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 July 2019.
54 U-Store in Lutz, Fla., was acquired by Reliant Real Estate Management LLC. Built on 19 acres at 23830 State Road 54, the facility comprises 99,334 net rentable square feet in 934 units and 133 RV spaces. It’ll be rebranded as Midgard Self Storage, which has 26 locations in Alabama, Colorado, Florida, Georgia and South Carolina. The deal was brokered by Patrick Kidder, vice president of investment sales at Nye Commercial Advisors.
Reliant also operates storage properties under the StoreSmart Self Storage brand name. Its operating portfolio of 61 owned and managed facilities comprises more than 5.5 million square feet.
Affordable Self Storage in Bothell, Wash., was sold to an out-of-state buyer for $6 million. Built in 1983, the facility at 1621 196th St. S.E. comprises 38,725 square feet in 290 units. The buyer and the seller were represented by Christopher R. Secreto, 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.
A-Max Self Storage in Spicewood, Texas, was sold to a limited-liability company (LLC). The facility at 21012 State Highway 71 W. comprises 47,530 square feet. The buyer and the seller, a partnership, were represented in the transaction by Jon Danklefs and Mark V. Diebold, investment specialists for M&M.
Axis Self Storage has acquired Almost Like Home in New Freedom, Pa., from First Capital Investors LLP. The facility at 224 N. Constitution Ave. contains 323 interior units and outside vehicle storage. The seller was represented in the transaction by Bill Rothman, founder of RSR Realtors LLC. Axis represented itself. It operates 17 facilities, including 14 in Pennsylvania.
Best Value Storage in Redding, Calif., was sold for $6.95 million to a local investor. The property at 340 Lake Blvd. comprises 64,797 net rentable square feet in 521 units. It includes 15 single-story storage buildings, a management office and two living quarters on 5.29 acres. The seller 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.
Phoenix-based U-Haul International Inc. acquired Budget Storage in Fremont, N.H. The property at 25 Main St. comprises five storage buildings as well as RV-storage spaces on about 11.5 acres. U-Haul Storage of Fremont opened on June 19 under the management of affiliate U-Haul Moving & Storage of Brentwood. Together, the two facilities offer more than 500 storage units. Established in 1945, U-Haul owns and manages more than 62.5 million square feet of storage space nationwide.
Camp Horne Self Storage in Pittsburgh was sold to an LLC. Built in 2004, the facility at 180 Camp Horne Road sits on 4.3 acres and comprises 52,344 square feet in 447 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists with M&M. They were assisted by Sean Beuche, regional manager for M&M.
Jumbo Storage in Pasadena, Texas, was sold to a private investor. The facility at 4931 Allen Genoa Road comprises 47,700 square feet. The buyer and the seller, an LLC, were represented in the transaction by Roger L. Hendricks, first vice president of investments for M&M.
MJP Self Storage in Loveland, Colo., was sold to a local investor. Build in 2014, the property at 4321 W. Eisenhower Blvd. contains four single-story buildings comprising 25,375 square feet in 142 units. The seller, a local private owner, was represented in the transaction by Conor Reagan, investment associate, and Adam Schlosser, senior vice president of investments, for M&M. The buyer was represented by Boomer Beatty and Peter Standley, co-directors of the Beatty-Standley Multi-Family Housing Team at M&M. Financing was arranged by Phil Gause, vice president of capital markets for M&M.
Monkey Junction Self Storage Inc. sold four of its facilities in Wilmington, N.C., to Prime Group Holdings LLC. Combined, the properties comprise 568,139 net rentable square feet in 2,832 units and 458 vehicle-storage spaces. Monkey Junction retained other facilities, including two under development in Wilmington, according to owner Archie McGirt. Based in New York, Prime owns 230 self-storage facilities in 24 states and the U.S. Virgin Islands.
Mr. G's Mini-Warehouses in Daytona Beach, Fla., was sold to an LLC. The facility at 1104 N. Nova Road sits on 4.65 acres and comprises 65,079 square feet in 794 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher of M&M. They were assisted by Ryan Nee, regional manager for M&M.
National Storage Affiliates Trust, a Maryland real estate investment trust specializing in self-storage, has purchased the nine-property Locktite Storage portfolio in Southeast and South-Central, Texas. The sites are in Conroe, Deer Park, Dripping Springs, Houston, La Porte, Manvel, Pasadena, Seguin and Wimberly. Together, they total 684,000 net rentable square feet. The seller was represented in the transaction by Steve Mellon and Brian Somoza of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
SmartStop Asset Management LLC, a Ladera Ranch, Calif.-based diversified real estate company that manages 116 self-storage facilities in Canada and the United States, has acquired Happy Valley Self-Storage in Phoenix from the developer, Strategic Development LLC. The facility at 1740 W. Happy Valley Road sits on 2 acres and comprises 80,000 square feet in more than 550 units. It was designed by ARC Services Inc., with feasibility consulting, construction management and property management provided by 180 Self-Storage LLC, a Gilbert, Ariz.-based self-storage consulting company.
Sunnyvale Self Storage in Longmont, Colo., was sold to an unidentified buyer. The property at 820 Lashley St. comprises 28,304 rentable square feet on 1.74 acres. The deal was brokered by Joan Lucas of Joan Lucas Real Estate Services, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.
A joint venture between Clark Investment Group and GoodFriend Management has acquired a three-property portfolio in New York for $49 million. Together, the facilities total 175,531 square feet. The acquisition includes facilities at 1320 Zerega Ave. in the Bronx, 316 W. First Street in Mount Vernon and 175 Huguenot St. in New Rochelle. Financing was negotiated by Talonvest Capital, an Irvine, Calif.-based boutique self-storage and commercial real estate mortgage brokerage.
Based in Wichita, Kan., Clark is a private real estate development and investment company that has developed more than 100 storage facilities. New York-based self-storage firm GoodFriend acquires, develops and manages self-storage in the metro New York market.
Penn Live, Axis Self Storage Acquires York County Facility
The Real Deal, Joint Venture Secures $49M Financing for Self-Storage Portfolio
REBusiness Online, Locktite Sells Portfolio of Self-Storage Facilities Totaling 4,835 Units in Texas
PR Newswire, U-Haul Expands Self-Storage Options in Rockingham County
REBusiness Online, Loeffler Self-Storage Group Arranges $6.9M Sale of Self-Storage Asset in California
WilmingtonBiz, Firm Buys Monkey Junction Self Storage Properties In Multi-million Dollar Deal