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Self-Storage Real Estate Acquisitions and Sales: January 2023

Update 1/26/23 – 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 January 2023.

Capitol City Storage at 9520 Kimmie St. S.W. in Olympia, Washington, sold for $7.4 million to a private investor. The seller, TJY Properties LLC, a private investor, was represented in the transaction by brokers with CBRE’s Self Storage Advisory Group, a commercial real estate services and investment firm.

Clear Sky Capital Inc., a private-equity investment firm, acquired three properties in Arizona and California. The purchase included two The Collective Self-Storage facilities built last year in Phoenix and Laveen, Arizona, and Vista Self-Storage in Vista, California, which is under construction and will be complete in 2024. Together, the properties offer 2,900 units. Clear Sky was represented by JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. The JLL team included director Jason Carlos, managing director Sher Hafeez, executive managing director Kevin MacKenzie, and senior managing directors Steve Mellon and Brian Somoza.

Affiliates of Morningstar Properties LLC purchased two Community Self Storage facilities in Houston and an unnamed site in Henderson, Nevada, for $65.8 million. The Houston facilities at 1775 Eldridge Parkway and 2101 S. Voss Road offer 141,000 and 151,000 square feet, respectively. The recently opened third property at 1650 W. Horizon Ridge Parkway contains 103,000 square feet. Based in Matthews, North Carolina, Morningstar is a developer, owner and operator of real estate focused on marinas and self-storage in the Southeast.

A six-property portfolio managed by real estate investment trust Extra Space Storage includes facilities in Valdosta, Georgia; Wichita, Kansas; and Tulsa, Oklahoma. It comprises 441,804 rentable square feet in 4,033 units. The seller, Greenville, South Carolina-based Centennial American Properties, was represented by Newmark Self Storage Group, an entity of commercial real estate firm Newmark Group Inc. The buyer was represented in the transaction by David Clarke, senior advisor, and Monty Spencer, CEO, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Ziff Real Estate Partners acquired Fox Self Storage in Oak Ridge, Tennessee, which will be managed and branded by StoreEase. The facility at 104 Melton Lake Drive comprises 13,050 square feet in 111 units and 45 vehicle-storage spaces. An expansion for the 4.5-acre property will add 24,800 square feet in 256 units and 35 vehicle-storage spaces. Founded in 1991, Ziff has acquired or developed 7.9 million square feet of commercial real estate.

Master Key Storage in Sweetwater, Tennessee, sold to a private buyer. The facility at 1250 New Highway 68 comprises 28,694 rentable square feet. The seller was represented in the transaction by John C. Lindsey, president, and Matt Rosendale, broker, for the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

Pleasant View Self Storage in Post Falls, Idaho, sold to a local buyer. The facility at 189 S. Pleasant View Road comprises 28,410 rentable square feet in 182 units. It was about 88% occupied at the time of sale. The seller was represented in the transaction by Ryan Layton, an agent with American Real Estate Associates, which is an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

A joint venture between Landpark Advisors LLC and Sunset Capital LLC acquired an eight-property Texas portfolio with facilities in Carthage, Flint, Hallsville, Longview and Wylie. Together, the properties comprise 237,735 rentable square in 1,440 units. They’ll be managed by Right Move Storage LLC, a third-party management firm. Houston-based LandPark is a commercial real estate investment management firm. Based in Miami, Florida, Sunset Capital provides financial consulting and management.

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

  • Cambridge Mini Storage in Norman, Oklahoma, sold to a Texas-based private-investment partnership. The facility at 4801 W. Main St. comprises 87,700 rentable square feet. The buyer and the seller were represented by Danny Cunningham, Brandon Karr and Bryan Quaschnick of The Karr-Cunningham Storage Team.
  • Mooresville Self Storage at 1220 River Highway in Mooresville, North Carolina, comprises 42,600 square feet in 275 units. It was built in 1999 on 4.19 acres. The buyer and the seller were represented by Anne Williams-Blackwell, first vice president of investments. Fellow broker Ben Yelm assisted.
  • Stor-A-Way in Muncie, Indiana, sold to a Chicago-based limited-liability company (LLC). The facility at 206 W. Ontario Drive comprises 26,594 rentable square feet in 171 units. The buyer and seller, a Marion, Indiana-based LLC, were represented by Sean M. Delaney, senior managing director, and Jeffrey L. Herrmann, senior associate. They were assisted by fellow broker Josh Caruana.

