Update 6/24/19 – 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 June 2019.
All Purpose Storage in Spring, Texas, was sold to a local investor. The property at 6745 Farm to Market 2920 comprises 31,090 net rentable square feet. The seller, a Houston-area partnership, was represented in the transaction by Dave Knobler, first vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments, for M&M.
BBK Self Storage in East Bethel, Minn., was sold to a local group of buyers for $1.7 million. The property comprises 19,074 net rentable square feet in 87 units, with enough land for expansion. The buyer intends to construct additional buildings and automate operation. The seller was represented by Argus affiliates Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, who also procured the buyer.
The five-property Champion Self-Storage in Sheboygan, Wis., was sold for $8.9 million. Located within four miles of one another, the properties offer a total 999 units, plus warehouse space and outdoor vehicle storage. The buyer and the seller were represented in the transaction by Delaney and fellow M&M broker Todd Lindblom.
A CubeSmart-managed facility in Lansing, Mich., was sold to a limited-liability company (LLC). The property at 4724 S. Creyts Road comprises 67,500 square feet in 533 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M. They were assisted by M&M Regional Broker Steven Chaben.
A facility in Orlando, Fla., that was managed by Extra Space Storage was sold to an LLC. The two-story facility at 7500 W. Colonial Drive comprises 63,879 square feet in 656 climate-controlled units. Completed in 2018, it sits on 8.4 acres of land. The buyer and the seller, also an LLC, were represented in the transaction by Coe and Hatcher, who were assisted by M&M Regional Broker Ryan Nee.
Indian Rocks Storage in Largo, Fla., was acquired by Compass Self Storage, a member of the Amsdell family of companies. The property at 12700 Walsingham Road comprises more than 98,000 net rentable square feet. Planned upgrades include automatic gates, individual access control, high-definition video and smart locks. Headquartered in Cleveland, the Amsdell Cos. has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It operates 89 locations, including 21 in Florida.
International Boulevard Self Storage in SeaTac, Wash., was sold to a local investment group for $6.5 million. Built in 1974 on 2.12 acres, the property at 19825 International Blvd. comprises 45,273 square feet in 453 units. Christopher Secreto in M&M’s Seattle office represented the out-of-state seller and secured the buyer.
Spare Garage Storage in Grain Valley, Kan., was sold to Kaup Properties LLC. The facility sits on 3.2 acres and comprises 39,700 square feet in 204 storage units, warehouse space and outdoor vehicle storage. The buyer and the seller, Mid Central Title Inc., were represented in the transaction by Bellomy and Johnson.
Storage Star, a self-storage operator with locations in five states, acquired Superior Storage of Cheyenne in Cheyenne, Wyo., three miles from the city’s business district. Built in 2016, the facility at 4405 Van Buren Ave. comprises 99,700 net rentable square feet. It’s company’s third location in the northern portion of the Front Range Urban Corridor, an 18-county region in Colorado and Wyoming that will remain a target for acquisitions, according to Matt Garibaldi, president. Storage Star is owned by FollettUSA, a boutique real estate investment firm.
U-Stuf-It in Houston was sold to an LLC. The property at 12151 Ormandy St. offers 228 units. The buyer and the seller, a partnership, were represented in the transaction by Knobler.
6/13/19 – 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 June 2019.
2264 Self Storage in Decatur, Texas, was sold. The 10-acre site consists of 62,500 total leasable square feet, including covered boat- and RV-storage spaces. The seller was represented in the transaction by Stefan Elofsson of Fine Properties, a Florida-based real estate firm. The buyer was represented by Richard Minker and Chad Snyder of Colliers International, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.
Aim All Storage sold a three-property Southern California portfolio to Los Angeles-based real estate firm Barker Pacific Group. Combined, the properties comprise 334,966 square feet in 2,253 units. They also include 136,402 square feet of parking space. The locations are 859 Desert Lawn Dr. in Beaumont, 25093 Bay Ave. in Moreno Valley and 11215 Indiana Ave. in Riverside. The seller was represented by Trevor Roberts and Nick Walker of CBRE Group Inc., a commercial real estate services and investment firm.
