February 24, 2023

14 Min Read
Self-Storage Real Estate Acquisitions and Sales: February 2023

 

2/24/23 – 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 2023.

Eau Gallie Self Storage in Melbourne, Florida, sold for $4.2 million to Andover Properties, which operates the Storage King USA brand. The 2.6-acre site at 914 St. Clair St. contains eight two-story buildings comprising 57,996 square feet. The seller was a private owner. Andover operates 154 facilities in 18 states.

Freedom Storage in Loveland, Colorado, sold for $6.6 million to UTEX Storage Partners of Draper, Utah. The facility at 115 Peridot Ave. has been rebranded as UTEX Self Storage.

Keystone Self Storage in Indianapolis sold for $9.5 million to Public Storage Inc., a self-storage real estate investment trust (REIT) and management company. The facility at 5000 N. Keystone Ave. comprises 69,700 square feet in 541 units. The seller was represented in the transaction by Rob Schick, a broker with Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

KO Storage at 1905 Linwood Drive in Paragould, Arkansas, comprises 79,224 net rentable square feet. The seller was represented in the transaction by John Lindsey, president, and Kirk Martin, broker, for Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management. KO operates a second facility in the city at 6002 W. Kings Highway.

Oak Hill Self Storage in Austin, Texas, sold to REIT Extra Space Storage Inc. Built in 2019, the multi-story structure at 7901 State Highway 71 comprises 93,813 rentable square feet in 709 units. The buyer and the seller, The Jenkins Organization, were represented in the transaction by Steve Mellon, senior managing director; Adam Roossien, director; Brian Somoza, senior managing director; and Matthew Wheeler, director of JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers.

Perry Storage in Spokane, Washington, sold for $7 million to RDD Holdings LLC. Built in 2009 and expanded in 2016, the facility at 10808 N. Perry St. comprises 47,428 square feet. The buyer was represented by John Hillier, senior advisor with SVN Cornerstone, a commercial real estate firm that specializes in the Northern Idaho and Eastern Washington markets.

The following sales were brokered by CBRE Group Inc., a commercial real estate services and investment firm:

  • Chino Mini Storage in Chino, California, sold for $18.8 million to Westport Properties Inc., a privately held real estate investment company that operates the US Storage Centers brand. The 4.39-acre property at 13555 Ramona Ave. contains 13 buildings comprising 80,862 square feet in 701 units. The seller was Legacy Interests LLC, a private investor.

  • Dallas-based self-storage developer Baranof Holdings LLC acquired two facilities managed by REIT CubeSmart from KKR, a New York-based global investment company that manages multiple alternative asset classes. Built on 1.9 acres in 2017, the facility at 5656 N. Interstate 35 in Austin, Texas, includes a pair of four-story buildings and comprises 100,417 rentable square feet in 1,041 units. Built on 1.61 acres, the facility at 3111 3rd St. in Riverside, California, comprises 85,440 rentable square feet in 774 units.

  • A Chapel Hill, North Carolina, facility managed by Extra Space Storage sold for $24.8 million to Rosewood Property Co., a Dallas-based real estate investment vehicle for The Rosewood Corp. The facility at 12330 U.S. Highway 15 501 N. comprises 76,051 square feet in 814 units. The seller was Carolina Storage Partners LLC.

  • An Austin, Texas, facility managed by Public Storage sold to Extra Space Storage. The facility at 2401 E. Ben White Blvd. comprises 52,203 rentable square feet in 550 units. The seller was KKR.

The following sales were brokered by Frank DeSalvo and David Perlleshi, senior directors with Franklin Street, a commercial real estate brokerage and insurance firm:

  • NT Investments LLC purchased a two-property self-storage portfolio in Angola, Indiana. Affordable Storage at 1009 N. Wayne St. was built in 1986. Lakeside Storage at 3845 N. 300 W. opened in 1999 and has room for expansion. Together, they comprise 16,775 rentable square feet in 109 units on a combined 2.72 acres. The seller was HZ Capital Group.

