Update 3/17/2021 – 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 2021.

Andover Self Storage in Andover, Mass., sold. Built on 1.5 acres at 17 Dundee Park Drive, the facility comprises 65,836 net rentable square feet in 470 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Richard Riddle, senior vice president, of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.

The five-property Bestco Storage portfolio in Knox, Ind., sold. The properties comprise 42,580 square feet and were 100 percent occupied, with a waiting list, at the time of sale. The buyer and seller, both LLCs, were represented in the transaction by Sean M Delaney, senior vice president, for M&M.

Cherokee Self Storage, a two-property portfolio in Franklin, Ohio, sold to an LLC. Located less than two miles apart, the facilities total 51,165 net rentable square feet in 272 units. They also contain four offices for rent, two rental homes and vehicle-storage spaces. The seller, also an LLC, was represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M.

Creative Self Storage in Brentwood, N.H., sold. The facility at 321 NH-125 comprises 58,064 square feet in 391 units, four offices for rent, and 23 vehicle-storage spaces. The property comes with approval to build 18,820 additional square feet in 166 units. The seller was represented in the transaction by Nathan Coe, Coe and Hatcher. They were assisted by fellow broker James Koury.

Strategic Storage Trust VI Inc. (SST VI), a public non-traded REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired a CubeSmart-managed facility in Phoenix. Opened last May, the property at 4715 E. Baseline Road comprises 84,240 net rentable square feet in 812 units. The acquisition was the first made by the newly formed SST VI. It’s the fifth property owned or managed by Smartstop in the Phoenix area. The seller, VLC Enterprises LLC, was represented in the transaction by Norman Herd, president of Quantum Property Advisors, a Phoenix-based real estate services firm that specializes in self-storage brokerage.

Cypress Gardens Self-Storage in Moncks Corner, S.C., sold to a state-based investor who rebranded the 6-acre property as Extra Room Self-Storage. Opened just over a year ago at 1505 Cypress Gardens Road, the first phase comprises 21,650 square feet in 145 units. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties.

Elite RV & Boat Storage in Fort Myers, Fla., sold. Built on 7.5 acres at 16461 Domestic Ave., the facility comprises 143,037 net rentable square feet in 255 units. The seller was represented in the transaction by Clark and Riddle of SkyView.

Self-storage real estate investment trust Public Storage acquired two facilities in Durham, N.C., for $26.1 million. Previously managed by Extra Space Storage, the facilities at 1003 N.C. 54 and 3724 Durham-Chapel Hill Blvd. comprise 107,000 square feet and 100,608 square feet, respectively. Both opened in 2019. The seller was an affiliate of Stackhouse Management LLC. Based in Glendale, Calif., Public Storage has interests in 2,548 self-storage facilities in 38 states, with approximately 175 million net rentable square feet.

Highway 43 Self Storage in Elkhorn, Wis., sold in a 1031 exchange. The facility at 801 E. Centralia St. comprises 40,566 net rentable square feet in 290 units. It also has 39 spaces for outdoor vehicle storage. The seller, an LLC, was represented in the transaction by Gabriel Coe and Hatcher of M&M. Tony Sanicola of M&M worked with the buyer, who was making his first self-storage acquisition.

Hudson Self Storage in Hudson, N.H., sold for $4.8 million. The facility at 193 Central St. comprises 39,825 net rentable square feet in 321 units. The seller was represented in the transaction by Joseph Mendola, senior vice president of NAI Norwood Group, an Argus affiliate.

Life Storage acquired a facility it managed in Jamaica, N.Y., for $36.4 million from SNL Development Group. Built in 2017, the property at 134-31 Merrick Blvd. comprises 70,000 square feet. Based in Buffalo, N.Y., Life Storage operates more than 900 self-storage facilities in 31 states and Ontario, Canada. Its portfolio of owned and managed facilities comprises more than 67.7 million square feet.

Rainbow Storage in Lexington, Ky., sold. The facility at 767 E. 7th St. comprises 43,200 net rentable square feet in 236 units. The property was 80 percent physically occupied at the time of sale. The deal was brokered by The Hatcher Group of M&M.

