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Self-Storage Real Estate Acquisitions and Sales: November 2021

Update 11/23/21 – 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 2021.

Andover Properties LLC, which operates the Storage King USA brand, purchased 1st Defense Storage in Corpus Christi, Texas. Built in 2017, the facility at 3205 Rodd Field Road comprises 73,300 net rentable square feet in 673 climate-controlled, drive-up and vehicle-storage units. Storage King operates three facilities in the city and 33 in the state. Established in 2003, New-York based Andover owns and manages 111 storage properties in 16 states, comprising 8.3 million rentable square feet.

A-1 Greencastle Self Storage in Greencastle, Pennsylvania, sold. Built in 2005 and expanded this year, the facility at 500 Buchanan Trail W. comprises 71,426 rentable square feet in 375 units, 17 vehicle-storage spaces and three commercial spots. It was 95% occupied at the time of sale and includes a billboard. The seller was represented in the transaction by The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

A two-property portfolio consisting of AAA Mini Storage in Waterford Township and The Space Place Self Storage in Pontiac, Michigan, sold. Combined, they comprise 106,143 net rentable square feet in 693 units. The seller was represented in the transaction by The Hatcher Group of M&M.

Accessible Self Storage in Winston-Salem, North Carolina, sold to Manheim, Pennsylvania-based Walkertown Self Storage for $1.15 million. Built on 4.29 acres, the seven-building facility at 5020 Old Walkertown Road comprises 15,409 square feet.

The Boat Rack in Nashville, Tennessee, sold to BlueGate Boat & RV Storage. Built in 2012 on 8.5 acres, the facility at 1360 Pleasant Hill Road comprises 108,502 rentable square feet in 234 units. It was 98% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M. Based in Charlotte, North Carolina, BlueGate is an affiliate of Madison Capital Group LLC, which launched in October. It’s pursuing 10 other deals in the Southeast. Madison also operates the Go Store It self-storage brand.

Bowman Storage in Lawton, Oklahoma, sold to a local buyer. The facility at 7009 N.W. Cache Road comprises 98,000 rentable square feet. The seller was represented in the transaction by Jared Jones, an affiliate broker of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Dry Dockers Boat & RV Storage in Houston sold to a local limited-liability company (LLC). The 4.73-acre property at 7603 Wright Road comprises 80,305 square feet of vehicle storage. The buyer and the seller, also an LLC, were represented in the transaction by Dave Knobler, senior vice president of investments for M&M.

A Bothell, Washington, self-storage facility managed by Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and management company, sold for $26 million. The property at 17811 Bothell Everett Highway was owned by MC Mini-Storage LLC, which is associated with Azose Commercial Properties.

An Annapolis, Maryland, self-storage facility managed by Extra Space sold to Phoenix-based U-Haul International Inc. The 3.95-acre property abuts an existing U-Haul location. It comprises 44,139 square feet in 908 units. Established in 1945, U-Haul owns and manages nearly 71 million square feet of storage space nationwide.

Fargo Space Center in Fargo, North Dakota, sold for $725,000. The facility at 1000 36th St. comprises 10,500 rentable square feet in 56 drive-up units and 14 vehicle-storage spaces. The seller was represented in the transaction by Tom Flannigan, Matt Hugen and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate.

Fort Knox Climate Storage in Pendleton, South Carolina, sold. The facility at 6280 U.S. Highway 76 comprises more than 500 units. The buyer 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.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired two Maryland facilities. Golden Ring Mini Storage at 8821 Philadelphia Road in Rosedale and Ritchie Mini Storage at 20 Ertel Road in Glen Burnie comprise a total of 131,345 rentable square feet in 1,407 units and 105 vehicle-storage spaces. Both were managed by Mt. Royal Management. Founded in 1999 and based in Columbia, Missouri, StorageMart is privately owned and operated by the Burnam Family. Its portfolio consists of more than 15 million square feet of storage.

Gulf Freeway Boat & RV Storage in Houston, sold to an out-of-state partnership. The facility at 1208 Dixie Farm Road comprises 35,450 square feet. The buyer and the seller, a private investor, were represented in the transaction by Knobler.

A Denver self-storage facility managed by REIT Life Storage Inc. sold. The facility comprises 78,739 net rentable square feet in 761 units. The seller was represented in the transaction by Ryan Clark, director of investment sales, and Zack Urow, senior vice president, of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage that specializes in self-storage.

Main Plaza Storage in Baytown, Texas, sold to a New York-based buyer. The facility at 4222 N. Main St. comprises 66,500 square feet in 554 units. The buyer and the seller, a private investor, were represented in the transaction by Knobler.

Riverside Storage in Riverside, California, sold. The facility at 3230 Trade Center Drive comprises 41,182 net rentable square feet in 530 drive-up units and vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.

