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Self-Storage Real Estate Acquisitions and Sales: July 2019

Update 7/24/19 – 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 July 2019.

365 Self Storage in Round Rock, Texas, was sold to NitNeil Partners, an Atlanta-based real estate development and investment firm specializing in self-storage. Built in 2016, the facility at 2000 University Blvd. sits on nearly 3 acres and comprises 77,450 net rentable square feet in 678 climate-controlled units. It’ll be managed by Life Storage, a self-storage REIT and management firm. The buyer and the seller, Austin, Texas-based Storage at TV, were represented in the transaction by Bill Bellomy and Michael Johnson, principals with Bellomy & Co.

REIT Public Storage Inc. purchased the two-property Affordable Self Storage portfolio in Augusta, Ga. Together, the facilities comprise 142,570 net rentable square feet in 1,198 units. The buyer and the seller were represented in the transaction by Kidder. Based in Glendale, Calif., Public Storage has interests in 2,444 self-storage facilities in 38 states, with approximately 164 million net rentable square feet.

Cochise Self Storage in Sunsites, Ariz., was sold for $385,000. The facility at 407 N. Frontage Road sits on 1.5 acres and comprises 18,080 square feet in 136 units. It also contains two commercial rental properties. The buyer was represented in the transaction by Jeff Gorden and Kyle Topper of Eagle Commercial Realty Services, an Argus affiliate.

Metro Storage LLC, which operates more than 135 self-storage properties in 14 states, purchased Red Carpet Self Storage in Franklin, Tenn., a Nashville suburb. Opened in 2017, the three-story facility at 108 Werthan Circle Road comprises 69,541 rentable square feet in 562 units. Headquartered in Lake Forest, Ill., the Metro Self Storage brand operates a portfolio comprising about 9.1 million square feet of storage space.

Redline Storage in Spring, Texas, was sold to a limited-liability company. Built in 2016, the facility at 3139 Spring Cypress Road comprises 28,248 square feet. The buyer and the seller, a private investor, were represented in the transaction by Dave Knobler, first vice president of investments for M&M.

Pinnacle Storage Properties, a Houston-based firm that operates more than 10 Texas self-storage facilities under various names, has acquired two Storage Plus facilities in Katy and Livingston, Texas. The facility at 5310 E. 5th St., in Katy comprises 142,476 square feet in 531 units. The Livingston site at 4414 U.S. Highway 190 W. contains 46,100 square feet in 260 units. Pinnacle plans to add 35,050 square feet of climate-controlled space to the property. The privately held real estate owner and operator is focused on the acquisition, development and management of self-storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets.

West Side Storage in Springtown, Texas, was sold to a local self-storage owner. The facility at 1050 W. Highway 199 comprises 44,500 square feet in 278 units. The buyer and the seller, the site developer, were represented in the transaction by Danny Cunningham, senior associate, and Brandon Karr, senior vice president of investments, for M&M.


7/9/19 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 (REIT) 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.

New Sources:
Benzinga, Metro Storage LLC Acquires Storage Facility in Franklin, Tennessee
Commercial Property Executive, Bellomy & Co. Arranges Austin-Area Storage Sale

Previous Sources:
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

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