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Self-Storage Real Estate Acquisitions and Sales: March 2020

Update 3/26/20 – 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 March 2020.

A-American Self Storage in Fresno, Calif., sold to an unidentified LLC. Built on 4.85 acres, the facility at 2455 N. Marks Ave. comprises 77,053 square feet in 717 units. The buyer and the seller were represented in the transaction by Jacob Becher, Gabriel Coe and Hatcher of M&M.

AJ’s Self Storage in Toccoa, Ga., sold to a regional buyer. The property at 2700 Mize Road comprises 210 units and outdoor vehicle storage. The seller was represented in the transaction by Eisenman and Morrison of Midcoast, who also secured the buyer.

Cherry Road Self Storage in Rock Hill, S.C., sold. The facility at 1022 Hearn St. sits on 3.76 acres and comprises 63,980 net rentable square feet in 495 units. The seller was represented in the transaction by Eckert, Spencer and Spencer Jr. of TSAG, and agents with Resource Realty.

Dahn Corp., which operates the Mini U Storage brand in Colorado and Texas, acquired Chester Heights Self Storage in Glen Mills, Pa., for $12.8 million. The facility at 15 Stoney Bank Road sits on 5 acres and comprises 79,705 square feet in 713 units. The buyer and the seller, a private investor, were represented in the transaction by Robert Bloch, Luke Elliott, Michael Mele and Noah Obuchowski, investment specialists for the Self-Storage Advisory Group of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Private investment firm Nicol Investment Co. purchased a mixed-use CubeSmart facility in Nashville, Tenn., for $14.5 million. Opened in late 2019, the building at 4305 Alabama Ave. sits on 0.7 acres and offers self-storage and retail space. CapStar Bank provided the $8.7 million loan. The seller, an LLC affiliated with Hattiesburg, Miss.-based York Development, was represented in the transaction by Compton from Colliers.

Spacebox Storage in Nashville, Tenn., sold for $14.5 million to Stratford at LaFayette LLC. The facility at 4305 Alabama Ave. comprises 60,078 square feet in 629 climate-controlled units. The seller, Spacebox West Nashville LLC, was represented in the transaction by Compton of Colliers.

Guardian Storage Centers acquired Storage at Anthem in Anthem, Ariz., for $18.2 million. The facility at 39998 N. Gavilan Peak Parkway sits on 7.5 acres, containing nine two-story buildings comprising 96,409 square feet in 784 units. The seller, a partnership between Lockhart Capital and The Bell Group, was represented in the transaction by Devin Beasley, Elliott, Brian Fulton and Mele of M&M. First Bank provided the $14.2 million acquisition loan.

Strategic Storage Growth Trust II Inc. (SSGT II) acquired a newly constructed Storage King USA facility in Homestead, Fla. The four-building facility at 1235 N.E. 12th Ave. was built on approximately 3.2 acres. Completed last year, it comprises about 91,400 net rentable square feet in 970 units. The site also has 30 RV spaces. The seller, a New York-based institutional investor, was represented in the transaction by Elliot and Mele. SSGT II is a private REIT sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc. SmartStop owns or manages 142 self-storage facilities in Toronto and the United States. Its portfolio comprises about 10.7 million net rentable square feet.

Sunshine Mini Warehouse in Waynesboro, Pa., sold to a private buyer. The facility at 11981 Broad St. sits on 2.7 acres, containing seven storage buildings comprising 35,000 net rentable square feet in more than 190 units. It also offers outdoor vehicle storage and warehouse space with loading docks. The seller, Oyer Brothers Partnership, was represented in the transaction by IRE.

Merit Hill Capital purchased Upland Self Storage in Upland, Calif., for $12.2 million. The facility at 135 S. Campus Ave. sits on 5.2 acres, containing 11 single-story buildings comprising 70,570 square feet in 834 units. JPMorgan Chase provided the acquisition financing. The seller, Bernie Svalstad, was represented in the transaction by Beasley, Elliott and Mele of M&M.