  • Wauseon Storage in Wauseon, Ohio, sold to On Track Self Storage. Built on 1.2 acres in 1989 and expanded in 1994, the facility at 402 W. Leggett St. comprises 9,950 rentable square feet in 100 units, with room for expansion. The seller was HZ Capital Partners. Based in Missouri, On Track operates four facilities in Kansas and Missouri.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • The 532-unit Alliance Self Storage at 1901 S. Colorado St. in Lockhart, Texas, sold to a limited-liability company (LLC). The seller, also an LLC, was represented by investment specialist Jon Danklefs, who also procured the buyer.

  • Prime Group Holdings, which operates the Prime Storage brand, purchased a 4.6-acre Centennial, Colorado, property managed by CubeSmart for $6.1 million. Built in 1999, the facility at 20210 E. Smoky Hill Road contains 21 single-story buildings comprising 66,856 square feet in 546 units. The seller, a private investor, was represented by Charles LeClaire, executive director, and Adam Schlosser, managing director.

  • Haltom City Self Storage in Haltom City, Texas, sold to a Phoenix-based investment firm in an off-market transaction. Built in 1985, the facility at 5020 Haltom Road comprises 39,570 rentable square feet in 328 units. The seller, a Dallas-based investor, was represented by Danny Cunningham and Brandon Karr, who also procured the buyer.

The Hatcher Coe Group of M&M brokered the following transactions:

  • Camp Verde 24 Hour Storage at 603 Industrial Drive in Camp Verde, Arizona, comprises 18,363 net rentable square feet in 151 units.

  • Campus Storage at 1731 8th Ave. in Tuscaloosa, Alabama, comprises 34,005 rentable square feet in 355 units. It was 90% occupied at the time of sale.

  • Creekside Storage at 6535 Creekside View Drive in Grand Rapids, Michigan, was built in 2019. It comprises 122,216 net rentable square feet in 658 units.

  • A 28-property Neighborhood Storage portfolio in Central Florida sold to Public Storage. Together, the facilities encompass 1 million square feet. They’re located within five to 25 miles of each other.

  • Built in 2019 and expanded in 2020, Tech Secured Storage at 23512 Kuykendahl Road in Tomball, Texas, comprises 60,025 rentable square feet in 530 units.

  • Woodlands Self Storage at 8175 S. Mingo Road in Tulsa, Oklahoma, comprises 75,300 net rentable square feet in 660 units. The four-story facility was built on 2.3 acres in 2017. The seller was Strategic Development Group, an Arizona LLC with a focus on commercial real estate development.

2/9/23 – 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 2023.

A three-property self-storage portfolio in Arizona and Florida sold to Value Store It Self Storage at Certificate of Occupancy. The properties comprise approximately 206,000 rentable square feet in about 2,200 units. The transaction included Black Canyon Self Storage at 21427 N. Black Canyon Highway E. (57,000 square feet) in Phoenix as well as two facilities in Clearwater, Florida: Countryside Self Storage at 26489 U.S. Highway 19 (73,000 square feet) and Seville Self Storage at 2611 Seville Blvd. (76,000 square feet). The sale was facilitated by Brian Fulton, broker for Tampa, Florida-based Top Hat Commercial Real Estate, and James Lockhart, founder and managing partner for Lockhart Management Group LLC, a Florida-based self-storage development and acquisition company. Value Store operates 31 locations in Arizona, Florida and Massachusetts.

Strategic Storage Trust VI Inc. (SST VI), a private real estate investment trust (REIT) sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired Bluebird Self Storage in Toronto. Converted from a former office building in 2020, the facility at 1450 Don Mills Road comprises 104,750 square feet in 1,020 climate-controlled units and 275 vehicle-storage spaces. SST VI operates 13 properties in the United States and four in Canada. It also has joint-venture interests in two Toronto developments. Canada-based Bluebird operates 30 facilities in Alberta, New Brunswick, Nova Scotia, Ontario and Quebec.

Huml Storage at N. 1989 Schaitel Road in Lake Geneva, Wisconsin, contains eight buildings on 5.72 acres. It comprises 81,410 net rentable square feet in 307 units. The seller was represented in the transaction by Merrilee Kittelstad, senior associate, and Scott Schoettlin, managing director, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.

