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Self-Storage Real Estate Acquisitions and Sales: November 2020

Update 11/25/20 – 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 November 2020.

All American Self Storage in Palmdale, Calif., sold. The 5-acre property at 38910 30th St. E. comprises 62,500 net rentable square feet of storage in 630 units. The seller was represented by The Hatcher Group of M&M.

America’s Best Storage in Tucson, Ariz., sold to Phoenix-based 535 Wilmot Investors LP for $3.2 million as part of a 1031 Exchange. The facility at 7475 E. Old Vail Road comprises 70,240 net rentable square feet in 330 units. The buyer was represented in the transaction by Denise Nunez, senior vice president, and Victoria Filice, associate, for NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.

Banana River Self Storage in Merritt Island, Fla., sold. Built in 2001 on 4 acres, the facility at 900 N. Banana River Drive comprises 16,825 net rentable square feet in 210 units. The property also offers 116 boat/RV spaces and has a boat wash. It’s near boat ramps, with access to the Banana River and Atlantic Ocean. The seller, an LLC, and buyer were represented in the transaction by Gabriel and Nathan Coe, Brett R. Hatcher, and Meir D. Perlmuter with M&M.

A two-property Bell Mini Storage portfolio in Killeen, Texas, sold to an LLC. The properties at 442 N. Roy Reynolds Drive and 5904 E. Veterans Memorial Blvd. together comprise 99,440 net rentable square feet. About a mile apart, they offer a total of 570 self-storage units, 137 enclosed parking spaces, 10 offices, 11 tractor-trailer spaces and 72 outdoor parking spots. The buyer and seller, also an LLC, were represented in the transaction by Gabriel Coe, Hatcher, Brian Kelly and Tyler Ranft of M&M.

County Line Security Storage in Brighton, Colo., sold to NitNeil Partners for $4.6 million. Built on 4 acres at 850 Baseline Road, the facility comprises 64,850 net rentable square feet in 450 units. The site includes 13 single-story buildings. It was built in 1998 and expanded in 2001. The property will be managed by CubeSmart and branded under its name. NitNeil is an Atlanta-based investment firm that owns 24 self-storage facilities in 11 states comprising 1.5 million net rentable square feet. The property is NitNeil’s first in the Denver metro area.

Dakota Mini Storage in Hastings, Minn., sold to a regional group of buyers for $1.4 million. The facility at 2699 Commerce Drive comprises 14,550 rentable square feet of self-storage and 3,354 square feet of warehouse and office space. The seller was represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties. Flannigan and Ihrke also procured the buyers.

BCORE Storage Weber LLC, an East Coast-based institutional equity firm, acquired Fig Garden Self-Storage in Fresno, Calif., for $7.1 million. The 3.4-acre property at 5090 N. Weber Ave. comprises 70,273 square feet in 543 units. The seller, Fig Garden Self-Storage Park LLC, was represented in the transaction by Beasley, Elliott, Mele and Greg Wells of the Self-Storage Advisory Group of Cushman & Wakefield.

Garage Plus Self Storage in Spanaway, Wash., sold to a Washington-based LLC for $14.1 million. Built on 8.25 acres, the facility at 21607 Mountain Highway E. comprises 107,820 net rentable square feet in 218 units. In addition to traditional units, the property offers garage-sized spaces. The site’s active-use permit allows tenants to work on vehicles, maintain workshops and operate small businesses. Amenities include vehicle lifts for rent, plus a car wash, pressure-washing station and RV dump station. The deal included an adjacent, 12.6-acre parcel. The seller, a private investor, was represented in the transaction by Christopher R. Secreto, senior managing director of investments and an executive director of the National Self-Storage Group for M&M.

GoodFriend Self-Storage Briarcliff in Briarcliff Manor, N.Y., sold. The facility at 588 N. State Road comprises 50,513 square feet in 561 units. The seller was represented in the transaction by the Newmark Self Storage Group, an entity of commercial real estate firm Newmark Group Inc.

The Grove Mini Storage in Hattiesburg, Miss., sold for $3 million to an LLC. The facility at 2543 Oak Grove Road contains three buildings comprising 44,225 square feet in 300 units. It’ll be managed by CubeSmart. The buyer and the seller, a partnership, were represented in the transaction by Jake Payne, associate, and Eddie Greenhalgh, first vice president of investments and director of the National Self Storage Group for M&M.

Keepsake Storage in Powells Point, N.C., sold to an out-of-state buyer. Built on 2.8 acres at 128 Freedom Ave., the facility comprises 152 units in six buildings. It also offers boat/RV storage. The seller was represented in the transaction by Michael Morrison, associate broker for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Medina Lake Mini Storage in Lakehills, Texas, sold to a local investor. The facility at 11277 PR 37 comprises 15,380 square feet in 91 units. The local seller was represented in the transaction by Brett Jackson, investment associate, and Adam Schlosser, senior vice president of investments, for The LeClaire-Schlosser Group of M&M.

Permian Storage in Odessa, Texas, sold. The facility at 525 W. 42nd St. comprises 15,513 square feet in 123 units. The seller, an LLC, was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for M&M.

