Update 7/28/23 – 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 July 2023.
A four-property self-storage portfolio in Crescent City, California, comprising A&B Storage, D&B Storage, Elk Creek Storage and Northcrest Storage sold for $15 million to San Ramon-based private-equity firm Turnbull Equity. The seller, Oak Creek Enterprises, was represented in the transaction by Brandon Robinson, senior director of national investments for Calvary Realty, a commercial real estate brokerage that specializes in self-storage. Turnbull is focused on value-add self-storage investments.
StorSafe Self Storage, which operates 24 facilities in six states, acquired Bonus Room Storage in Candler, North Carolina. The facility at 2120 Smokey Park Highway comprises 40,733 square feet in 317 climate-controlled or drive-up units as well as 39 vehicle-storage spaces. It also contains a 6,000-square-foot warehouse.
Commercial real estate firm Wentworth Property Co. LLC acquired Power Ranch RV and Self-Storage in Mesa, Arizona. The facility at 8228 E. Germann Road comprises 171,767 square feet of storage, spread across climate-controlled and drive-up units as well as covered vehicle storage. It’ll be managed by self-storage real estate investment trust Public Storage Inc. and branded under its name.
The following sales were brokered by affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties:
- Adkins Storage at 3227 E. U.S. Highway 50 in Dillsboro, Indiana, comprises 19,450 square feet in 152 units, with room for expansion. It was 94% occupied at the time of sale. Rob Schick represented the seller.
- Davenport Storage Center at 7319 Hancock Court in Davenport, Iowa, comprises 22,780 rentable square feet in 108 climate-controlled, drive-up or portable-container units. The property includes an onsite apartment. The seller was represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke of Area Commercial Real Estate Services, who also procured the buyer.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
- AA Storage at 9021 Ruland Road in Houston contains five single-story buildings comprising 49,539 net rentable square feet in 255 units. The 2.3-acre property also has seven office spaces for rent. The buyer and the seller were represented by Dave Knobler, senior vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments.
- Built in 1999 on 8.2 acres, Blue Water Self Storage at 1932 FM 523 in Freeport, Texas, comprises 56,600 square feet in 295 units. The buyer, a New York-based limited-liability company (LLC), and the seller, a local partnership, were represented by Knobler.
- Churchill Bridge Storage in Brazoria, Texas, sold to an LLC. The facility at 6447 County Road 659 comprises 51,512 net rentable square feet. The buyer and the seller, a local LLC, were represented by Knobler.
- The three-story Community Square Storage in Lakeville, Massachusetts, comprises 53,462 net rentable square feet in 496 units. It was built last year on 3.3 acres. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett Hatcher. They were assisted by fellow broker Thomas Shihadeh.
- The four-property Gadsden Mini Storage portfolio in Quincy, Florida, sold for $10.1 million to a private investor. Combined, the self-storage facilities comprise 95,800 square feet in 701 units. They’re 1.5 miles apart. Investment specialists Hunter Robey and Chris Travis represented the seller, a private investor, and secured the buyer.
- Holliday RV & Boat Storage in Houston sold to an in-state LLC. Built in 1990 and expanded in 1994, the facility at 17818 and 17819 French Road comprises 73,993 square feet in 234 units and 49 outdoor vehicle-storage spaces. Knobler represented the seller, a private investor, and secured the buyer.
- Kangaroo Storage in St. George, Utah, sold to a local development group. The newly built facility at 475 Quality Drive comprises 49,830 square feet. It also offers a 1,500-square-foot office for lease. The buyer and the seller, also a local development group, was represented by Jordan Farrer, vice president of investments, and Adam Schlosser, senior managing director.
- A joint venture between LandPark Advisors LLC and Sunset Capital LLC acquired Park Central Self Storage in Port Arthur, Texas. It’ll be managed and branded as Right Move Storage, which oversees more than 50 facilities in multiple states. The 3.75-acre property at 7301 Memorial Blvd. offers 48,430 square feet in 312 units. The buyer and the seller were represented by Danny Cunningham, senior vice president of investments, Knobler, and Brandon Karr, senior managing director of investments. Based in Houston, LandPark Advisors is a real estate investment-management firm providing asset, property, construction-management and leasing services through LandPark Commercial and Right Move Storage. Sunset Capital is a Houston-based real estate investment and asset-management firm.