Whites Creek Pike Self Storage in Nashville, Tenn., sold to an unidentified LLC. Built in 2012 on an 8.53-acre lot, the facility at 2730 Whites Creek Pike comprises 44,385 square feet in 369 units. The property encompasses five single-story buildings. The seller, also an LLC, was represented in the transaction by Gabriel Coe and Hatcher of M&M. Sean M. Delaney, an investment specialist with M&M, represented the buyer.

Miami City Self Storage (MCSS) purchased three facilities in South Florida for $44.3 million. Together, the portfolio comprises 237,000 rentable square feet in 1,836 units. The facilities at 490 N.W. 36th St. and 1100 N.E. 76th St. in Miami are managed by CubeSmart. The third site, 812 N.W. First St. in Fort Lauderdale, is managed by Public Storage Inc., a self-storage REIT and third-party management firm. Dustin Stolly and Jordan Roeschlaub, vice chairmen, and Chris Kramer, senior managing director, of Newmark Knight Frank negotiated the loan from Värde Partners. The variable-interest mortgage is set to mature in 2025.

MCSS is a joint venture between Rivergate Companies and SJM Partners, which was formed by industry veterans Steve Garchik, Jay Massirman and Steve McBride. It has 2 million square feet of storage in various stages of development and lease-up. Based in Glendale, Calif., Public Storage has interests in 2,483 self-storage facilities in 38 states, with approximately 169 million net rentable square feet.

An affiliate of Public Storage acquired a three-property portfolio in Massachusetts and New York from affiliates of Banner Real Estate Group. All three facilities, constructed in 2018 and 2019, are in core urban areas of Greater Boston and New York City. Together, they comprise 3,596 units. The two New York properties are at 5002 2nd Ave. in Brooklyn and 479 5th Ave. in New Rochelle. The Boston-area property is at 490 Eastern Ave. in Malden. The sellers were represented in the transaction by managing directors Stephen Mellon and Brian Somoza, and senior managing directors Coleman Benedict and Andrew Scandalios, for JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.


3/11/20 – 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 March 2020.

The two-property All Safe Mini Stor-It portfolio in Wisconsin sold to a limited-liability company (LLC). Together, the facilities at N14W24789 Bluemound Road in Pewaukee and 1515 Manhattan Drive in Waukesha comprise 76,484 net rentable square feet in 548 units. The sites encompass 6.55 acres. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe, Brett R. Hatcher and Brian Kelly, investment specialists for M&M. They were assisted by regional manager Todd Lindblom.

Buchanan Partners LLC and Decem Holdings sold a three-story CubeSmart self-storage facility in Sterling, Va., to Arcland Property Co. for $17.4 million. Built in 2017 on 3.95 acres, the property at 24263 Liberty Harvest Court comprises 77,350 square feet in 882 units. It was at 64 percent occupancy at the time of sale. It’s managed by CubeSmart, a real estate investment trust and third-party management firm. The seller was represented in the transaction by Compton from Colliers. Based in Washington, D.C., Arcland is a real estate development and investment firm specializing in self-storage. It’s portfolio also includes properties in Florida, Washington, D.C., and West Virginia.

Double A Storage in St. Marks, Fla., sold to an LLC. The facility at 630 Port Leon Drive sits on 5 acres and comprises 23,550 net rentable square feet in 56 storage units, 56 vehicle-storage space, two offices and a retail space rented to a hairdresser. The seller, also an LLC, was represented in the transaction by Gabriel and Nathan Coe, Hatcher, and Meir D. Perlmuter with M&M.

East River Mini Storage in Coon Rapids, Minn., sold for $630,000. The buyer is using the property at 730 86th Ave. N.W. as a replacement in a 1031 exchange. The seller was represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Edisto Storage Express in Orangeburg, S.C., sold to 512 Holdings LLC. The property at 4129 North Road comprises 168 units. The buyer and the seller were represented in the transaction by Dale C. Eisenman and Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Kips Mini Storage in Chiefland, Fla., sold to an unidentified buyer. The two-property portfolio was built on 4.4 acres and comprises 25,000 square feet in 229 units. The seller was represented in the transaction by Josh Koerner and Frost Weaver of the Weaver Realty Group, an Argus affiliate.