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

  • 25th Street Storage at 11625 S. 25th St. in Bellevue, Nebraska, comprises 57,700 square feet in 324 units and 92 vehicle-storage spaces. The seller, an LLC, was represented by investment specialists Gabriel Coe, Nathan Coe and Brett R. Hatcher. They were assisted by fellow broker Jon Ruzicka.
  • Afton-Chuckey Self Storage at 6497 E. Andrew Johnson Highway in Afton, Tennessee, comprises 40,594 net rentable square feet in 328 units.
  • American Storage Centers at 80 W. Waterloo Road in Akron, Ohio, offers 903 units. The seller, an LLC, was represented by the Coes and Hatcher.
  • The four-property AmeriStorage portfolio in Ohio and Pennsylvania sold to an LLC. The transaction included 5396 U.S. Route 6 in Andover, Ohio, along with three Pennsylvania sites. They are 11211 Edinboro Road in Edinboro, 9585 Kennedy Hill Road in Meadville and 6201 21329 Pennsylvania Route 198 in Saegertown. Together, they contain 78,360 net rentable square feet in 551 units and 71 vehicle-storage spaces. The seller, an LLC, was represented by investment specialist Luke Dawley, the Coes and Hatcher. They were assisted by broker Sean Beuche.
  • The two-property Franklin Ohio Self Storage portfolio in Franklin, Ohio, comprises 48,588 rentable square feet in 336 units. The facilities at 529 E. 2nd St. and 1073 N. Main St. are about 1.5 miles apart. The transaction included two houses.
  • Kennedy Self Storage at 35 Fairhaven Road in McKees Rocks, Pennsylvania, comprises 26,725 rentable square feet in 160 units. It was 100% occupied at the time of sale.

The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate firm based in Scottsdale, Arizona:

  • Bellingham Heated Mini-Storage at 1910 James St., No. 4322, in Bellingham, Washington, sold to an in-state buyer. The seller, a private investor, was represented by Maxx Bauman, market leader; Bill Pedersen, managing director; and Braeden Bentley, associate.
  • C&M Mini Storage in Murfreesboro, Tennessee, sold to a private owner. The facility at 153 Veterans Parkway comprises 101,059 square feet. The seller was represented by Austin McLeod, vice president.

1/11/23 – 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 January 2023.

Battleground Storage in Greensboro, North Carolina, sold for $4 million to AAA Storage Management 27 LLC, an affiliate of AAA Self Storage. The facility is built across two tracts comprising 2.8 acres at 3700-A and 3704 Old Battleground Road. Greensboro-based AAA operates 21 facilities across the state.

Gau3504sy LP acquired three Tennessee self-storage facilities for nearly $20 million. The purchase includes Boardwalk Storage at 9322 Lumber Lane ($3.7 million) and EZ Storage at 8117 Ooltewah Georgetown Road in Ooltewah ($6.9 million), as well as Mini Mall Storage at 901 Sequoyah Road in Soddy Daisy ($9 million).

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 Canam Self Storage in Cambridge, Ontario, Canada. The facility at 111 Savage Drive comprises 132,000 square feet in 930 climate-controlled units and 320 vehicle-storage spaces. SST VI operates 13 properties in the United States and two in the Greater Toronto Area. It also has joint-venture interests in two Toronto developments.

Bluebird Self Storage acquired a 16,000-square-foot building in Victoria, British Columbia, Canada, that operated as City Centre Storage until it closed in November. Built in 1901, the structure at 824 Johnson St. originally boarded horses before becoming a storage facility in 1920. This is Bluebird’s first location in British Columbia. The company also operates 30 facilities in Alberta, New Brunswick, Nova Scotia, Ontario and Quebec.

Downtown Storage in Inman, South Carolina, sold to an in-state buyer. The facility at 4 Ladson St. comprises 4,750 rentable square feet in 40 units. The seller was represented in the transaction by broker Michael Morrison for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Andover Properties LLC, which operates the Storage King USA brand, purchased Move-It Storage in Dallas from National Storage Affiliates Trust. Built in two phases, in 1978 and 1979, the facility at 8500 Lyndon B. Johnson Freeway comprises 50,250 rentable square feet in 322 units. Established in 2003, New-York based Andover owns and manages 153 storage properties in 18 states.