Nipomo Self Storage in Nipomo, California, sold for $12.5 million to a local investor in a 1031 Exchange. The facility at 542 Lindon Lane comprises 39,218 square feet of self-storage and 23,700 square feet of industrial space. It also has 4.62 acres for expansion. The seller was represented in the transaction by Shane Avera, senior associate; Maxx Bauman, market leader; and Bill Pedersen, managing director, for Matthews Real Estate Investment Services, a commercial real estate firm.

Moove In Self Storage acquired Rockhill Mini Storage in Telford, Pennsylvania. The facility at 3090 State Road contains 12 buildings comprising 74,001 net rentable square feet in 694 units. It also offers seven private offices for rental. Moove In operates more than 60 locations in Connecticut, Iowa, Maryland, Massachusetts, New Jersey, New York and Pennsylvania.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • Greenkey Storage - Pasadena at 5514 Allen-Genoa Road comprises 18,060 rentable square feet in 63 units. The seller, a local limited-liability company (LLC), was represented by brokers Dave Knobler and Charles LeClaire, who also procured the buyer, a local LLC.

  • Wetumpka Storage in Wetumpka, Alabama, sold to out-of-state buyers. The facility at 1000 Georgia Road comprises 28,550 square feet in 173 units. The buyer and the seller were represented by Eddie Greenhalgh, Jake Payne and Lee Thornton.

The Hatcher Coe Group of M&M brokered the following transactions:

  • 25th St. Storage in Bellevue, Nebraska, comprises 57,700 net rentable square feet in 324 units and 92 vehicle-storage spaces. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett Hatcher.

  • Afton-Chuckey Self Storage at 6497 E. Andrew Johnson Highway in Afton, Tennessee, comprises 40,594 square feet in 328 units. The buyer and seller, both partnerships, were represented by investment specialists Coe, Coe and Hatcher. They were assisted by fellow broker Jody McKibben.

  • The two-property Franklin Ohio Self Storage portfolio in Franklin, Ohio, comprises a combined 48,588 rentable square feet in 273 units, 61 vehicle-storage spaces, two office spaces and two leasable residences. The properties, which are about a mile apart, were 78% occupied at the time of sale. The seller, an LLC, was represented by the Coe, Coe and Hatcher.

  • Kennedy Self Storage in McKees Rocks, Pennsylvania, sold to an out-of-state investor. The facility at 35 Fairhaven Road comprises 26,725 square feet in 160 units. The seller, a partnership, was represented by Coe, Coe and Hatcher. Fellow broker Sean Beuche assisted.

  • A three-property KO Storage portfolio in Casper and Evansville, Wyoming, comprises 151,650 rentable square feet in 847 units.

  • In a separate deal, KO Storage at 73544 Twentynine Palms Highway in Twentynine Palms, California, comprises 17,523 rentable square feet in 164 units. Built in 2021, it was 94% occupied at the time of sale.

  • A two-property Georgia portfolio that includes Lotta Space Storage at 3825 Old Flowery Branch Road in Oakwood and North Lanier Storage at 5335 Browns Bridge Road in Gainesville comprises 104,646 rentable square feet in 808 units. The properties were 95% occupied at the time of sale.

  • Avenue Living Asset Management acquired a 10-property portfolio in Alabama, Georgia and Tennessee from Boardwalk Development Group for $43.5 million. Operating as Mini Mall Storage, the facilities comprise 569,530 rentable square feet in 3,369 units. Seven sites have room for expansion. The purchase includes one facility in Opelika, Alabama; six in Clermont, Dahlonega, Jasper, Loganville and Perry, Georgia; and three in Chattanooga, Ooltewah and Soddy-Daisy, Tennessee. The buyer and the seller were represented by Coe, Coe and Hatcher. Founded in 2006, Avenue Living manages agricultural, commercial, residential and self-storage properties in North America.

  • Mini-Maxi Storage in New Baltimore, Michigan, opened last year. The facility at 46670 Continental Drive comprises 44,150 net rentable square feet in 306 units.

