Update 6/22/23 – 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 June 2023.
StorageMart, which operates more than 280 self-storage properties across Canada, the United Kingdom and the United States, acquired I-29/I-35 Self Storage at 4121 N.E. Davidson Road in Kansas City, Missouri, and Summit Self Storage at 1920 N.E. Rice Road in Lee’s Summit, Missouri. The two-property portfolio comprises 112,266 rentable square feet in 796 units. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio of more than 24 million square feet.
Atlas Self Storage in Midland, Texas, sold to KO Storage, a family-owned business that operates nearly 200 facilities in 24 states. The property at 200 Norman St. offers 18,120 square feet in 116 units. The buyer and the seller were represented in the transaction by Steve Mellon, Adam Roossien, Brian Somoza and Matthew Wheeler, directors with JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
Buchanan Street Partners L.P., a Newport Beach, California-based real estate investment and management firm, acquired two Arizona self-storage facilities for $41 million. Together, the locations at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa comprise 160,500 rentable square feet in 1,620 units. They were previously managed by real estate investment trust Extra Space Storage Inc. The buyer and the seller, Garrett Development Corp., were represented in the transaction by Walter Brauer and Nick Walker of CBRE Group Inc., a commercial real estate services and investment firm.
Hayes Water Storage in Morganton, North Carolina, sold to Florida-based Green Self Storage Funds, a private-equity firm that specializes in self-storage acquisition and management. Built in 1996, the facility at 5470 Hayes Water Road comprises 24,350 net rentable square feet in 163 units. The buyer was represented by Gary Medley, a broker with RG Commercial Real Estate LLC. The sellers, local investors Darren and Danna Stillwell, were represented by Frank DeSalvo and David Perlleshi, brokers with Franklin Street, a provider of real estate brokerage, insurance, and property and project management.
InSite Property Group, which operates the SecureSpace Self Storage brand, acquired Northlynn Mini-Storage in Lynnwood, Washington. The facility at 15620 Highway 99 comprises 57,700 rentable square feet, including 24 vehicle-storage spaces. It’s the company’s eighth property in the Seattle market. Based in Torrance, California, InSite has more than 50 locations either open or under development.
Built on 11 acres, Pleasant Garden Road Self Storage at 4165 Pleasant Garden Road in Greensboro, North Carolina, sold for $7.14 million to affiliates of Georgia-based Reliant Real Estate Management, which operates the Midgard Self Storage brand. The sellers were Paulette and Randall Clark. The buyers were listed as Abundant Life SS Holdings LLC, Glenville SS Holdings LLC and Midgard Self Storage Greensboro NC LLC. The Reliant self-storage portfolio of 110 facilities comprises more than 9.4 million rentable square feet across nine states.
Phoenix-based U-Haul International Inc. acquired Space City Self Storage in Houston. The property at 13123 Hiram Clarke Road offers 396 units. It served as a U-Haul truck-rental dealer prior to the purchase. Established in 1945, U-Haul owns and manages more than 78 million square feet of storage space nationwide.
SmartStop Self Storage REIT Inc., a self-managed real estate investment trust that operates the SmartStop Self Storage brand, acquired an eight-property portfolio in Greater Toronto for about $300 million. Together, the facilities comprise approximately 758,000 rentable square feet in 7,400 units in the Ontario communities of Burlington, Hamilton, Mississauga, Toronto and Vaughan. The Hamilton site at 60 Sanford Ave. N. sold for $12.2 million. The purchase was made through affiliates Strategic Growth Trust III Inc. and Strategic Storage Trust VI Inc. SmartStop operates 192 storage facilities in 22 U.S. states and Canada.
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:
- Olson Mini Storage in Keewatin, Minnesota, sold to a local self-storage operator. Built on 1.68 acres, the facility at 4107 4th Ave. E. comprises 9,640 rentable square feet, with room for expansion. The seller was represented by Tom Flannigan, Matt Haugen and Alex Ihrke of Area Commercial Real Estate Services, who also procured the buyer.
- Built on about 1 acre, Osceola Self Storage at 707 Furnas Drive in Osceola, Iowa, comprises 6,864 rentable square feet in 46 units, with room for expansion. The seller was represented by Flannigan, Nathan Gottlieb, Haugen and Ihrke.
The following sales were brokered by EquiCap Commercial, a Saint Charles, Illinois-based brokerage specializing in self-storage:
- ClearHome Self Storage in New Berlin, Wisconsin, sold to a national self-storage owner. The converted building at 17000 W. Rogers Drive comprises 57,000 net rentable square feet. The seller was VanWest Partners.
- The Lok-Safe Storage portfolio in Green Bay, Wisconsin, sold to a self-managed investment group based in Northwest Arkansas. It includes 11 facilities comprising 475,141 net rentable square feet. The seller was Lok Safe Storage LLC.
- New Storage in Green Bay, Wisconsin, sold to a self-managed fund. The 11.7-acre property at 2545 Velp Ave. includes 18 buildings comprising 150,852 net rentable square feet in 823 units and 91 vehicle-storage spaces.
