. comprises 40,965 net rentable square feet in 303 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Richard Riddle, senior vice president, for SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.
In Self Storage, which operates 25 facilities in seven states, acquired Storage Solutions on Eaton in Battle Ground, Wash. Opened in July, the facility at 2111 S.W. 2nd Place comprises 51,600 rentable square feet in 376 units. It also includes adjacent land for expansion. The seller was represented in the transaction by Elliott, Lewis, Mele and Wells.
12/10/20 – 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 December 2020.
Andover Properties LLC, which operates the Storage King USA self-storage brand, acquired 157 Self Storage in Euless, Texas. The facility at 3950 FM157 comprises 91,675 square feet, which includes covered boat/RV storage and 96 recently added outdoor spaces. Built in 2017, it’s the closest self-storage facility to an in-progress, 2,000-acre master-planned community. Founded in 2003 and based in New York City, Andover owns and operates 38 self-storage facilities in 12 states, totaling more than 2.7 million rentable square feet.
A Storage Place in Spring Valley, Calif., sold to Insite Property Group, the parent company of SecureSpace Self Storage, in an off-market deal. Opened a year ago, the facility at 11902 Campo Road comprises approximately 92,000 square feet. InSite intends to expand the site once occupancy has stabilized. The location has been rebranded under SecureSpace, which operates eight facilities in California, Florida, Maryland, New Jersey and New York.
Angeles Mini Storage and Bayview Mini Storage, a two-property portfolio in Port Angeles, Wash., sold to a Washington-based limited liability company (LLC) for $3.4 million. The facilities at 919 W. Lauridsen Blvd. and 62 S. Bayview Ave. comprise a total of 31,055 square feet in 323 units. Five miles apart, they’re managed from one location. The seller, a private investor, was represented in the transaction by Tru Petrilli, investment specialist, and 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.
Real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage facilities nationwide, purchased a two-property Bargain Storage portfolio in Houston. Together, the facilities comprise 69,757 net rentable square feet in 454 units. Located about a half mile apart at 11539 Canemont and 12151 Ormandy, the sites total 3.84 acres. The buyer and the seller, an Oregon-based LLC, were represented in the transaction by Charles "Chico" LeClaire, executive managing director of investments, and Dave Knobler, first vice president of investments, for the LeClaire-Schlosser Group of M&M.
Dry Dock Self Storage in San Angelo, Texas, sold. The facility at 3538 Paint Rock Road comprises 43,485 square feet in 319 units. The 3.36-acre lot also contains 10 vehicle-storage spaces. The seller, an LLC, was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for M&M.
Dublin Self Storage in Dublin, Texas, sold. Built on 1.31 acres, the facility at 337 Highland Ave. comprises 11,025 net rentable square feet in 71 units and has room for expansion. The seller was represented in the transaction by Gabriel Coe, Brett R. Hatcher, Brian Kelly and Garrett Wolfe, investments specialists for The Hatcher Group of M&M. They were assisted by M&M Division Manager Tim Speck.
Kensington Storage in Spartanburg, S.C., sold. The facility at 95 Kensington Drive comprises 30,550 rentable square feet in 329 units. The seller was represented by Bobby Moss, associate broker for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Legal & General Investment Management (LGIM) Limited acquired two facilities in Bury and Lichfield, England. Totaling 100,000 square feet, the properties will be managed by SureStore and branded under its name. Founded in 1970, LGIM is one of Europe’s largest asset managers, offering investment solutions to a range of clients globally.
Andover also acquired a San Antonio facility that was managed by Life Storage, a real estate investment trust (REIT) that operates more than 900 self-storage facilities in 30 states and Ontario, Canada.. The facility at 13806 Galm Road comprises 66,338 square feet in 534 units. The buyer and the seller were represented in the transaction by Danklefs.
Two Security Storage properties in Texas sold to Pinnacle Storage Properties, a Houston-based firm that operates 21 self-storage facilities under various names. The sites at 3101 MH 379 in Mineral Wells and 1038 Glen Rose Road in Stephenville will operate under the Storage Plus brand name. Pinnacle is a privately held real estate owner/operator focused on the acquisition, development and management of self-storage assets. Its portfolio comprises about 1.2 million rentable square feet.
Storage Bank in Albuquerque, N.M., sold to a national self-storage operator. The two-story facility at 1208 San Pedro Drive N.E. also includes first-level retail space rented by Mail Bank, a packing and shipping business. The buyer and the seller, an LLC, were represented in the transaction by LeClaire, Thomas Parsons, senior associate, and Adam Schlosser, senior vice president of investments, for M&M.
Self-storage REIT Public Storage acquired Tiger Mini Storage in Broken Arrow, Okla. The facility at 11057 E. Highway 51 comprises 111,125 net rentable square feet in 722 units. It also includes adjacent land for expansion. The seller was represented in the transaction by Coe and Hatcher. Based in Glendale, Calif., Public Storage has interests in 2,504 self-storage facilities in 38 states, with approximately 171 million net rentable square feet.
PR Newswire, TSAG Closes Ray's Self Storage in Burlington, NC
PR Newswire, StorageMart Expands Into New Market With Recent Acquisition
Connect Commercial Real Estate, Invesco Nabs Nest Self-Storage Portfolio in Salem
REBusiness, Marcus & Millichap Brokers Sale of 534-Unit Self-Storage Facility in San Antonio
Business Live, Legal & General Acquires Surestore's Self Storage Facilities in Bury and Lichfield as Rapid Growth Continues
PR Urgent, Sale of Kensington Self Storage, Spartanburg, SC