- Sugar Land RV/Boat & Self Storage in Sugar Land, Texas, sold to a New York-based LLC. Built in 1999 on about 6 acres, the facility at 14311 W. Bellfort Blvd. comprises 95,942 square feet in 304 drive-up units as well as a large warehouse and 10 vehicle-storage spaces. It also includes an onsite residence and was 50% occupied at the time of sale. Knobler represented the seller, Kim Donaldson, and secured the buyer.
- Texas Boat and Self Storage at 1731 Main St. in La Marque, Texas, comprises 53,675 net rentable square feet in 179 units. The buyer and the seller were represented by Knobler and LeClaire.
The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate firm based in Scottsdale, Arizona:
- Beach Road Mini Storage at 4603 Long Beach Road S.E. in Southport, North Carolina, comprises 39,984 square feet in 146 units. Austin McLeod, vice president, represented the seller.
- The three-property Big Lenny’s Storage portfolio in Statesboro, Georgia, offers a total of 473 units. McCleod represented the seller.
- Stockdick Storage at 25401 Stockdick School Road in Katy, Texas, comprises 54,533 square feet in 167 units. McLeod and associate Doss Allen represented the seller.
- Built in 1998, Spacious Storage at 1191 New Stock Road in Weaverville, North Carolina, has a lot size of 203,425 square feet. McCleod represented the seller.
The following sales were brokered by Storage Exchange, a commercial real estate firm based in Boulder, Colorado:
- The two-property Aurora Self Storage and Loveland Self Storage portfolio in Aurora and Loveland, Colorado, comprises 50,650 rentable square feet. The facilities at 1563 Jasper St. and 1336 E. First St. are about 50 minutes from each other. The seller was represented by Taylor Cahn, vice president of investment sales.
- Country Storage at 2359 S. 103 in New Castle, Indiana, comprises 34,964 square feet in 261 units. The seller was represented by Maggi Graban, associate, and Cahn.
- Streeter Avenue Mini Storage at 900 E. Streeter Ave. in Muncie, Indiana, comprises 20,045 square feet and includes three office spaces and two warehouses for rent. The seller was represented by Graban and Cahn.
7/13/23 – 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 July 2023.
Box Turtle Boat, RV & Storage in Alachua, Florida, sold to Personal Mini Storage, which operates 44 locations in Central Florida. The 4.47-acre property at 6401 N.W. 120th Lane includes six buildings comprising 36,720 net rentable square feet. It offers 160 traditional storage units and 73 uncovered vehicle-storage spaces. The seller was represented in the transaction by Alexander Field, senior associate, and Scott Schoettlin, managing director for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.
StorSafe Self Storage, which operates 23 facilities in five states, acquired Coleman Storage in Wildwood, Florida, for $8.8 million from Coleman Commercial LLC. The facility at 2976 County Road 523 offers climate-controlled and drive-up units.
MV Investment sold a newly constructed self-storage facility managed by real estate investment trust (REIT) CubeSmart in Fayetteville, North Carolina. The nine-building site at 5234 Raeford Road comprises about 90,000 square feet in 807 units. MV Investment has four self-storage projects in development in Florida and North Carolina.
A Yonkers, New York, self-storage facility managed by REIT Extra Space Storage Inc. sold to Safeguard Self Storage. The property at 324 Nepperhan Ave. comprises 132,000 square feet in 1,252 climate-controlled units. The acquisition is the operator’s second location in the city, with a third under construction. Founded in 1989, Safeguard operates more than 80 self-storage facilities across six states.
Real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage facilities nationwide, purchased Hosmer Self Storage in Tacoma, Washington, for $7.2 million. The facility at 8233 S. Hosmer comprises 46,265 square feet in 454 units. The seller, Hosmer Self Storage LLC, was represented in the transaction by the de Jong Becher Self Storage Team of Colliers Self Storage Group, which specializes in the acquisition, disposition and financing of self-storage facilities nationwide.
LoknStore Self Storage in Mission, British Columbia, Canada, sold to a joint venture between Pacific Rim Storage and U-Lock Mini Storage. The multi-story facility at 31491 Gill Ave. will be operated under the unified management of the companies. Pacific Rim operates seven locations across Vancouver Island. U-Lock owns six facilities in British Columbia.
Spartan Investment Group LLC, a development, property-management and real estate firm that operates the FreeUp Storage brand, acquired Max Storage in Macon, Georgia. The facility at 1955 Dove St. comprises 66,705 rentable square feet in 515 units and also offers a 13,800-square-foot, leasable warehouse. Purchased though Spartan’s Income Storage Fund, the property will be the 15th FreeUp location in Georgia. Founded in 2014 and based in Golden, Colorado, Spartan is a privately held real estate investment firm that operates more than 60 facilities in 11 states.
