Self-Storage Real Estate Acquisitions and Sales: November 2019

Update 11/27/19 – 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 November 2019.

Affordable Self Storage in Silverdale, Wash., sold to a local LLC for $4.35 million. The facility at 7979 Provost Road N.W. comprises 30,325 square feet on 1.28 acres. Secreto of M&M represented the seller, a Washington-based LLC, in the transaction and secured the buyer.

Byram Mini Storage in Byram, Miss., sold to an unidentified LLC. The facility at 3247 Davis Road was built in 2004 and sits on just over an acre. It comprises 28,450 net rentable square feet in 192 units. The seller, also an LLC, was represented in the transaction by Coe, Hatcher and Brian Kelly, an investment specialist with M&M. Coe and Hatcher also secured the buyer. Fellow M&M Broker Mickey Davis assisted.

Camp Verde 24 Hour Storage in Camp Verde, Ariz., sold for $2 million to out-of-state buyers for whom this was a first industry acquisition. The facility at 603 Industrial Drive was built in 1985 and sits on 2.38 acres. It comprises 176 units and a manager’s residence. The seller, 603 Industrial LLC, was represented in the transaction by Denise Nunez, senior vice president of NAI Horizon, a commercial real estate company with offices in Phoenix and Tucson, Ariz. The buyers were represented by Don Arsenault, a broker with Don Arsenault Realty LLC.

Strategic Storage Growth Trust II Inc., a private REIT sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc., acquired Clock Tower Self Storage in Mill Creek, Wash. The facility at 16618 Bothell Everett Highway was built in 2003 and sits on 7.5 acres. It comprises 65,400 net rentable square feet in 660 units and six vehicle-storage spaces.

Global Self Storage Inc., a REIT that acquires, manages and owns 13 facilities in eight states, acquired Erie Station Storage in West Henrietta, N.Y., for $6.2 million. The facility at 70 Erie Station Road features seven buildings comprising 46,850 net leasable square feet in 458 units. It also has land for expansion and an approved permit to construct 7,300 net leasable square feet of space.

Atlantic Investors Group sold its LifeStorage-branded facility in St. Augustine, Fla. to Compass Self Storage, a member of the Amsdell family of companies. Opened in 2018 on 5.2 acres, the property at 250 Sandy Creek Parkway comprises more than 86,000 net rentable square feet in four buildings. Planned enhancements include smart locks, individual-unit access control and high-definition video cameras. The location is the company’s 22nd in Florida and 91st nationwide. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928.

Safeguard Self Storage and an unidentified, adjacent storage property in Thornwood, N.Y., sold to a California-based self-storage operator for $22.3 million. The unnamed property at 401 Clairmont Ave. was converted to self-storage from a 55,000-square-foot warehouse. Combined, the two facilities comprise 773 units. The seller was a local developer. Founded in 1989, Safeguard operates more than 70 facilities across six states. The deal was brokered by Hans Hardisty and Nick Malagisi of SVN Commercial Realty.

SafeGuard Storage North in Madera, Calif., sold to an unidentified buyer for $3.9 million in a 1031 exchange. The facility at 2809 N. Schnoor St. comprises 29,550 square feet on 4.72 acres. Secreto of M&M represented the buyer and helped with the swap from apartments.

Scott Storage in North Little Rock, Ark., sold to Arkansas Storage Centers VII LLC. The facility at 8007 Counts Massie Road is near a new interchange for Interstate 40. Brokered by Argus affiliate Larry Goldman, the deal was part of an acquisition and debt consolidation with the company’s six other self-storage properties in Central Arkansas.

Self-storage REIT CubeSmart acquired Select Space Storage in Prior Lake, Minn. The facility at 4370 Fountain Hills Drive sits on 3.5 acres and comprises 70,914 square feet. The seller was represented in the transaction by Ryan Clark and Richard Riddle, brokers with SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. CubeSmart owns or manages 1,165 self-storage facilities across the United States. Its operating portfolio comprises 78.8 million square feet.

Tucker Road Storage in Liberal, Kan., sold to STL Horizon and is the company’s third self-storage acquisition in the western half of the state. The facility at 811 East Tucker Road was built in 2011 on 4.14 acres and comprises 60,010 net rentable square feet. It has been expanded three times. The transaction was brokered by Goldman of Argus.

A national REIT purchased the three-property United Stor-All Self Storage portfolio in Florida. Together, the facilities comprise 212,438 net rentable square feet in 2,008 units. The properties are at 7400 W. Colonial Drive in Orlando, 965 S. Semoran Blvd. in Winter Park, and 1007 Willa Springs Drive in Winter Springs. The seller, a Denver-based LLC, was represented in the transaction by LeClaire and Schlosser.


11/18/19 – 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 November 2019.

Moove In Self Storage, which operates 33 locations in Connecticut, Maryland, Massachusetts, New Jersey, New York and Pennsylvania, acquired the five-property A to Z Storage portfolio in Easthampton, Northampton and Southampton, Mass. Together, they include 33 structures comprising 124,000 square feet in more than 930 units. The sites will be operated from a rental office at 165 Northampton St. and managed by Investment Real Estate Management LLC.

Advantage Storage in Fort Worth, Texas, sold to an unidentified partnership. The facility at 8065 Old Decatur Road comprises 79,525 square feet in 497 units and six climate-controlled “office warehouses.” Built on 4.9 acres, it also has 25 parking spaces. The deal was brokered by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M.

