March 23, 2023

9 Min Read
Self-Storage Real Estate Acquisitions and Sales: March 2023

Update 3/23/23 – 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 March 2023.

Five Star Storage, which operates 32 facilities in the Dakotas and Minnesota, has acquired All Reasons Self Storage in Grand Forks, North Dakota, and Safeway Storage in Rochester, Minnesota. All Reasons at 3000 S. 38th St. comprises more than 141,000 rentable square feet in 900 units. Safeway at 5812 U.S. Route 52 N. encompasses 61,000 rentable square feet in 461 units. It also has commercial space for rent.

The four-property Greenleaf Self Storage portfolio in Seneca, South Carolina, sold to a regional buyer. Combined, the properties comprise 110,821 square feet in 908 units on 7.86 acres. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Little Rock U Storage acquired Interstate-630 Business Park in Little Rock, Arkansas, for $3.5 million. Developed in 1986, the mixed-use building at 1200 John Barrow Road comprises 89,209 square feet of self-storage, office and retail space. The new owner, Rory Thompson, plans to convert the entire structure to climate-controlled storage. He was represented by James Lacy, an agent with real estate brokerage firm ReMax Elite. Nathan Monan, a broker associate with Colliers, represented the sellers, I-630 Business Park LLC, NRG Investments LLC and TSP AZ LLC.

Mad River Storage Center in McKinleyville, California, sold for $5 million. The facility at 1400 Glendale Drive comprises 28,000 square feet in 381 units. The seller, a private investor, was represented by Shane Avera, senior associate; Maxx Bauman, market leader; and Bill Pedersen, managing and national director of Matthews Real Estate Investment Services.

Strategic Storage Growth Trust III Inc. (SSGT III), a private company sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired a North Fort Myers, Florida, self-storage facility. Originally constructed in 1955, the building at 18301 N. Tamiami Trail was converted from a single-tenant industrial warehouse last year. It comprises approximately 78,000 rentable square feet in 780 units. It’s the fourth acquisition for SSGT III since it launched last May. The company’s portfolio comprises 421,600 rentable square feet in 3,700 units.

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.

  • A Des Moines, Iowa, self-storage location managed by real estate investment trust CubeSmart sold to U-Haul International Inc., a Phoenix-based company that owns and manages more than 78 million square feet of storage space across North America. Converted from a former Gordmans department store in 2021, the facility comprises 68,000 rentable square feet. The seller was represented by Tom Flannigan, Matt Haugen and Alex Ihrke of Area Commercial Real Estate Services

  • Foothill Mini Storage in Boulder City, Nevada, sold for $2.9 million. Built on 1.2 acres, the facility at 690 Yucca St. offers 218 units. The seller was represented by Jeff Gorden, president of The Gorden Cos.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • Eldon Self Storage at 1200 E. North St. in Eldon, Missouri, sold for $1.5 million to a local limited-liability company (LLC). The transaction included a long-term warehouse lease. The buyer and seller, also an LLC, were represented by Robert Cook, associate, and Sean Delaney, senior managing director of investments. Broker David Saverin assisted.

  • Storage of Englewood in Englewood, Florida, sold for $6.4 million to a local investment company. The 725-unit, boat/RV-storage facility at 2341 Englewood Road was about 95% occupied at the time of sale. The seller, an LLC, was represented by Hunter Robey, associate, and Chris Travis, first vice president of investments.

The Hatcher Coe Group of M&M brokered the following transactions:

  • Campus Storage in Tuscaloosa, Alabama, sold to an out-of-state buyer. Built in 1991, the facility at 1731 8th Ave. comprises 34,005 square feet in 355 units. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. Broker Eddie Greenhalgh assisted.

  • Mint Storage in Norfolk, Virginia, comprises 17,626 net rentable square feet in 131 units. It also has two offices for rent.

  • Powells Point Self Storage at 128 Freedom Ave. in Powells Point, North Carolina, comprises 22,100 rentable square feet in 148 units and 42 vehicle-storage spaces. It was 93% occupied at the time of sale.

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.

  • Valley Center Self Storage, under construction in Santa Clarita, California, sold to a private buyer. The 2.3-acre development designed by James Goodman Architecture will comprise 110,483 rentable square feet in 1,122 units. The seller was Austin, Texas-based HPI Self Storage LLC.

  • U-Store in Corpus Christi, Texas, sold to BHC Corpus Storage Ltd., a buyer based in the state. The facility at 14242 Northwest Blvd. comprises 75,835 net rentable square feet in 270 units and six retail spaces for rent. The seller was 624 U-Store LLC.

3/10/23 – 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 March 2023.

Modern Storage in Little Rock, Arkansas, sold for $8.8 million to Westport Little Rock Cunningham Self Storage LLC, an affiliate of Westport Properties Inc., a privately held real estate investment company that operates the US Storage Centers brand. The 3.57-acre property at 8500 Cunningham Lake Road offers 675 units. The seller was Modern SW LLC.

KKR Real Estate Partners Americas III, an equity real estate fund of New York-based global investment company KKR, sold four self-storage facilities in two separate transactions for $80 million. The deals included two properties in Austin, Texas, one in Phoenix, Arizona, and one in Riverside, California. KKR manages multiple alternative asset classes. Across its real estate funds, it owns 25 self-storage facilities in 10 U.S. markets.

