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Self-Storage Real Estate Acquisitions and Sales: February 2019

Update 2/22/19 – 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 February 2019.

Absolute Storage Management (ASM), a self-storage owner and property-management firm that operates 116 properties in 14 states, purchased the two-property Storage Stop Mini Storage portfolio in Pensacola, Fla., for $3.6 million. Together, the sites comprise 76,675 rentable square feet in 487 units. The seller was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties, an affiliate of the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties.

Amsdell Cos., which operates more than 80 facilities under the Compass Self Storage brand, acquired Alachua Self Storage in Alachua, Fla. The property at 14024 N.W. U.S. Hwy 441 comprises more than 105,000 net rentable square feet of self-storage space and offers outdoor vehicle storage. “We are pleased to continue to find growth opportunities to expand our footprint in the southeast market, particularly in Florida. We look forward to serving our new business and residential customers with their moving and storage needs, and providing superior customer service,” said Todd Amsdell, president.

Move It Management LLC, which owns and manages self-storage facilities in three states, has acquired Tiger Point Storage in Gulf Breeze, Fla. The property at 4310 Gulf Breeze Parkway comprises 61,365 rentable square feet in 440 units. It also offers 24 outdoor vehicle-storage spaces. The seller was represented in the transaction by Barnhill and LaGroue Sr.

North Star J LLC, a Delaware-registered entity, has purchased Snapbox Self Storage at 804 S.E. J St. in Bentonville, Ark., for $10.55 million. The seller was Self Storage Capital Partners (SSCP), a Philadelphia-based self-storage firm. The buyer was represented by attorney Terry Pool. SSCP owns another self-storage property in Bentonville, and two each in Little Rock and Rogers, Ark.

The Storage Place in Commerce, Ga., was sold to a private owner. The property at 741 Ila Road sits on 1.8 acres and comprises 30,150 net rentable square feet in 204 units. The buyer was represented in the transaction by Jesse Luke, managing partner with the Self Storage Advisory Group at EquiCap Commercial, a boutique brokerage firm specializing in the self-storage industry. The seller was represented by Michael Morrison, associate broker with Midcoast Properties Inc., a commercial real estate broker focused on self-storage in Alabama, the Carolinas and Georgia.


2/8/19 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 February 2019.

680 Maple Mini Storage in Omaha, Neb., was sold for $8.2 million. The six-building facility at 3206 N. 102nd St. contains 652 units. The seller was represented in the transaction by John Heine and RJ Neary, investment specialists with Investors Realty Inc., a boutique real estate investment and advisory firm. The buyer was represented by Trenton Magid, executive vice president, and Grant Palmer, senior vice president, for NAI NP Dodge, the commercial real estate division of NP Dodge, an Omaha-based real estate company.

Amsdell Cos., which operates more than 80 facilities under the Compass Self Storage brand, has acquired Route 8 Self Storage in Gibsonia, Pa., a suburb of Pittsburgh. The property at 5301 N. Pioneer Road contains 16 buildings comprising more than 91,740 square feet in 670 units. The buyer and the seller, a limited-liability company (LLC), were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for Marcus & Millichap (M&M), a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. They were assisted by fellow broker Anthony Palumbo.

Philadelphia-based First Neck University Avenue LLC acquired Too Much Stuff Self Storage in Little Rock, Ark., from Northgate Mini-Storage for $8.3 million. The 6.6-acre property at 2010 S. University Ave. was built in 2002 and contains five buildings offering 574 units. First Neck was incorporated last year by Jacob Ramage, who’s also manager of SSCP Management LLC, the firm’s managing member.

Payless Storage Inc. in Texarkana, Texas, was sold to a private investor based in New York City. The two buildings sit on 15 acres at 927 N. Robison Road. Together, they comprise 87,600 rentable square feet in 587 units. The buyer and the seller, a local LLC, were represented in the transaction by Danny Cunningham and Brandon Karr, investment specialists with M&M.

Red Dot Storage, which operates 138 properties in 16 states, acquired Sentry Self Storage in LaGrange, Ga., its first location in the state. The property at 1304 Hogansville Road comprises 33,000 square feet in 243 units.

“Georgia is an ideal market for Red Dot, and this property serves as the perfect entry point. We could not be more excited to serve all our new customers in LaGrange and look forward building the Red Dot brand across the state,” said Seth Bent, CEO and founder of Red Dot, the operating brand for Sparkplug Capital LLC, which was launched in 2013. The portfolio comprises more than 5.1 million net rentable square feet.

Secure Stor Self Storage in Concord, Va., was sold for $785,000 to a private investor. The facility at 1005 Richmond Highway opened in 2003 and includes four buildings containing more than 130 units. The seller was represented in the transaction by Yevgeni Kaniayev, a brokerage advisor for Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Secure Storage in Tremonton, Utah, was sold. The property at 976 W. 600 N. was built in 2002 and expanded in 2009. It contains 119 storage units. The buyer and the seller, a local family, were represented in the transaction by Jordan Farrer, an investment associate, and Adam Schlosser, first vice president of investments, for M&M.

Weathervane Self Storage in Richland, Mich., was sold to an LLC. The 8.2-acre property at 7906 Gull Road contains 10 buildings comprising 54,462 net rentable square feet in 419 units. The facility was built in 2005 and renovated in 2014. The buyer and the seller, also an LLC, were represented in the transaction by Coe and Hatcher. They were assisted by fellow broker Steve Chaben.

The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has acquired US Storage Centers in Chandler, Ariz. The property at 2805 W. Frye Road incudes climate-controlled and drive-up units as well as vehicle-storage spaces. Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 125 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.

New Sources: 
Commercial Property Executives, EquiCap Commercial Facilitates Self-Storage Sale
PR Newswire, Argus Broker Affiliates Sell Self Storage Facility in Florida
PR Newswire, Argus Broker Affiliates Sell Florida Self Storage Facility
PR Newswire, Compass Self Storage Footprint Grows With Acquisition Of Self Storage Center In Gainesville, FL Market
Talk Business, Bentonville Self-Storage Property Sells for $10.55 Million

Previous Sources: 
Arkansas Democrat Gazette, Philadelphia Firm Buys 574-Unit Self Storage in Little Rock for $8.3 Million
PR.com, Compass Self Storage Expands With Acquisition Of Self Storage Center In Pittsburgh, PA
PR.com, StorQuest Opens Self Storage Facility in Chandler, AZ
Rebusiness Online, Investors Realty Negotiates $8.2M Sale of Self-Storage Facility in Omaha
Rebusiness Online, Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Facility in Texarkana, Texas

 

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