Park Slope Self Storage in Brooklyn, N.Y., sold for $6.5 million to Insite Property Group, the parent company of SecureSpace Self Storage. The facility at 88 9th St. comprises 40,200 square feet and 300 units. The seller, Charles Devito of Chuck Realty Corp., was represented in the transaction by David Marciano and Alexandra Rossland of Westbridge Realty Group, a real estate investment sales and advisory firm based in New York City.

Self Storage Plus in Lanham, Md., sold to InSite Property Group. The facility at 10108 Greenbelt Road, a quarter mile from the Goddard Space Flight Center, comprises 100,799 square feet of self-storage in addition to outdoor boat/RV spaces. The 9-acre property houses one building built in 1967 and another constructed in 1988. Extensive renovations are planned to the facility’s exterior, office and security system. The location is the company’s first in the Washington, D.C., metro area, and will be rebranded as SecureSpace.

SVT Self Storage in Galt, Calif., sold for $2.3 million to a private, local investor. The facility at 460 Industrial Drive sits on 1.86 acres and comprises 34,350 square feet. The buyer and the seller, also a California-based private investor, were represented in the transaction by Secreto and Tru Petrilli, investment specialist, for M&M.

West Bellfort Self Storage in Houston sold to a Dallas-based LLC. The 4.3-acre property at 9831 W. Bellfort Blvd. comprises 42,925 net rentable square feet in 350 units. The buyer and the seller were represented in the transaction by Knobler and LeClaire.

A 1.68-acre development site in Venice, Fla., sold. The property at 2988 Executive Drive has site-plan approval for a four-story self-storage facility comprising 77,500 net rentable square feet in 797 units. The buyer and seller, an LLC, were represented in the transaction by Gabriel and Nathan Coe, and Hatcher, of M&M.


11/12/20 – 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 November 2020.

A two-property A-AAA Key Mini Storage portfolio sold to Merit Hill Capital LP. The facility at 4317 N.W. 39th St. in Oklahoma City, Okla., comprises 50,550 net rentable square feet in 433 units. The property at 5104 Jefferson Highway in Harahan, La., comprises 39,150 square feet in 402 units. The seller, a private owner based in Texas, was represented in the transaction by The LeClaire-Schlosser Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide. Its portfolio comprises 130 properties in 30 states.

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, acquired Central Blvd. Mini RV and Boat Storage in Brownsville, Texas, from a private investor. It’ll be rebranded as Move It Storage. The facility at 2315 Central Blvd. features eight single-story buildings comprising 37,430 net rentable square feet. It also has adjacent land for expansion. The seller was represented in the transaction by Johnny Blue Craig, regional director, Austin McLeod, associate, and Bill Pedersen, market leader, for Matthews Real Estate Investment Services. NSAT has ownership interest in 742 storage facilities in 35 states and Puerto Rico.

Norway-based Self Storage Group ASA (SSG) agreed to acquire a leasehold property it operates in Hvidovre, Denmark, under the City Self-Storage name. Near the Copenhagen city center, the facility comprises 2,600 rentable square meters. City Self-Storage has rented the site since 2005, but SSG views the property as a long-term strategic fit for its freehold portfolio, which it’s actively growing in selected markets, according to Fabian Søbak, CEO of SSG. The DKK 25.9 million deal is expected to close during the fourth quarter. SSG operates 115 facilities across Scandinavia under the City Self-Storage and OK Minilager brand names. Its portfolio comprises 146,200 square meters.

HPI Real Estate Services & Investments purchased a CubeSmart-managed facility in Lantana, Fla. Built in 2018, the facility at 420 N. Fourth St. comprises 72,910 square feet in 752 units. The transaction is the first in the company’s new self-storage acquisition fund, which aims to acquire more than $125 million of assets in the next year. The seller, Florida-based Acorn Mini Storage, was represented in the transaction by Richard Riddle, vice president, and Zack Urow, senior vice president, of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. CubeSmart is a self-storage REIT that owns or manages 1,266 self-storage facilities across the United States. Its operating portfolio comprises 85 million square feet. HPI provides asset and property management, commercial development, and tenant-advisory services.

Strategic Storage Growth Trust II Inc. (SSGT II), a private REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired Guardian Self Storage in Olympia, Wash., a suburb of Seattle. The facility at 2900 93rd Ave. S.W. comprises 92,500 square feet in 660 units. It’s SSGT II's second acquisition in Greater Seattle and the fifth owned or managed by SmartStop in the market. SSGT II owns nine storage facilities comprising 730,000 net rentable square feet in 7,000 units.

GYS Development LLC acquired four facilities in Georgia, North Carolina and Texas. Hollywood Self Storage at 659 E. Robinson Ave. in Grovetown, Ga., comprises 69,298 square feet in 486 units. It was purchased from a local owner. The facilities branded as Extra Space Storage at 5197 McCart Ave. in Fort Worth and 304 W. Airport Freeway in Irving, Texas, comprise 141,630 square feet in 1,431 units. The seller was Merit Hill Capital. Charwill Self Storage at 2171 Gavintown Road in Lumberton, N.C., contains 59,389 square feet in 353 units. The seller was also a local owner. All the facilities will be rebranded as Blue Sky Self Storage. GYS partnered with All Pro Capital Inc. for sourcing debt and equity for the Georgia and Texas acquisitions. GYS specializes in self-storage acquisitions and development, and co-manages the Blue Sky Self Storage brand. It’s a division of Grow Your Storage LLC, a Texas-based property-management firm.