Beach City Self Storage on Hilton Head Island, S.C., was sold. The property at 78 Beach City Road comprises 50,725 square feet in 443 storage units and 67 vehicle-parking spaces. The seller was represented in the transaction by Fred Paris, vice president, and Cowles M. “Monty” Spencer Jr., CEO and group president for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.
An affiliate of Vertical Fields Capital LLC sold a CubeSmart-branded self-storage facility in Clifton Heights, Pa., to a private investor for $12.5 million. Built in 2017 on 5.4 acres, the property at 500 Mildred Ave. comprises 82,116 square feet in 718 units. CubeSmart, a self-storage real estate investment trust (REIT), will continue to manage the property. The seller was represented in the transaction by Robert Bloch, Mike Mele and Noah Obuchowski of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.
Banner Real Estate Group sold four Miami-area facilities branded as Extra Space Storage to self-storage REIT Public Storage Inc. for $63 million. Together, the properties comprise 411,438 square feet. All four sites were developed by Banner and completed in 2017. The locations are 91 S.W. 3rd St., 180 W. 6th St., 2190 S.W. 8th St. and 5609 N.E. 2nd Ave.
The three-property KP Self Storage portfolio in Cookeville, Tenn., was sold. Located within a half-mile of one another, the sites comprise 58,783 rentable square feet and 440 units. The owner, Keith Simmons, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.
Richwood Self Storage in Richwood, Texas, was sold to Merit Hill Capital LP, a Brooklyn, N.Y.-based firm that acquires, develops and manages self-storage facilities nationwide. The facility at 115 Richwood Drive sits on 5.4 acres and comprises 74,825 net rentable square feet. It’ll be managed by REIT Extra Space Storage and branded under its name. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas.
Andover Properties LLC, which operates the Storage King USA brand, purchased Socrum Self Storage in Lakeland, Fla. It’s the company’s 15th purchase in the state and its latest transaction under a partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The facility at 9010 U.S. Highway 98 N. sits on 6.78 acres and comprises 91,150 net rentable square feet in 747 units. New York City-based Andover owns and operates facilities in nine states.
Spartan Storage in Tulsa, Okla., sold to a private investor. The property at 214 S. 193rd E. Ave. comprises 16,325 square feet. The seller was also a private investor. The transaction was brokered by Jared Jones, an Argus affiliate.
Store More Self Storage at 3980 Turner Ave. in Plano, Ill., sold to an undisclosed buyer. The property features nine buildings comprising 49,500 square feet in 297 units and 97 boat/RV parking spaces. The buyer and the seller were represented in the transaction by Sean M. Delaney, senior vice president of investments, and Jeffrey L. Herrmann, associate, in the Chicago Oak Brook office for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
Summit Storage Center in Waterford, Pa., sold to Colorado-based Red Dot Storage, which operates more than 140 self-storage properties in 16 states. The property at 8971 Peach St. features 10 buildings on more than 4 acres. Opened in 1995, it comprises 45,000 rentable square feet in more than 370 units. The seller was represented by George Hatchard, a brokerage advisor for Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
Red Dot also acquired The Storage Place in Little Rock, Ark., for $1.3 million from a private investor. The facility at 4607 Hoffman Road comprises 46,982 square feet in 248 units and 19 uncovered vehicle-parking spaces. It also has room for expansion. The buyer and the seller were represented in the transaction by Danny Cunningham, senior associate, and Brandon Karr, senior vice president of investments, for M&M. Red Dot is the operating brand name of Sparkplug Capital LLC, which launched its self-storage business in 2013.
The Storeroom in Temple, Texas, sold to a Texas-based private partnership. The property at 405 Fryers Creek Drive comprises 20,675 square feet in 173 units and 22 uncovered parking spaces. The seller, a private investor, was represented in the transaction by Cunningham and Karr for M&M.
Washington Road Self Storage, a two-property portfolio in Martinez, Ga., was sold to a national buyer. Together the facilities at 3700 Washington Road and 4080 Washington Road comprise 164,000 rentable square feet in 1,165 units. They also contain warehouse space and vehicle-storage parking. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
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The Storage Acquisition Group, Beach City Self Storage-Hilton Head Island, SC Closing Announcement and Press Release