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Self-Storage Real Estate Acquisitions and Sales: November 2019

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 November 2019.

A two-property 24/7 Public Storage portfolio in Rockford, Ill., sold to a private investor. Together, the facilities at 3231 and 4850 N. Main St. comprise 100,623 square feet. The properties are 1.5 miles from each other. The deal was brokered by Sean M. Delaney, senior vice president of investments, and Jeffrey L. Herrmann, investment associate, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

A Storage Place in Savannah, Ga., sold to a national private-equity group. It’ll be rebranded as Storage Sense. The facility at 111 Tibet Ave. contains 10 storage buildings, four retail spaces, seven warehouses, a rental office and a manager’s residence. The buyer and the seller were 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.

All Safe Storage in Seneca, S.C., sold to a local corporation that intends to rebrand it as Greenleaf Self Storage. The facility at 600 Shiloh Road comprises eight single-story buildings. It’s near the Oconee County Airport and several apartment complexes. The buyer was represented in the transaction by Michael Morrison, associate broker with Midcoast.

American Self Storage in Harlingen, Texas, was sold. The facility at 2426 E. Tyler Ave. B sits on 6.49 acres, with 3 acres for expansion. Constructed in 2004, it contains six single-story buildings comprising 49,588 net rentable square feet. The seller, a Houston-based 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. Jon Danklefs, senior associate for M&M, represented the buyer.

Common Street Self Storage in Lake Charles, La., sold to a partnership organized and managed by Austin, Texas-based SynerMark Properties Inc. The facility at 2215 Common St. comprises 62,190 square feet in 585 units. The new owners plan extensive renovations and upgrades. A $2.5 million acquisition loan was arranged by Chase Johnson, vice president for NorthMarq Capital LLC, which offers services to commercial real estate investors. SynerMark operates a privately owned investment portfolio comprising industrial, mixed-use, multi-family, office, retail and self-storage properties.

In a partnership with international real estate firm Hines, Trez Capital Corp., a diversified real estate investment firm and provider of commercial real estate debt-financing solutions, acquired a four-building CubeSmart location in Plano, Texas. The seller was Southern Star Capital LLC & Platinum Storage 190 LLC. The facility at 525 N. Ave. comprises 235,400 square feet in 1,603 units and 124 vehicle-parking spaces. The transaction was brokered by Craig Rice, principal of real estate firm CSD Realty Co. Trez has more than $3.5 billion in assets under management, and has provided more than $2.5 billion for the purchase and development of various real estate projects. Founded in 1957, Hines has $124.3 billion in assets under management, and 148 developments underway around the world.

Eastside Self Storage in North Bend, Wash., sold for $12.7 million to an out-of-state institutional buyer. The facility at 1410 Boalch Ave. N.W. comprises 50,055 square feet in 361 units. Built in 2005, it sits on 6.11 acres. The buyer and the seller, a limited-liability company (LLC), were represented in the transaction by Christopher R. Secreto, senior managing director of investments for M&M.

Fortress Self Storage in Bakersfield, Calif., sold to Westport Properties Inc. (WPI), which operates the US Storage Centers brand. The facility at 3813 Mesa Grande St. comprises 118,595 square feet in 649 units and is adjacent to California State Route 99. It’s the second Bakersfield location for WPI, which operates more than 120 self-storage facilities nationwide.

More Space Storage Center in Odessa, Texas, sold to an unidentified LLC. The facility at 6501 Interstate 20 Business E./W. State Highway 80 E. comprises 92,562 square feet in 611 units. The facility sits on 4.95 acres. The seller was listed as Denver-based MCR Real Estate LLC. The deal was brokered by Brandon Karr, senior vice president of the Karr Self Storage Group, an M&M affiliate.