Valor Storage in Tawakoni, Texas, sold to an Austin, Texas-based buyer. Built in 2000, the facility at 2121 TX-276 offers 20,400 net rentable square feet in 180 units. The buyer and the seller, a Dallas-based investor, were represented by Danny Cunningham and Brandon Karr of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.
The following sales were brokered by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm:
- Riverside Self Storage in Vero Beach, Florida, sold to Dahn Corp. for $9.5 million. The facility at 750 16th St. comprises 40,300 rentable square feet in 316 units. Dahn operates more than 48 Mini U Storage locations across 11 states.
- Windermere Storage in Orlando, Florida, sold for $23.1 million. Built this year, the facility at 8550 Old Winter Garden Road offers 609 climate-controlled units and 351 vehicle-storage spaces. The seller was Schrimsher Properties, an Orlando-based commercial real estate investment firm.
The Hatcher Coe Group of M&M brokered the following transactions:
- Andover Street Self Storage in Peabody, Massachusetts, sold for $19 million to REIT Public Storage Inc. at Certificate of Occupancy. Opened in February, the facility at 151 Andover St. comprises 76,396 square feet in more than 1,100 units. The seller, LCI Management, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. They were assisted by fellow broker Thomas Shihadeh.
- Apopka Self Storage in Apopka, Florida, sold for $13 million. The newly built facility comprises 67,850 square feet in 729 units. The seller, a limited-liability company (LLC), was represented by the Coes, Hatcher and Salim Valiani. They were assisted by fellow broker Ryan Nee.
- A three-property portfolio managed by REIT CubeSmart in Jacksonville, Middleburg and Tallahassee, Florida, sold to a local buyer. Built in July 2021 on 4 acres, the Jacksonville facility comprises 69,750 rentable square feet in 618 units. The four-building Middleburg property opened in May 2022. Built on 3 acres, it encompasses 53,115 rentable square feet in 455 units. The Tallahassee site was constructed in March 2021. It comprises 54,150 rentable square feet in 583 units. The Coes and Hatcher represented the seller and procured the buyer.
- Farmington Self Storage in Farmington, New Hampshire, comprises 7,647 net rentable square feet. A planned expansion for the 3.35-acre property will add 13,600 net rentable square feet. The seller, an LLC, was represented by the Coes, Luke Dawley and Hatcher. Shihadeh assisted.
- Storage Mart at 1540 W. Schilling Road in Salina, Kansas, comprises 34,980 net rentable square feet in 33 units, with room for expansion.
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.
- Spicewood Super Storage in Spicewood, Texas, sold to Dallas-based investment firm Hinze Capital. The facility at 9514 State Highway 71 comprises 83,510 net rentable square feet in 222 traditional and vehicle-storage units.
- Stash N Go in Austin, Texas, sold to a Miami, Florida-based buyer. The facility at 2707 Oneal Lane comprises 14,150 rentable square feet in 100 units. It was 90% occupied at the time of sale. The seller was Libertas Obsido LLC.
Newswires, StorSafe Expands Its Revolutionary Self-Storage Portfolio with Acquisition of Prime North Carolina Location
REBusiness Online, Marcus & Millichap Brokers Sale of 130-Unit Storage Facility in Brazoria, Texas
REBusiness Online, Marcus & Millichap Brokers Sale of 496-Unit Self-Storage Facility in Lakeville, Massachusetts
Connect CRE, Spartan Investment Group Acquires 515-Unit Macon Self-Storage
Multi-Housing News, Public Storage Pays $19M for Boston-Area Asset
REBusiness Online, CBRE Brokers $23.1M Sale of New Self-Storage Facility in Orlando
REBusiness Online, Colliers Arranges Sale of 46,265 SF Self-Storage Property in Tacoma, Washington
REBusiness Online, Hinze Capital Acquires 222-Unit Self-Storage Facility in Spicewood, Texas
REBusiness Online, Marcus & Millichap Brokers Sale of 180-Unit Self-Storage Facility in West Tawakoni, Texas
The News Tribune, Storage Facility on One of Tacoma’s Toughest Streets Sells for Millions to New York Firm
Villages News, Storage Units in Coleman Purchased by National Self-Storage Company for $8.8 Million