A Phoenix facility managed by REIT Life Storage Inc. sold to a joint venture between Artemis Real Estate Partners and Barker Pacific Group (BPG). Built in 2019 on 2 acres at 3325 N. 16th St., the three-story facility comprises 94,450 square feet in 935 units. This is the 13th self-storage acquisition for the joint venture, which has three more Phoenix-area properties under contract. The seller, Hawkins Co. Commercial Developers, was represented in the transaction by Devin Beasley, Luke Elliott and Mike Mele of 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.

Lockwood Landing Self Storage in Sparks, Nev., sold to a Northern California-based operator for $5.5 million. The facility at 80 Menezes Way comprises 49,100 net rentable square feet of self-storage and 28,865 rentable square feet of industrial space. Built on 8.75 acres, the site consists of six self-storage buildings and three industrial buildings, along with a manager’s office and residence. The seller was represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group, which specializes in self-storage real estate in California and Nevada.

Muncie Mini Warehouses in Muncie, Ind., sold to Storage Express. The facility at 2601 N. Granville Ave. comprises 70,000 square feet in 600 units. Planned renovations include new access control, high-definition cameras, LED lighting and 24/7 rentals. Based in Bloomington, Ind., Storage Express operates 111 facilities in Illinois, Indiana, Kentucky, Ohio and Tennessee.

Old Route 36 Mini Storage in Riverton, Ill., sold. The facility at 6678 Old Route 36 comprises 45,000 net rentable square feet in 290 units. Built in 2003, the property was expanded in 2019 to add 40 RV parking spaces. The property has additional room for future expansion. The deal was brokered by The Hatcher Group of M&M.

West Bellfort Self Storage in Houston sold to a Dallas-based limited liability company (LLC). Built in 2008 on 4.35 acres, the facility at 9831 W. Bellfort Blvd. comprises 42,925 square feet in 350 units. The site houses eight single-story buildings, along with a manager’s office and residence. The seller, a Houston-based LLC, was represented in the transaction by Dave Knobler and Charles “Chico” LeClaire of The LeClaire-Schlosser Group of M&M.

StorAmerica Self Storage acquired a new property in Glendale, Ariz., at Certificate of Occupancy from GYS, the developer. The three-story facility at 5205 N. 99th Ave. comprises 102,300 gross square feet in 732 units. GYS partnered with All Pro Capital on sourcing debt and equity. StorAmerica is a subsidiary of Guardian Storage Centers, a privately held corporation based in Irvine, Calif. Guardian and its affiliates own and operate more than 75 properties and 4.9 million square feet of space in Arizona, California and Nevada.

SSGT II purchased a newly built property in Las Vegas. The facility at 5730 S. Durango Drive comprises 99,300 square feet in 950 units. It’s the company’s first acquisition in Las Vegas and the ninth owned or managed by SmartStop in the market.

StorageVault Canada Inc. has agreed to acquire 14 storage facilities and a vacant lot from six vendor groups for $220 million. Two of the acquisitions, totaling $30 million, are with Access Self Storage Inc. and its affiliates. Expected to close by year’s end, the transaction is subject to customary adjustments. Nine of the properties are in Ontario, with two each Alberta and Quebec, and one in Novia Scotia. Two sites are in lease-up, and two are scheduled to open soon. Following the acquisition, StorageVault will own or manage 209 facilities storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Nova Scotia.

New Sources: 
Commercial Property Executive, InSite Property Group Acquires 1st DC-Area Storage Asset
Commercial Property Executive, NitNeil Partners Acquires Denver Storage Property
Connect New York, Storage Facility Trades in Gowanus
Mississippi Business Journal, Hattiesburg Self-Storage Facility Sells for $3 Million
PR Newswire, InSite Property Group Acquires Self Storage Plus in Lanham, Maryland
REBusiness Online, Marcus & Millichap Brokers Sale of 350-Unit Self-Storage Facility in Houston
REBusiness Online, NitNeil Partners Acquires Self-Storage Facility in Metro Denver

Previous Sources:
Commercial Property Executive, Matthews Brokers South Texas Self Storage Sale
Digital Journal, StorageVault to Acquire 14 Storage Locations for $220 Million
Fox 5, Strategic Storage Growth Trust II, Inc. Acquires Storage Facility in Las Vegas, Nevada
PR Newswire, Strategic Storage Growth Trust II, Inc. Acquires 660-Unit Storage Facility in Seattle, Washington Suburb
REBusiness Online, HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County
Commercial Property Executive, Hawkins Cos. Sells Phoenix Storage Asset for $14M
MarketScreener, Self Storage Group ASA: Acquisition of property in Copenhagen, Denmark

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