Storage Authority in Land O' Lakes, Florida, sold to a national operator. Opened a year ago, the facility at 6276 Land O' Lakes Blvd. comprises 51,630 net rentable square feet in 478 units. The buyer and the seller were represented in the transaction by Taylor Dooley, senior associate, and Patrick Kidder, president of Meridian Storage Group, a St. Petersburg, Florida, brokerage.

NSA Property Holdings LLC, an affiliate of REIT National Storage Affiliates Trust, acquired a three-property self-storage portfolio in Hot Springs, Arkansas. Together, the facilities comprise 181,952 rentable square feet in 1,013 units. One of the sites is still under construction and expected to be complete in a month. The seller was represented in the transaction by Larry Goldman of Goldman Investment Advisors, an Argus affiliate.

RXR Realty acquired a three-facility self-storage portfolio in Northern New Jersey for $108.5 million. The properties in Clifton, Hillside and Rochelle Park were built between fall 2019 and this summer. Together, they comprise 422,609 gross square feet. The seller was Quinlan Development Group LLC, a privately held real estate investment and development firm. Founded in 2007, RXR is a New York-based real estate development, investment and management firm. It's 74-property portfolio comprises 26.5 million square feet.


11/11/21 – 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 2021.

Alta Vista Storage in League City, Texas, sold to Andover Properties LLC, which operates the Storage King USA brand. The 8.4-acre property at 2615 TX-3 contains two single-story buildings. It comprises 34,100 square feet in 358 climate-controlled units and 16 outdoor vehicle-storage spaces. Andover intends to expand the property by 75,000 square feet. The seller, a Galveston County, Texas-based partnership, was represented in the transaction by Dave Knobler, senior vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments for The LeClaire-Schlosser Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Established in 2003, New-York based Andover owns and manages 111 storage properties in 16 states, comprising 8.3 million rentable square feet.

A four-property self-storage portfolio in Medford and Springfield, Oregon, sold to a California-based limited liability company (LLC). The transaction includes Airport Mini Storage, All Your Treasures, Pad N Lock, and Sky Park Mini Storage. Together, the properties comprise 266,000 square feet in 1,850 units. The sellers were represented in the transaction by Ali Davis, Rennie Dunn, Bruce Garlinghouse and Nathan Sasaki for Apex Real Estate Partners, a Portland, Oregon-based commercial real estate brokerage.

The four-property Byrd’s Mini Storage portfolio in Gainesville, Georgia, sold for $5.95 million. Located less than 3.5 miles apart, the facilities comprise 72,596 square feet of self-storage, retail and warehouse space. The sale also included an apartment and a billboard with an active lease through September 2029. The seller, a private investor, was represented in the transaction by Stacey Gorman, senior vice president of investments, for M&M. Gorman and M&M Investment Specialist Sam Slocum secured and represented the buyer, an LLC.

Central Self-Storage in Chandler, Arizona, sold for $12.3 million to a partnership between Baranof Holdings, a Dallas-based self-storage developer, and Invesco Real Estate, a global real estate investment manager. Built in 1996, the facility at 641 E. Warner Road comprises 573 units in six single-story buildings, two offices and 10 vehicle-storage spaces. The seller, Pegasus Group, was represented in the transaction by Carl Beardsley, director, and Steve Mellon and Brian Somoza, managing directors with JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers. Based in Walnut Creek, Calif., and founded in 1988, Pegasus operates more than 50 facilities nationwide under the Central Self-Storage brand.

Cherryville Self Storage in Cherryville, Pennsylvania, sold. Built in 1998 at 763 Industrial Court, the facility comprises 58,075 net rentable square feet in 404 units. The seller was represented in the transaction by The Hatcher Group of M&M.

A three-property portfolio in Pflugerville and Round Rock, Texas, sold. It includes two CR 110 Self Storage facilities that are less than a mile apart and Pflugerville Self Storage, which is 5 miles away. Together, they total 488,442 square feet in 1,896 units. The buyer and the seller were represented in the transaction by Gabriel Coe, senior vice president of investments, Brett R. Hatcher, senior vice president of investments, and Brian Kelly, vice president investments for The Hatcher Group of M&M.

A Lawrenceville, Georgia, facility managed by self-storage real estate investment trust (REIT) CubeSmart sold to Snapbox Self Storage. The multi-story building at 5065 Sugarloaf Parkway comprises 95,333 net rentable square feet in 859 units. The seller was represented in the transaction by Ryan Clark, director of investment sales, and Zachary Urow, senior vice president of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage that specializes in self-storage. Snapbox operates more than 25 facilities in nine states.

Cumberland Storage in Tyler, Texas, sold. Built on 2.4 acres, the facility at 8225 S. Broadway Ave. comprises 61,713 square feet in 539 units. The site includes a single-story structure at the rear of the property that was converted from a former roller rink in 2012 and a three-story building at the front that was constructed in 2016. The seller, a local LLC, was represented in the transaction by Knobler and LeClaire of The LeClaire-Schlosser Group of M&M.