  • U-Stor-It in Albuquerque, New Mexico, comprises 55,625 net rentable square feet in 483 units and four vehicle-storage spaces.

The following sales were brokered by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • Highline Real Estate acquired Eclipse Self Storage in Evans, Georgia, for $14.1 million. The three-story facility was built on 4 acres at 5090 Washington Road last year and comprises 105,714 square feet.

  • The two-property LaFayette Storage Solutions portfolio in LaFayette, Georgia, sold to an in-state buyer. The facilities at 3296 N. 27 Highway and 501 Grant St. comprise 37,230 rentable square feet in 263 units.

The following sales were brokered by Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage. Brokers Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson represented the buyers and sellers.

  • Mack Road Shops & Storage in Amarillo, Texas, sold to a local buyer. The facility at 6811 Mack Road comprises 36,000 square feet in 72 units and 12 vehicle-storage spaces. It also contains shop units that range from 1,000 to 1,500 square feet. The seller was Iowa-based Second Generation Properties LLC.

  • West Loop Storage in Athens, Texas, sold to Dallas-based Athens Ventures LLC. Built in 2013, the facility at 3021 TX-7 Loop comprises 29,000 rentable square feet in 162 units, with room for expansion.

A five-state, 18-property self-storage portfolio sold in an off-market transaction for $262.2 million to Related Cos., a New York-based investment-management company. The deal included six facilities in Greater Phoenix, four in the Dallas metropolitan area, three in Salt Lake City, two each in Denver and El Paso, Texas, and one in Boise, Idaho. Together they comprise approximately 1.3 million rentable square feet in 9,600 units. The deal was facilitated by the self-storage division of Colliers International, with Tom Gustafson, national director, procuring the buyer. The seller was a joint venture between Wentworth Property Co. LLC and an unidentified investment-management company.

New Sources:
Biz West, Self-Storage Facility Sells for $6.6M in South Loveland
Connect CRE, Rosewood Property Company Lays Out $25M for Chapel Hill Self-Storage Facility
Multi-Housing News, Andover Properties Buys Florida Self Storage Asset
Multi-Housing News, KKR Sells Austin Self Storage Facilities
Multi-Housing News, Prime Group Buys Denver-Area Self Storage Asset
RE Journals, CBRE Arranges Sale of 550-Unit Self-Storage Facility
RE Journals, National REIT Acquires Austin-Area Self-Storage Facility
REBusiness Online, Argus Arranges $9.5M Sale of Self-Storage Facility in Indianapolis
REBusiness Online, CBRE Negotiates Sale of 550-Unit Self-Storage Facility in Austin
REBusiness Online, Franklin Street Arranges Sale of Two-Property Self-Storage Portfolio in Angola, Indiana
REBusiness Online, Marcus & Millichap Brokers Sale of 328-Unit Self-Storage Facility in Haltom City, Texas
REBusiness Online, Strategic Development Group Sells 660-Unit Self-Storage Facility in Tulsa
REBusiness Online, SVN Cornerstone Arranges $7M Sale of Self-Storage Property in Spokane, Washington
SpareFoot StorageBeat, Sold! Public Storage Buys 28-Property Florida Portfolio

Previous Sources:
Multi-Housing News, Texas Self Storage Facility Changes Hands
Multi-Housing News, Avenue Living Buys 10-Property Self Storage Portfolio
Multi-Housing News, Highline Real Estate Buys East Georgia Self Storage Facility
REBusiness Online, Marcus & Millichap Brokers Sale of 324-Unit Self-Storage Facility in Bellevue, Nebraska
Business Wire, Strategic Storage Trust VI Inc. Acquires Storage Facility in Toronto, Ontario, Canada
REBusiness Online, Marcus & Millichap Brokers Sale of 63-Unit Self-Storage Facility in Houston
REBusiness Online, Versal Arranges Sale of 162-Unit Self-Storage Facility in Athens, Texas
REBusiness Online, Wentworth Property Sells 18-Property Self-Storage Portfolio for $266.2M

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