The seven-property Maxi-Space portfolio in Washington sold. The sites include self-storage, office and industrial space as well as acoustically equipped band rooms and other specialized units. The portfolio comprises 182,255 rentable square feet. The seller was represented in the transaction by Andrew Burachinsky, Bill Sitar Jr. Esq., and Spencer Jr. for The Storage Acquisition Group.

Millis Mini Storage in Millis, Mass., sold for $3 million. The facility at 1485 Main St. contains 250 units. The new owner plans to add a three-story, 500-unit building. The seller was represented in the transaction by Dan Waldman, principal of Waldman & Associates, a commercial real estate, leasing and sales firm based in Westwood, Mass.

A two-property Stagecoach Storage portfolio in Elk Point and Vermillion, S.D., sold to an unidentified buyer based in Minneapolis. The facilities comprise 48,000 net rentable square feet in 174 units and two warehouse spaces. They were 67 percent occupied at the time of the sale. The Omaha, Neb.-based seller was represented in the deal by Bellomy & Co., which also procured the buyer.

Sharon Commons, a mixed-use development in Medina, Ohio, sold to Valley Storage Ohio LLC for $6.15 million. The property comprises 64,320 square feet of self-storage space in 272 units. The complex also includes an 11,700-square-foot office space anchored by Cleveland Clinic and a 14,000-square-foot warehouse occupied by TimerBeast Axe Throwing and Triad Technologies. There’s room to expand on an additional two acres. Valley Storage is based in Williamsport, Md. It was represented in the deal by Jerry Fiume of SVN Summit Commercial Real Estate Group.

Storage Depot in West Memphis, Ark., sold for nearly $8.9 million to Murray, Utah-based AKA Partners LLC. The new owner intends to expand the property at 701 Highway 77 onto an adjacent 3-acre parcel. The facility will be operated by Argus Professional Storage Management LLC. The seller was DSB of West Memphis, a partnership between Scott Ferguson, David Reagler and LaRand Thomas. DSB was represented in the deal by Larry Goldman of RE/Max Commercial, an affiliate of the Argus real estate brokerage.

Sumas Mini Storage in Sumas, Wash., sold for $1.25 million to buyers completing a 1031-exchange after selling a small apartment complex. The facility at 446 Harrison St. sits on 1.38 acres and comprises 23,448 square feet. The seller, a local LLC, was represented in the transaction by Christopher R. Secreto, senior managing director investments for M&M.


3/2/20 – 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 March 2020.

Merit Hill Capital LP sold A-American Self Storage in Keaau, Hawaii, to Storage Star. The property at 16-151 Melekahiwa St. comprises 60,118 rentable square feet in 707 units. Storage Star intends to rebrand the facility under its name and make upgrades. The location will be the company’s first in Hawaii. Its 24-property portfolio is spread across seven states and comprises 2.1 million square feet. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide.

Academy Mini Storage in Little River-Academy, Texas, sold. Built in 2003, the facility at 2617, 706 TX-95 comprises 27,000 net rentable square feet in 208 units. It also has 9 acres for expansion. The seller, a local family trust, was 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.

Prime Group Holdings, a New York-based real estate group that owns self-storage and other real estate interests, acquired CrossTrax Self Storage in Charlotte, N.C., for $9.2 million from a private investor. The facility at 9400 Bob Beatty Road sits on 11.9 acres and comprises 116,350 square feet in 666 units. Prime received financing from LMF Commercial LLC. The deal was negotiated by Scott Eckert, associate appraiser, Jonathan Spencer, associate, and Cowles M. “Monty” Spencer Jr., CEO and group president, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Miramar Storage LLC, an affiliate of Taylor/Theus Holdings Inc., sold a newly constructed self-storage facility in Miramar, Fla., to GFN Miramar LLC for $14.8 million. The facility at 14900 S.W. 30th St. comprises 111,000 square feet on 2.24 acres. It’ll be managed by self-storage real estate investment trust (REIT) Extra Space Storage Inc. and branded under its name. GFN is an affiliate of Boca Raton, Fla.-based investment firm Kayne Anderson Capital Advisors LP.

An Extra Space facility in Charleston, S.C., sold to an unidentified buyer. The property at 2455 Ashley River Road comprises 60,250 rentable square feet and 6,825 square feet of retail space. The facility includes 12 single-story storage buildings, a separate retail structure and nine portable buildings. The seller was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International Group Inc.

Lake Warehouse & Storage in Eustis, Fla., sold to affiliates of Compass Self Storage, a member of the Amsdell family of companies. The facility at 36622 County Road 19A comprises more than 58,500 net rentable square feet. The property is the 23rd for Compass in Florida and its 92nd nationwide. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928.

Lebanon Self Storage in Lebanon, Pa., sold to a private buyer. The 5-acre property at 309 Lincoln Ave. contains nine buildings comprising more than 40,000 net rentable square feet in 310 drive-up units. The seller was represented in the transaction by Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Legacy Self Storage in Plano, Texas, sold to a Dallas-based investor. Built in 2002 at 6900 Alma Drive, the facility comprises 15,628 square feet in 128 units. The seller, a private family partnership, was represented in the transaction by Danny Cunningham, first vice president of investments, and Brandon Karr, senior vice president of investments, for Marcus and Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. The brokers also secured the buyer, for whom this was the second self-storage acquisition.

The two-property Millers Self Storage portfolio in Carmel Valley and Monterey, Calif., was sold. The Carmel Valley location comprises 16,219 net rentable square feet in 135 units, while the Monterey site contains 25,075 net rentable square feet in 405 units. 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.

Regal Self Storage in Spring, Texas, sold to LandPark Advisors LLC, a Houston-based commercial real estate, investment-management firm. Built in 2005 on about 1.8 acres, the facility at 19526 Kuykendahl Road comprises 43,025 square feet in eight single-story buildings. LandPark intends to renovate the property extensively. The facility will be managed by affiliate Right Move Storage LLC and rebranded under its name. Founded in 2013, Right Move manages a portfolio of more than 35 self storage facilities comprising 2 million square feet.

Baranof Holdings LLC, a Dallas-based self-storage developer, purchased Storage by George in Napa, Calif., for $40.5 million. The facility at 1135 Golden Gate Drive will be managed by Extra Space and branded under its name. Owner George Cohen opened the facility more than 20 years ago. It includes 1,000 self-storage units, 320 wine lockers and room to store 500 pallets.

LV 8250 LLC, a company associated with REIT Life Storage Inc., purchased a newly built facility at 33620 21st Ave. S.W. in Federal Way, Wash., for $21.7 million. The seller was Wasatch Storage Partners (WSP), which acquired the land in 2017 for $4.1 million and developed it. Based in American Fork, Utah, and founded in 2015, WSP specializes in self-storage acquisition, development and management.

New Sources:
NEREJ, Waldman Sells Self-Storage Facility For $3 Million - Expansions Are Planned
RE Journals, Marcus & Millichap Sells Two-Property Self-Storage Portfolio in Wisconsin
RE Journals, SVN Summit Closes $6 Million Commercial Sale in Ohio
Commercial Property Executive, Merit Hill Capital Grows Inland Empire Presence
Commercial Property Executive, Suburban Philadelphia Self Storage Asset Trades for $13M
Commercial Property Executive, Guardian Storage Acquires Phoenix-Area Facility
Commercial Property Executive, Miami Self Storage Portfolio Commands $44M Refi
Nashville Post, Sylvan Park Commercial Building Sells for $14.5M
PR Newswire, Strategic Storage Growth Trust II Inc. Acquires 970-Unit Self Storage Facility Near Miami

Previous Sources:
Commercial Realty Executives, Charlotte Self Storage Asset Trades for $9M
Daily Journal of Commerce, $22M Sale for Self-Storage Units
Napa Valley Register, Napa's Storage by George Business, Land, Sold for $40.5 Million
REBusiness Online, Bellomy Negotiates Sale of 208-Unit Self-Storage Facility in Central Texas
South Florida Business Journal, New Broward Self-Storage Facility Sells for $15M

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