Shields Road Self Storage in Kernersville, North Carolina, sold for $7.2 million to LPP Winston-Salem LLC. Built on 4.33 acres, the facility at 1321 Shields Road comprises 74,800 rentable square feet. The seller was TLA Self Storage LLC. The buyer is an affiliate of Birmingham, Alabama-based real estate group The Protective Center.

Platinum Self Storage sold a four-property Storelocal Storage portfolio in Tennessee to a private buyer in a 1031-exchange. The transaction includes 500 Downs Blvd. in Franklin, 1724 Nashville Pike in Gallatin, and 1212 School St. and 3797 N. Old Port Royal Road in Spring Hill. Platinum was represented in the transaction by Shane Avera, senior associate; Maxx Bauman, market leader; and Bill Pedersen, managing director, of Matthews Real Estate Investment Services

Strategic Storage Growth Trust III Inc. (SSGT III), a private company sponsored by a SmartStop affiliate, acquired a Chula Vista, California, facility at Certificate of Occupancy. The three-story building at 970 Industrial Blvd. comprises 110,000 square feet in 1,000 units. It’s the third acquisition for SSGT III since it launched in May. The company’s portfolio comprises 340,000 rentable square feet in 2,900 units.

The following sales were brokered by Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties:

  • Capt’n Hook’s Self Storage in Zion, Illinois, sold to VanWest Partners, a Denver-based investment firm specializing in residential and commercial real estate acquisitions. The facility at 4242 IL-173 comprises 51,680 rentable square feet in 379 units. It’ll be rebranded as ClearHome Self Storage. The seller, the property’s original developer, was represented by Bruce Bahrmasel.
  • Eastside Storage in Kalona, Iowa, sold to a local self-storage operator. The facility at 607 A Ave. comprises 23,000 rentable square feet in 148 units. The seller was represented by Tom Flannigan, Matt Haugen and Alex Ihrke, who also procured the buyer.
  • Lakeside Self Storage in Spicer, Minnesota, sold to a regional operator. The facility at 12011 Hwy 71 N.E. comprises 82,517 rentable square feet. The seller was represented by Flannigan, Haugen and Ihrke.

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

  • Bill's U-Store in Hazelwood, Missouri, sold to an out-of-state buyer. The facility at 8784 Pershall Road comprises 64,440 square feet in 489 units. The seller, a limited-liability company (LLC), was represented by Gabriel Coe, Brett Hatcher, Brian Kelly and George Kondracke. They were assisted by fellow broker David Saverin.
  • Budget Self Storage in Pleasanton, Texas, sold to an LLC. The facility at 2013 W. Oaklawn Road offers 234 units. The seller, also an LLC, was represented by investment specialist Jon Danklefs.
  • The 197-unit Camp Lane Storage at 5411 Camp Lane in Amarillo, Texas, sold to an LLC. The seller, also an LLC, was represented by investment specialists Danklefs and Arol Horkavy, who also procured the buyer.
  • K&D Storage in Leander, Texas, sold to Dallas-based Montfort Capital Partners. The facility at 805 S. Bagdad Road comprises 9,650 square feet. The buyer and the seller, a personal trust, were represented by Danklefs and Horkavy.
  • The 440-unit Stuff Hotel at 2820 Virginia Circle in Denton, Texas, sold to an LLC. The seller, also an LLC, was represented by investment specialists Danny Cunningham, Danklefs and Brandon Karr. Danklefs procured the buyer.

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

  • 25th Street Storage at 11625 S. 25th St. in Bellevue, Nebraska, comprises 57,700 rentable square feet in 324 units and 92 vehicle-storage spaces. It was 100% occupied at the time of sale.
  • Built in 1997, American Storage Centers at 80 W. Waterloo Road in Akron, Ohio, comprises 123,165 rentable square feet in 903 units, with room for expansion.
  • The 10-property Boardwalk Storage portfolio in Alabama, Georgia and Tennessee comprises 569,530 net rentable square feet in 3,369 units. Seven of the sites have room for expansion. Boardwalk operates two facilities in Georgia and one in Tennessee.
  • A two-facility Snapbox Self Storage portfolio, with properties at 120 N. Mill Creek Road and 1998 Conner St. in Noblesville, Indiana, comprises 32,720 net rentable square feet in 294 units. The seller, an LLC, was represented by investment specialists Nathan Coe, Coe and Hatcher. They were assisted by fellow broker Josh Caruana.

