Self-Storage Real Estate Acquisitions and Sales: February 2019

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.

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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