Pan Am Mini Storage in Atlantic Beach, Fla., was sold. The facility at 2383 Mayport Road sits on 4.43 acres and comprises 66,400 rentable square feet in 552 units. The seller was represented in the transaction by Josh Koerner and Frost Weaver, brokers with Weaver Realty, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

Savoie Self Serve Storage in Clarkston, Mich., sold to an unidentified LLC. Built in 1988, the facility at 9650 Dixie Highway comprises 38,580 square feet on 9 acres. It’s situated on a corner lot across from a retail center. The buyer and seller were represented by Thomas Berlin and Zachary Munce of M&M.

Shallotte Secure Storage and Shallotte Storage Space in Shallotte, N.C., sold to Valley Storage Co. Together, the properties at 230 Mulberry St. and 220 S. Willis Drive comprise 99,600 net rentable square feet. They’ll be rebranded under the Valley Storage name and managed by Storage Asset Management Inc., a property-management and consulting firm. Based in Hagerstown, Md., Valley owns 30 self-storage facilities in Maryland, North Carolina, Ohio, Pennsylvania, Virginia and West Virginia.

Phoenix-based U-Haul International Inc. acquired StorGard Self Storage in Buford, Ga. The facility at 3556 Buford Drive contains 703 indoor units. Established in 1945, U-Haul owns and manages more than 62.5 million square feet of storage space nationwide.

Storage Zone Self Storage and Business Centers acquired Tifton Mini Storage in Tifton, Ga. The facility at 806 Avondale Ave. sits on 6 acres and comprises 76,800 net rentable square feet. The seller was represented in the transaction by Commercial Realty Services of West Georgia, an Argus affiliate. Florida-based Storage Zone operates 31 facilities in Florida, Georgia and South Carolina.

Stowaway Mini Storage in Lacey, Wash., sold to an unidentified buyer for $2.6 million in a 1031-exchange transaction. The 91,100-square-foot facility encompasses two non-contiguous parcels at 927 Bowker St. S.E. and 5235 Lacey Blvd. It’s about a half-mile from St. Martin’s University. The seller was represented in the deal by Secreto. Matt Gardner, a multi-family brokerage specialist for M&M, secured the buyer and helped with the 1031 exchange from apartments.

U-Lock-It Mini Storage in Bloomington, Ill., sold to an LLC. The facility at 2427 S. Main St. sits on 6.35 acres and comprises 69,110 net rentable square feet in 553 units. The buyer and the seller, a private investor, were represented in the transaction by Delaney.

United Storage in Pinehurst, Texas, sold to an unidentified buyer. The facility at 35615 FM 149 Road comprises 20,960 square feet. The seller, a private investor, was represented in the deal by Knobler and Casey Kral, an associate with M&M.

West Thunderbird Mini Storage in El Mirage, Ariz., sold for $4.1 million. Built in 2002, the facility at 12500 W. Thunderbird Road comprises 45,230 square feet in 400 units. The buyer and the seller were represented in the transaction by Paul Boyle and Rick Danis, brokers with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

The two-property Whirlwind Storage portfolio in Charleston and Hurricane, W.V., sold to a private-equity group. Together, the facilities on Hansford Street and Self Storage Drive, respectively, total more than 84,000 net rentable square feet in 790 units. Opened in 2017, the Charleston facility sits on 1 acre and includes five buildings. The Hurricane location, opened in 2012, sits on 11 acres and contains 12 storage buildings. The seller, Tom Good, was represented in the transaction by Yevgeni Kaniayev, brokerage advisor for Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Sources:
Benzinga, Self Storage in Savannah, GA Sold by Midcoast Properties, Inc.
REBusiness, Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Washington
REBusiness Online, Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona
Dallas News Morning News, Plano Warehouse Campus Sells to Investors
Connect Texas, Trez Capital-Hines Partnership Acquires 235K-SF Self-Storage Facility
New Kerala, U-Haul Acquires Former StorGard Self-Storage Facility in Buford
RE Journals, Marcus & Millichap Arranges Sale of Bloomington, IL Self-Storage Facility
Benzinga, US Storage Centers Acquires Self Storage Facility in Bakersfield, California
Connect Texas, 611-Unit More Space Storage Center Changes Hands

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