The following sales were brokered by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm:

  • A 14-property Storage Etc. portfolio in Southern California and Utah sold to a fund sponsored by CBRE Investment Management, a global investment-management firm that operates as an independent affiliate of CBRE Group. The 8,697-unit portfolio was 95% occupied at the time of sale. It’ll be managed and branded by StorQuest Self Storage. The seller was represented by Nick Walker, vice chairman of CBRE’s Self Storage Advisory Group. The fund that acquired the portfolio owns 100 self-storage facilities nationwide.

  • The two-property Sundance Self Storage portfolio in Roseville, California, sold for $35.5 million to Wentworth Property Co., a Phoenix-based real estate development firm. The facilities at 1351 Baseline Road and 8040 Brady Lane comprise a combined 188,950 square feet in 1,244 units. The seller was Seaview Financial, an investment firm based in Orange County, California.

The following sales were brokered by Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management:

  • Cypress Mini Storage at 4601 Cypress St. in West Monroe, Louisiana, comprises 21,000 net rentable square feet. The seller was represented by John Lindsey, co-founder and president; Dezmon Fortenberry, broker; and Jim Ritchie, senior broker.

  • KO Storage at Oak Grove Road in Kings Mountain, North Carolina, comprises 60,300 net rentable square feet. The seller was represented by Lindsey and Kirk Martin, broker.   

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • Alliance Self Storage in Lockhart, Texas, sold to a limited-liability company (LLC). Built on 5 acres in 2002, the facility at 1901 S. Colorado St. comprises 70,750 net rentable square feet in 532 units. The buyer and the seller, also an LLC, were represented by Jon Danklefs, first vice president of investments.

  • Creekside Storage in Grand Rapids, Michigan, sold to a private investor. It’ll be managed and branded by self-storage real estate investment trust (REIT) Extra Space Storage Inc. Built in 2019 on 9.9 acres, the facility at 6535 Creekside View Drive S.E. contains eight buildings comprising 122,900 square feet in 658 units. The seller was represented by investment specialists Gabriel Coe, Nathan Coe, Brett R. Hatcher and Brian Kelly. They were assisted by fellow M&M broker Steve Chaben.

  • A CubeSmart-managed facility in Broussard, Louisiana, sold for $14 million. The 8.8-acre property at 1321 Evangeline Thruway, developed in 2008, comprises 83,675 square feet in 704 units. The buyer and the seller were represented by Eddie Greenhalgh, Jake Payne and Lee Thornton. They were assisted by fellow broker Chris Shaheen.

  • U-Stor-It in Lansing, Michigan, sold to U-Haul International Inc., a Phoenix-based company that owns and manages more than 75 million square feet of storage space nationwide. Built on 2.5 acres in 1988, the facility at 3625 W. St. Joseph St. offers 41,600 square feet in 385 units. The seller, an LLC, was represented by Coe, Coe, Hatcher and Meir D. Perlmuter. They were assisted by Chaben.

The Hatcher Coe Group of M&M brokered the following transactions:

  • The two-property All Steel Storage portfolio at 215 Crestmore Drive in Lake Placid and 11011 Twitty Road in Sebring, Florida, sold to an out-of-state, private buyer. The facilities, which are 9.5 miles apart, comprise a total of 42,754 net rentable square feet in 277 units. The Sebring property has room for expansion. The buyer and seller were represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. Broker Ryan Nee assisted.

  • Hanover Self Storage at 90 Filbert St. in Hanover, Pennsylvania, sold to an out-of-state buyer as part of a 12-property portfolio. The facility comprises 32,150 rentable square feet in 278 units. It was 92% occupied at the time of sale. Broker Sean Beuche assisted in the transaction.

  • The two-property Jonestown Self Storage portfolio in Jonestown, Pennsylvania, comprises a combined 42,380 rentable square feet in 266 units. The properties were 95% occupied at the time of sale. Both facilities underwent renovations in 2021 and 2022.

  • Old Town Storage at 3801 Wabash Blvd. in Winston-Salem, North Carolina, comprises 7,200 net rentable square feet in 75 units and 40 vehicle-storage spaces. It was built in 1995 and has room for expansion. The seller was an LLC. M&M broker Ben Yelm assisted in the transaction.

  • Premier Storage at 313 Boyle St. in Akron, Ohio, comprises 21,200 rentable square feet in 148 units.

New Sources:
Arkansas Business Online, Interstate-630 Business Park Building Sold for $3.5 Million
Business Wire, Strategic Storage Growth Trust III Inc. Acquires Self-Storage Property in the Cape Coral-Fort Myers-Naples, Florida Market
Newswire, Padlock Partners UK Fund III Completes Acquisition of Southend-On-Sea Self-Storage Property
PR.com, The Gorden Companies Announces Sale of Foothill Mini Storage in Boulder City, NV
TB&P, Little Rock Business Park Sells for $3.5M

Previous Sources:
Multi-Housing News, Michigan Self Storage Changes Hands
REBusiness Online, Marcus & Millichap Arranges Sale of 532-Unit Self-Storage Facility in Lockhart, Texas
REJournals, Marcus & Millichap Sells 41,600-Square-Foot Storage Facility in Lansing
Arkansas Business, Modern Storage Sale Closes at $8.8 Million
Business Wire, KKR Sells Four Self-Storage Properties

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