The following sales were brokered by Marcus & Millichap, a commercial real estate investment firm with offices throughout Canada and the United States:
- Compass Self Storage LLC, a member of the Amsdell family of companies, acquired the Devon Self Storage at 25528 Aldine Westfield Road in Spring, Texas. The deal was brokered by Dave Knobler, senior vice president of investments, and Charles “Chico” LeClaire, executive managing director, of The LeClaire-Schlosser Group. Headquartered in Cleveland, Compass operates more than 100 facilities in 15 states.
- Kearny Self Storage at 54 3rd Ave. in Kearny, New Jersey, comprises 16,700 rentable square feet in 189 units. The seller was represented by The Hatcher Coe Group.
- Mountain View RV & Mini Storage in Madras, Oregon, sold for $6 million to an out of state buyer. Built in 2020 and expanded in 2022, the facility at 2086 N.W. Andrews Drive comprises 49,675 square feet in 358 units. The buyer and seller were represented by investment specialists Samuel Olson and Christopher R. Secreto, with assistance from broker David Tabata.
- Storage General Cedar at 690 Industrial Road in Cedar City, Utah, comprises 456,758 net rentable square feet in 2,133 units. The seller, a private-equity group, was represented by Jordan Farrer, vice president of investments, and Adam Schlosser, senior managing director, of The LeClaire-Schlosser Group.
6/2/23 – 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 June 2023.
Clark Self Storage in Floresville, Texas, sold to Walnut Creek Interests Ltd. of Bryan, Texas. The facility at 701 Eagle Creek Drive comprises 33,000 net rentable square feet in 192 units. The buyer and the seller, 701 Eagle Creek LLC of Yakima, Washington, were represented by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson, brokers with Versal, an Austin, Texas, and Los Angeles-based commercial real estate firm that specializes in self-storage.
Rosewood Property Co. acquired a Tucson, Arizona, facility managed by self-storage real estate investment trust (REIT) Extra Space Storage Inc. The building at 770 N. Kolb Road comprises 76,051 rentable square feet in 661 climate-controlled units. Based in Dallas, Rosewood owns 78 facilities comprising 6.2 million square feet in 23 states. It’s a wholly owned subsidiary of The Rosewood Corp.
West Georgia Mini Warehouses in Carrollton, Georgia, sold to a Texas-based investment group. The facility at 3926 U.S. Highway 27 comprises 52,000 square feet. The seller was represented in the transaction by Mike Patterson, an agent with Sauls Storage Group, which specializes in self-storage brokerage in the Southeast.
West Lake Self Storage in Denver, North Carolina, sold to Storage Express, which operates more than 100 facilities in four states and was recently acquired by Extra Space. The 2.6-acre property at 1569 NC-16 Business contains three buildings comprising 41,050 net rentable square feet in 208 units. The seller was represented in the transaction by Codey Dalton, senior associate, and Aaron Sanchez, senior vice president, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
- The 12-property Lok-Safe Storage portfolio in Green Bay, Wisconsin, sold to a limited-liability company (LLC) owned by Alex Baumeister and Patrick Byrd. Together, the facilities comprise 487,081 square feet. The Arkansas-based buyer was represented by Sean M. Delaney, senior managing director. Fellow broker Todd Lindblom assisted. Butch Gurganus, cofounder and president of Focus Commercial Real Estate, represented the buyers. Baumeister and Byrd own five self-storage facilities in Sheboygan, Wisconsin.
- Space City Self Storage in Houston sold to an Arizona-based REIT. The facility at 13123 Hiram Clarke Road contains nine buildings comprising 57,545 net rentable square feet in 400 units. The buyer and the seller, a Houston-based LLC, were represented by Dave Knobler and Charles LeClaire of The LeClaire-Schlosser Group of M&M.
Global Newswire, Compass Self Storage Enters the Greater Houston Market With Acquisition in Spring, TX
PR Newswire, U-Haul Opens at Former Space City Self Storage in Houston
REBusiness Online, Marcus & Millichap Brokers Sale of Utah’s Largest Storage Facility in Cedar City
Business Wire, SmartStop Adds Eight Self-Storage Facilities in the Greater Toronto Area for Approximately CAD $300 Million
Globe Newswire, SecureSpace Self Storage Acquires Northlynn Mini-Storage in Seattle MSA
PR Newswire, StorageMart Expands Reach in Greater KC Area With Two New Facilities
REBusiness Online, Marcus & Millichap Negotiates $6M Sale of Mountain View RV & Mini Storage in Madras, Oregon
Winston-Salem Journal, Greensboro Self-Storage Property Bought for $7.14 Million
TB&P, Rogers Investors Pay $34.2M for Self-Storage Portfolio
Connect CRE, Wisconsin Self-Storage Portfolio Trades to LLC
REBusiness Online, Marcus & Millichap Brokers Sale of 400-Unit Self-Storage Facility in Houston