Saco Self Storage in Wichita Falls, Texas, sold to an out-of-state buyer in an off-market transaction. The facility at 2616B Southwest Parkway comprises 57,000 square feet. The seller was represented by Chad Snyder and Tyler Trahant of Dominus Commercial, an Argus affiliate.

Simple Storage in Fort Oglethorpe, Ga., sold. Built on 6.34 acres at 2292 Battlefield Parkway, the facility comprises 82,650 square feet in 581 units and 20 vehicle-storage spaces. The deal was brokered by Luke Sauls of Sauls Storage Group LLC/Commercial Realty Services, an Argus affiliate.

Development and real estate firm InSite Property Group, which operates the SecureSpace Self Storage brand, purchased Statewide Self Storage in Piscataway, N.J. The facility at 1635 Stelton Road comprises 66,000 square feet. The property is near an existing SecureSpace as well as a development the company has underway. Based in Redondo Beach, Calif., InSite is an integrated developer, builder and operator of commercial real estate. SecureSpace operates 12 self-storage facilities in six states.

Wanco Mini Storage in Granbury, Texas, sold. The facility at 601 Cleveland Road sits on 3.5 acres and comprises 7,400 square feet. The seller was represented in the transaction Snyder and Trahant.

Snapbox Self Storage, which operates more than 40 facilities in eight states, acquired a newly completed conversion project in Philadelphia that was previously a Walmart. It’s unclear whether the facility had a name at the time of purchase. The property at 1 Franklin Mills Blvd. comprises 105,000 square feet in 1,100 units.

3/4/2021 – 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 2021.

A-1 Storage in Lawrence, Kan., sold in a 1031 exchange to Oak View Capital Partners. Built in 1983 on 2.9 acres, the facility at 1717 W. 31st St. comprises 22,000 rentable square feet. Oak View intends to expand the property to 66,000. Strickland Construction will serve as design/builder for the project, which will have two stories and an enclosed, drive-up loading area. The seller was represented in the transaction by Larry Goldman of Goldman Investment Advisors, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

A two-property portfolio in Georgia comprising Brown Road Self Storage and Storage Village of Augusta sold to an unnamed real estate investment trust (REIT). Built on 4.68 acres at 2241 Brown Road in Hephzibah, the Brown Road facility comprises 53,695 rentable square feet. Built on more than 27 acres, the Storage Village property at 3531 Peach Orchard Road in Augusta comprises more than 139,000 rentable square feet in six buildings. Both properties include a sheriff’s substation and use billboards for facility signage that could be leveraged for additional revenue. 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.

Columbia Storage Group, which operates 20 self-storage locations in Connecticut, New Jersey and New York, acquired a CubeSmart-managed facility in Rochelle, N.J. The property at 120 W. Passaic St., formerly an AT&T data site, was acquired in 2018 by Tulfra Real Estate, a N.J.-based real estate development, investment and management company. Built by Tulfra, the four-story self-storage facility comprises 113,000 square feet in 816 units. It’s part of the 7-acre mixed-use Village Center of Rochelle Park, where Tulfra is also developing luxury apartments, retail and a park. The transaction was brokered by Brian W. Schulz, managing director, and Kevin Welsh, executive managing director for real estate firm Newmark-Capital Markets.

Leon Capital Group sold a newly built self-storage facility in Portland, Ore., for $22 million to Buchanan Street Partners in an off-market deal. The three-story building at 6191 S.E. Powell Blvd. comprises 102,450 square feet. Previously managed by REIT Extra Space Storage Inc., it’ll now be handled by Westport Properties Inc., which operates more than 130 self-storage facilities under the US Storage Centers brand. The acquisition is Buchanan’s first since launching its investment platform last year. Based in Newport Beach, Calif., Buchanan is a real estate investment-management firm that manages commingled investment funds, institutional separate accounts, and individual institutional and high-net-worth investment vehicles.

Barker Pacific Group acquired three self-storage facilities in Phoenix and Gilbert, Ariz., for $39.5 million. Previously managed by Extra Space, they contain a combined total of more than 2,100 units. The properties at 670 Gilbert Road and 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in Phoenix will now be managed by REIT Life Storage Inc. The sellers, Titan Development/TDREF I and WDP Partners, were represented in the transaction by Devin Beasley, Luke Elliott and Mike Mele of the Self-Storage Advisory Group for Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Andover Properties LLC, which operates the Storage King USA brand, acquired Kyle Premier Storage in Kyle, Texas. Built in 2018 at 19580 I-35 off Interstate 35, the facility comprises 82,000 net rentable square feet. It’s the company’s first location in the Austin metro area and 15th acquisition in Texas. Founded in 2003 and based in New York City, Andover owns or manages 71 self-storage facilities in 16 states, totaling more than 5.3 million rentable square feet.

A three-property Muddy Man Storage portfolio in Branson, Mo., sold to out-of-state investors. Built within 4.5 miles of each other, the locations comprise 41,540 square feet in 351 units. The buyers and the sellers, local owner-operators, were represented in the transaction by Marla Čolić of the Williams Storage Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Bluebird Self Storage, which operates facilities in six Canadian provinces, has acquired two Premiere Self Storage properties in Dartmouth and Truro, Nova Scotia, for $16.2 million. The facility at 610 Wright Ave. in Dartmouth is in a high-traffic retail corridor and has room for expansion. The Truro facility at 158 Parkway Drive offers climate-controlled storage. Since 1983, the Bluebird executive team has developed and managed nearly 100 facilities across North America. Headquartered in Toronto, it operates locations in Burlington, Calgary, Hamilton, Mississauga and Montreal.

Rainbow Storage in Lexington, Ky., sold to a limited liability company (LLC). Built in 1997 on 3.29 acres, the facility at 767 E. 7th St. comprises 43,200 net rentable square feet in 236 units. The seller, also an LLC, was represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M. Coe and Hatcher, along with M&M investment specialists Nicholas Andrews, Jordan Dickman and Tim VanWingerden, also secured and represented the buyer.

Renegade Storage in Murphy, N.C., sold to an investment partnership. The nearly 7-acre property at 1369 Blairville Highway includes eight buildings containing 36,100 net rentable square feet in 237 units. The seller was represented in the transaction by Bobby Moss, a broker with Midcoast Properties.

StorSafe Storage at 7825 Tower Ave. in Milwaukee sold. Though the listing price was $2.4 million, the final sale price was not disclosed. The facility contains 431 drive-up units. The buyer and the seller, a self-managed family partnership with assets in multiple states, were represented in the transaction by Jesse Luke, a partner with EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage.

New Sources:
Boston Real Estate Times, Marcus & Millichap Arranges the Sale of a 58,064 SF Self-Storage Facility in New Hampshire
Commercial Observer, Life Storage Picks Up Queens Self-Storage Site for $36M
PR Newswire, InSite Property Group Acquires Statewide Self Storage in Piscataway, NJ
PR Newswire, Strategic Storage Trust VI Inc. Acquires 810-Unit Storage Facility in Phoenix, AZ
PR Urgent, Sale of Cypress Gardens Self-Storage, Moncks Corner, SC
REBusiness Online, NAI Norwood Negotiates Sale of 321-Unit Self-Storage Facility in Hudson, New Hampshire
SpareFoot Storage Beat, Crescit Capital Ready for More Deals After Funding $16M Philly Storage Purchase
Triangle Business Journal, Big Name in Self Storage Pays $26 Million For Durham Properties
WIS Business, Marcus & Millichap: Arranges the Sale of a 40,566-Square-Foot Self-Storage Facility

Previous Sources:
RE Journals, EquiCap Commercial Sells 431-Unit Self-Storage Facility in Milwaukee
RE Journals, Marcus & Millichap Sells 43,000-Square-Foot Self-Storage Facility in Lexington
PR Urgent, Midcoast Properties, Inc. announces the Sale of Renegade Storage, located in Murphy, NC
EIN Presswire, Bluebird Self-Storage Expands in Nova Scotia
Real Estate Weekly, Tulfra Completes $60M in Self-Storage Trades With Columbia