A two-property portfolio comprising Cordelia Self Storage in Fairfield, Calif., and Vacaville Self Storage in Vacaville, Calif., sold to a private affiliate of Storage Star Self-Storage for $21.65 million. The Cordelia facility at 301 Lopes Road comprises nearly 70,000 square feet, while the Vacaville property at 170 Bella Vista Road encompasses more than 72,600 net rentable square feet. Both sites will be rebranded under the Storage Star name. The deal was brokered by Dean Keller, president of Bancap Self Storage Group Inc., a real estate firm with more than $1.4 billion in storage sales. Storage Star operates 21 facilities in California, Colorado, Texas, Utah, Washington and Wyoming.

Eastside Self Storage in North Bend, Wash., sold to Merit Hill Capital LP for $12.7 million. The property at 1410 Boalch Ave. N.W. comprises 361 units. The seller was GDB Development LLC. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide.

Hansen Storage in Logan, Utah, was sold. The facility at 1115 W. 200 N. sits on 2.3 acres and comprises 37,988 square feet in 242 units and 20 outdoor vehicle-parking spaces. The seller, the Hansen Family Trust, was represented in the transaction by Jordan Farrer, investment associate, and Adam Schlosser, senior vice president of investments, for M&M.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., purchased Inbox Storage in Randstad, The Netherlands, for €6.7 million. The three-story facility comprises nearly 38,000 square feet in 575 units. Shurgard operates 236 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

Kane Properties Corp. sold one of its Kane Self Storage properties in Marlborough, Mass., to MHC 75 Marlborough MA LLC, an affiliate of Merit Hill Capital, for $7 million. The facility at 800 Bolton St. comprises 55,000 square feet across a dozen buildings. It was built on six acres in 1986. Based in Hudson, Mass., Kane still operates three other self-storage locations in the city.

Kite Ranch RV Storage in Lemoyne, N.E., sold to a first-time self-storage buyer. The facility at 299 NE-92 is near the entrance to Arthur Bay-Lake McConaughy and includes land for expansion. Acquisition financing was provided by Western States Bank. The seller was represented in the transaction by Mark Billingsley, an agent of Hike Real Estate, and Joan Lucas, owner of Joan Lucas Real Estate Services, an Argus broker affiliate.

Platinum Storage Group purchased two facilities in Spring Hill, Tenn. Port Royal Storage at 3797 Old Port Royal Road contains 105,515 square feet of rentable space in 697 units. Spring Hill Mini Warehouses at 1212 School St. comprises 43,400 square feet of rentable space in 336 units. Platinum was represented in the transaction by Ty Hasty, owner of Great South Real Estate and Development LLC. Founded in 1999 and headquartered in Newport Beach, Calif., Platinum is a privately held commercial real estate company specializing in self-storage development, acquisitions and management. Its portfolio comprises 2.5 million square feet.

The Storage Company in Nampa, Idaho, sold to Watchman Properties, a Utah-based real estate investment and development firm. The facility at 820 7th St. N. contains 963 units and 147 outdoor vehicle-parking spaces. It also contains 4.5 acres of undeveloped land. The seller, a local family, was represented in the transaction by Farrer and Schlosser. Fellow M&M Broker Andrew Helm procured the buyer.

Luke Gomez, CEO of Gable Construction LLC, purchased a Baton Rouge, La., self-storage facility for $260,000. The 70-unit property on Dallas Drive includes office and warehouse space. The seller was represented in the transaction by brokerage firm Elifin Realty. The buyer was represented by Brent Struthers, a broker with Beau Box Commercial Real Estate.

Strategic Storage Trust IV Inc. (SST IV), a public, non-traded REIT sponsored by SmartStop Self Storage REIT Inc., acquired four newly constructed facilities in the Southeast. The portfolio includes 9800 Ardrey Kell Road and 7307 University City Blvd. in Charlotte, N.C.; 2307 Hydraulic Road in Charlottesville, Va.; and 1071 Marshall Farms Road in Ocoee, Fla. Together, they comprise 326,000 square feet in 3,500 units. The acquisition marks the company’s entry into the North Carolina and Virginia markets. SST IV owns 21 self-storage facilities comprising 1.8 million net rentable square feet. SmartStop owns or manages 138 self-storage facilities in Toronto and the United States. Its portfolio comprises about 10.4 million net rentable square feet.


11/6/19 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.

New Sources:
Commercial Property Executive, Compass Self Storage Grows Florida Portfolio
KHQ, Strategic Storage Growth Trust II, Inc. Acquires 660-Unit Self Storage Facility in Seattle, Washington Suburb
PR Newswire, Compass Self Storage Acquires State-of-the-Art Storage Center in Jacksonville, FL
REBusiness Online, SkyView Advisors Brokers Sale of 70,914 SF Self-Storage Facility in Metro Minneapolis
REBusiness Online, SVN Commercial Arranges Sale of Two Self-Storage Facilities Totaling 773 Units in Thornwood, New York
Yahoo Finance, Global Self Storage Completes Acquisition of 458-unit Property in West Henrietta, New York

Previous Sources:
Business Report, Roundup: Garden District Barbeque / Testronic Facility /Storage Facility Bought
Commercial Real Estate Direct, Self-Storage Property in North Bend, Wash., Sold for $12.7Mln
CoStar, GDB Development Sells Eastside Self Storage in North Bend
PR.com, Solano County Self Storage Portfolio Sold
PR Newswire, Strategic Storage Trust IV Acquires Four-Facility Self Storage Portfolio in North Carolina, Virginia and Florida
Worcester Business Journal, Kane Family Sells Marlborough Self-Storage Facility for $7M
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

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish