Update 1/16/20 – 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 January 2020.
A & W Storage in Jackson, Mich., sold to a limited liability company (LLC). The facility at 5333 S. Meridian Road comprises 55,698 square feet in 316 climate-controlled units, 10 indoor motorcycle units, 13 interior vehicle units, 148 outdoor vehicle spaces and a “shop.” Built on 15 acres, the property offers room for expansion. The deal was brokered by Gabriel Coe and Hatcher of M&M.
Birch Bay Business Park & Storage in Blaine, Wash., sold for $3.06 million in a privately negotiated off-market transaction. The facility at 4550 Birch Bay Lynden Road comprises 41,132 square feet on three land parcels totaling 10.6 acres. The buyer and the seller, who retained 40 percent interest in the property, were represented in the transaction by Secreto.
Real estate firm Merit Hill Capital LP acquired College Station Self Storage in College Station, Texas. The facility at 219 Manuel Drive sits on 4.5 acres and comprises 70,000 square feet. The buyer and the seller were represented in the transaction by Cole Rice and Craig Rice, brokers with CSD Realty Co., which specializes in commercial, industrial and land real estate services as well as office and retail leasing in Texas.
A Long Beach, Miss., facility managed by self-storage real estate trust (REIT) Extra Space Storage sold to a private equity group and has been rebranded as Storage Sense. The facility at 19135 Pineville Road contains 368 units. The buyer and the seller were represented in the transaction by Dale C. Eisenman and Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia. Headquartered in Salt Lake City, Extra Space owns or operates 1,797 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico.
Fanning Springs Storage in Fanning Springs, Fla., sold to an unidentified buyer. Built on 8.8 acres, the facility comprises 42,805 rentable square feet in 294 units and includes room to expand. The deal included plans to add 7,500 square feet of climate-controlled storage space. The seller was represented by Josh Koerner and Frost Weaver of the Weaver Realty Group, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Gateway Self Storage in Greeley, Colo. sold to Guardian Storage. The facility at 2600 36th Ave. comprises 77,080 square feet in 571 units, plus a 1,396-square-foot manager’s apartment. Built in 1995, it was expanded in 1998, and an expansion plan was included with the sale. The deal was brokered by Argus affiliate Joan Lucas of Joan Lucas Real Estate Services. Guardian operates 27 facilities in Colorado and Pennsylvania.
Hwy 380 Self Storage in Caddo Mills, Texas, sold to a private capital group as its first storage location. The facility at 1019 Agape Court comprises 44,400 square feet in 262 units. It also has 2.48-acres for expansion. The buyer and the seller, a private investor, were represented in the transaction by Danny Cunningham, senior associate, and Brandon Karr, first vice president of investments for Karr Self Storage of M&M.
JT Easy Storage, a three-property portfolio in Kansas, sold to an unidentified local buyer who’s new to self-storage. Together, the facilities comprise 35,700 rentable square feet in 221 units and several parking spaces. The properties are 204 N. Washington St. and 304 N. Washington St. in South Hutchinson and 116 E. Jackson St. in Sterling. Argus affiliates Larry Goldman of RE/Max Commercial and Jared Jones of Jones Investment Properties represented the financial institution in the disposition of the properties.
Kyle Parkway Self Storage & Mini Offices in Kyle, Texas, sold to Montfort Capital Partners LLC, a Dallas-based real estate investment and brokerage firm. The facility at 5141 Cromwell Drive comprises 41,283 net rentable square feet in 305 units. Built in 2015 on 4.3 acres, the property features six storage buildings, seven “mini offices” and 23 outdoor parking spaces. Jon Danklefs, a senior associate for M&M, represented the seller in the transaction.
Point Blank Storage and Point Blank Boat & RV Storage in Point Blank, Texas, sold to a local investor. The facilities are across from one another at 515 Highway 156 and 125 Highway 156, respectively. They sit on 3.15 acres and total 43,000 square feet. The buyer and the seller were represented in the transaction by Cole Rice and Craig Rice.
A newly constructed StorQuest Self Storage facility in Seattle sold to Santa Monica, Calif.-based 5890 S 129th LLC for nearly $21.4 million. The seller was development company 12805 MLK SP LLC, which acquired the land at 12805 Martin Luther King Jr. Way S. in 2017 for about $1.1 million. StorQuest is the operating brand of the William Warren Group (WWG), a privately held real estate company. Founded in 1994 and based in Santa Monica, WWG acquires, develops and operates more than 165 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.
Public Storage Inc., a self-storage REIT and management firm, acquired three facilities in South Carolina from Coastal Storage Group and Miller-Valentine Group. Two are in Goose Creek, with the third in North Charleston. Opened in 2018, they total 300,000 square feet in more than 2,000 units. Coastal and Miller-Valentine own facilities in Myrtle Beach, S.C., and Knoxville, Tenn., and are building six more in Florida, Kentucky, Ohio and Tennessee. Based in Glendale, Calif., Public Storage has interests in 2,468 self-storage facilities in 38 states, with approximately 167 million net rentable square feet.
1/6/20 – 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 January 2020.
Affordable Self Storage in Puyallup, Wash., sold for $6 million to an out-of-state limited liability company (LLC). The facility at 3501 14th St. Place S.W. sits on 3.68 acres and comprises 39,500 square feet. The buyer and the seller, a Washington-based LLC, were represented in the transaction by Christopher R. Secreto, senior managing director of investments and a senior director of the National Self-Storage Group for Marcus and Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
Denver-based real estate investment firm VanWest Partners acquired All In Self Storage in Walkertown, N.C., and StorMor Self Storage in Salisbury, N.C., through its storage fund, VanWest Storage Fund I LLC. Built in 2017, the All In facility at 2875 Rocky Branch Road comprises 45,575 square feet in 315 units and includes additional boat/RV-storage space. Constructed in 2006, the StorMor property at 4185 Statesville Blvd. comprises 49,600 square feet in 282 units. VanWest will rebrand both facilities under its ClearHome Self Storage management platform. VanWest and its affiliates have invested in 18 self-storage projects totaling more than 1 million rentable square feet. They include multi-story ground-up development, adaptive reuse and value-add to existing facilities.
Storage Post Self-Storage acquired Bell Tower Self Storage in Haledon, N.J. The three-story facility at 45 Kossuth St. was originally a schoolhouse built in 1894 before it was redeveloped into self-storage in 1994. Plans for a full-scale renovation are underway, according to a press release. Storage Post operates 30 facilities in Florida, Louisiana, New Jersey and New York.
Jensen Beach Self Storage in Jensen Beach, Fla., sold. Built in 1979, the facility at 3252 N.E. Candice Ave. sits on 1.6 acres. It comprises 23,167 square feet in 313 units and 26 office spaces. The seller, a personal trust, was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists for M&M. They were assisted by fellow broker and district manager Ryan Nee.
R&M Mini Storage in Valley Center, Calif., sold to an unidentified San Diego self-storage operator. Built on 3 acres, the facility at 28365 Cole Grade Road comprises 38,280 square feet in 230 units. It includes six wood-frame buildings and a manager’s residence. The seller, the Collins Family, was 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.
Shaler Self Storage in Allison Park, Pa., sold to Compass Self Storage, a member of the Amsdell family of companies. The facility at 422 Elfinwild Road comprises 25,000 square feet. Compass intends to expand the property by adding 28,500 square feet of storage space. On Dec. 10, the Shaler, Pa., Board of Commissioners approved the operator’s plan to develop an 18,500-square-foot climate-controlled building and two 5,000-square-foot drive-up structures. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928.
Real estate investment trust and third-party management firm Extra Space Storage Inc. acquired a newly constructed self-storage facility in Maple Grove, Minn., from Ebert Construction for $10.2 million. The property at 13000 N. 63rd Ave. comprises 808 units. Headquartered in Salt Lake City, Extra Space owns or operates 1,797 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.3 million units and 138 million square feet of rentable space.
Benzinga, Extra Space (Managed) Storage in Long Beach, MS, Sold by Midcoast Properties, Inc.
Charleston Regional Business Journal, 3 Lowcountry Self-Storage Facilities Sold
Argus Self Storage Network, South Hutchinson, KS
Commercial Property Executive, Montfort Capital Partners Buys Austin-Area Storage Facility
Daily Journal of Commerce, Skyway Self Storage Sells for $21M
Daily Journal of Commerce, Property Sales
Finance & Commerce, Just Sold: Extra Space Pays $10.15 Million for Maple Grove Storage Center
Shaler Journal, National Company Acquires Shaler Self Storage
Yahoo Finance, VanWest Partners Ends Year With Two Acquisitions in Newest Fund
PR Newswire, Storage Post Acquires Self-Storage Facility in Haledon, New Jersey