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 February 2020.
AAA Self Storage in Cheyenne, Wyo., sold for $8 million. The facility at 200 S. College Drive comprises 74,750 square feet in 517 drive-up units and 103 vehicle-storage spaces. The seller, a local investor, was represented in the transaction by Charles "Chico" LeClaire, executive managing director; Neville Rustomjee, broker; and Adam Schlosser, senior vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
AC Self Storage in Memphis, Tenn., sold to an unidentified buyer. The facility at 6105 Apple Tree Drive comprises 44,100 square feet in 397 units. The property has room for expansion. The seller was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International Group Inc.
Cedar Storage Southeast in Cedar Rapids, Iowa, sold for $5.525 million. The facility at 804 Vernon Valley Drive comprises 83,286 square feet in 374 units and includes vehicle-storage spaces. The buyer and the seller, a personal trust, were represented in the transaction by Sean M. Delaney, senior vice president of investments, and Britney Hendricks, associate, for M&M. They were assisted by fellow broker Jon Ruzicka.
Conyers Self Storage in Conyers, Ga., sold to Merit Hill Capital LP. The facility at 1840 Iris Drive S.W. comprises 59,253 square feet of unit space and 16,320 square feet of boat/RV storage. The private seller was represented in the transaction by Charmel Storage Capital, a Los Angeles-based boutique commercial brokerage that specializes in self-storage. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide.
A joint venture between self-storage operator Advantage Storage and investment-management firm Harrison Street Real Estate Capital purchased Lakewood Self Storage in Lakewood, Colo. Built in 2018, the facility at 9300 W. Colfax Ave. sits on 1.78 acres, containing 872 climate-controlled units and 10,000 square feet of retail space. The seller, Banner Lakewood Storage LLC, an affiliate of Banner Real Estate Group, was represented in the transaction by managing directors Stephen Mellon and Brian Somoza, and Paul Schloff, senior vice president for JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
Spartan Investment Group, a real estate investment company that specializes in self-storage and residential investments, purchased Right Move Storage in Fort Worth, Texas. The facility at 2000 Green Oaks Road sits on 2.63 acres, comprising 126,985 square feet in 1,070 interior, climate-controlled units. The site was converted from a two-story Macy’s department store to storage last year. The buyer and the seller were represented in the transaction by LeClaire, Brandon Karr, senior vice president of investments, and Danny Cunningham and Dave Knobler, first vice presidents of investments.
Secured Self Storage in Lake Elsinore, Calif., sold to Merit Hill Capital. The facility at 29135 Riverside Drive comprises 67,495 rentable square feet in 562 units. The private seller was represented in the transaction by Charmel Storage Capital.
A three-property Stor-All Self Storage portfolio in Wichita, Kan., sold to Wichita Self Storage Group LLC for $8.175 million. Together, the facilities comprise 122,900 net rentable square feet in 780 units. The property at 2359 N. Amidon Ave. comprises 43,930 square feet in 330 units, and the facility at 122 S. Hydraulic Ave. encompasses 11,450 square feet in 85 units. The largest of the three assets, 4545 E. Pawnee St., comprises 67,520 square feet in 365 units. The facilities are within three miles of each other. The sellers, Leon J. and Susan L. Moeder, were represented by Nathan Farha, a commercial specialist with real estate firm NAI Martens, and Denise Nunez, senior vice president of NAI Horizon, a full-service commercial real estate company serving Arizona.
Business Den, JLL Reports the Following Deal
RE Journals, Marcus & Millichap Sells 83,000-Square-Foot Self-Storage Facility in Iowa
REBusiness Online, Marcus & Millichap Arranges $8M Sale of AAA Self Storage in Cheyenne, Wyoming