The LeClaire-Schlosser Group of M&M brokered the following transactions:

  • A Moncks Corner, South Carolina, property managed by CubeSmart sold for $11 million to a Philadelphia-based, privately held self-storage investment company. Developed on 6 acres in 2019, the eight-building facility at 2560 US-52 comprises 66,875 square feet in 547 units and 37 outdoor vehicle-storage spaces. The buyer and the seller, Tridas Properties, was represented by Ian Lindahl, investment associate, and Adam Schlosser, senior vice president.
  • Greenkey Storage – Pasadena at 5514 Allen-Genoa Road in Houston sold to a local LLC. The seller, also a local LLC, was represented by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments. Knobler and LeClaire also secured the buyer.

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.

  • Big League Storage in Magnolia, Texas, sold a North Carolina-based LLC. The facility at 26526 Hufsmith Conroe Road comprises 22,800 net rentable square feet in 129 units. The seller was Big League Enterprises LLC.
  • FM 812 Storage in Del Valle, Texas, sold to ATX FM 812 Storage LP, a Texas-based family partnership. The facility at 108 Cielo Vista Drive comprises 43,250 rentable square feet in 257 units.
  • The two-property Plano Storage portfolio in Fort Worth, Texas, sold to an Austin, Texas-based family partnership. Together, the facilities comprise 89,300 net rentable square feet in 531 units. The seller was Plano Storage Station LP.
  • Saginaw Self Storage in Saginaw, Texas, sold to Dallas-based Lambada Real Estate Holdings LLC. The facility at 221 Belmont St. comprises 3,584 net rentable square feet in 32 units. The seller was Star Platinum LLC.
  • A Storage Sense property in Dayton, Ohio, sold in an off-market transaction to Amerco Real Estate Co., the parent firm of Phoenix-based U-Haul International Inc. Converted from a former retail space, the facility comprises 65,495 rentable square feet in 561 units. The seller was Cobblestone Capital 20-105 LLC.

New Sources:
Business Wire, LandPark Advisors Acquires Eight Property Self-Storage Portfolio in East Texas
Multi-Housing News, First Citizens Provides $66M for 3 Self Storage Purchases
Marcus and Millichap, Marcus & Millichap Arranges the Sale of a 87,700 Rentable-Square Foot Self-Storage Facility in Attractive Submarket
Newswire, The Storage Acquisition Group Announces the Sale of the Centennial American Properties Self-Storage Portfolio
PR.com, Argus Broker Affiliate Announces Sale of Idaho Self Storage Facility

Previous Sources:
Business Wire, Strategic Storage Trust VI Inc. Acquires Storage Facility in Cambridge, Ontario, Canada
Business Wire, Strategic Storage Growth Trust III Inc. Acquires Self Storage Property in San Diego’s Chula Vista, California Market
Chattanoogan.com, Boardwalk Storage Sells 3 Properties For Nearly $19.8 Million
Multi-Housing News, South Carolina Storage Facility Changes Hands
PR.com, Argus Broker Affiliates Sell Minnesota Self Storage Facility
REBusiness Online, Versal Arranges Sale of 129-Unit Self-Storage Facility in Magnolia, Texas
REBusiness Online, Versal Arranges Sale of 531-Unit Self-Storage Portfolio in Fort Worth
Connect CRE, Andover Properties Buys 17th Dallas Self-Storage Facility
PR.com, Argus Broker Affiliate Sells Illinois Self Storage Facility
REBusiness Online, Versal Arranges Sale of 257-Unit Self-Storage Facility in Del Valle, Texas
Western Investor, Bluebird Storage Buys First B.C. Outlet to Complete National Chain
Winston-Salem Journal, AAA Self Storage Affiliate Pays $4 million for Greensboro Property
Winston-Salem Journal, Kernersville Self-Storage Site Bought for $7.2 Million

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