Two Miami facilities managed by REIT Extra Space Storage Inc. were acquired by REIT Life Storage Inc. for $43.5 million. The seller was an affiliate of Kirchhoff Cos., a New York-based real estate developer, investor and manager. The eight-story, 142,207-square-foot building at 201 N.W. 37th Ave. was built in 2018. The 0.7-acre lot purchased in 2016 for $1.3 million was just purchased for $22.5 million. The four-story, 104,061-square-foot facility at 6850 S.W. 81st Terrace was purchased by Kirchoff in 2017 for $8.7 million. The 1.8-acre property was just acquired for nearly $21 million. Based in Buffalo, New York, Life Storage operates more than 1,000 self-storage facilities totaling more than 74 million square feet.

A facility managed by Extra Space in Sugar Land, Texas, also sold. Built in 1999 on 5.3 acres, the site comprises 73,700 square feet in 666 units and 39 vehicle-storage spaces. It encompasses five single-story buildings and a two-story manager’s office/residence. The seller, a Texas-based partnership, was represented in the transaction by Knobler and LeClaire of M&M.

Freedom Self Storage in Fort Walton Beach, Florida, sold. The facility at 1500 Freedom Self Storage Road comprises 96,960 rentable square feet in 768 units and nine retail spots. The property also has 42 vehicle-storage spaces. The seller, an LLC, was represented in the transaction by Gabriel Coe, Jonathan M. Fawley and Hatcher for M&M. The brokers also secured the buyer.

Goldkey Self Storage in Placerville, California, sold in an off-market transaction. Built on 8.34 acres in 1979, the facility at 4040 Stage Court comprises 119,180 net rentable square feet in 588 units. The buyer was represented in the transaction by Christopher R. Secreto, senior managing director of investments for M&M. He was assisted by fellow M&M broker Daniel Kapic.

Ideal Self Storage in Howell, Michigan, sold to Compass Self Storage, a member of the Amsdell family of companies. The facility at 1370 W. Highland Road comprises 52,000 square feet in 408 units. The seller, an individual owner, was represented in the transaction by LeClaire and Adam Schlosser, senior vice president of investments, for M&M. Headquartered in Cleveland, Compass operates about 100 self-storage facilities nationwide.

John Fayard Self Storage in Gulf Shores, Alabama, sold to USA Storage Centers, which operates 27 locations in the South. Built in 2019 on 3 acres, the facility at 21371 Coastal Gateway Blvd. comprises 48,075 net rentable square feet in 418 climate-controlled units. The seller, a limited-liability company (LLC), was represented in the transaction by Coe, Jonathan M. Fawley and Hatcher, investment specialists with The Hatcher Group of M&M. They were assisted by fellow M&M broker Eddie Greenhalgh.

A two-property Keepers Self Storage portfolio in Nyack and Staten Island, New York, sold. The facilities comprise 112,957 rentable square feet in 1,433 units. The seller was represented in the transaction by Clark for SkyView Advisors.

Magnolia Parkway Storage in Magnolia, Texas, sold. Built on 5.3 acres, the facility at 18015 Farm to Market Road 1488 comprises 44,933 square feet in 290 unit, including three office-warehouse spaces. The property includes architectural plans for a 69,365-square-foot expansion. The seller, a family partnership, was represented in the transaction by Knobler and LeClaire for M&M.

Mesa Storage in Odessa, Texas, sold. The facility at 620 Dale St. comprises 16,900 square feet in 133 units. The seller, an individual/personal trust, was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists with M&M.

Middle Island Self Storage in Middle Island, New York, sold for $25 million. Built in 2019 on 5.3 acres, the facility at 901 Middle Country Road was developed and owned by Madison Development and managed by self-storage REIT Public Storage Inc. It contains a two-story building and two single-story structures comprising 74,061 rentable square feet in 726 units. The seller was represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher for M&M.

Mokena Self Storage in Mokena, Illinois, sold to Trojan Storage LLC for $18 million in a Certificate-of-Occupancy deal. Built on 4 acres at 19140 Darvin Drive, the facility comprises 108,724 rentable square feet in 938 units. The site encompasses a three-story building with two single-story wings. The seller, Pine Forest Development LLC, was represented in the transaction by Ashley Compton, national director of Colliers Self Storage Group, which offers self-storage brokerage and advisory services. Trojan operates 31 facilities in California, Illinois, Oregon and Washington.

Muni Storage in Twin Falls, Idaho, sold. Built in 2009 and expanded in 2019, the facility at 485 Grandview Drive comprises 135,445 square feet in 881 units and 97 vehicle-storage spaces, with room for expansion. The seller was represented in the transaction by Curtis Cluff of Cushman and Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. The buyer was represented by Jordan Farrer, senior investment associate, and Schlosser for M&M.

My Storage in Fredericksburg, Virginia, sold to Arcland Property Co. The newly constructed three-story facility at 9600 Cosner Drive was built on 2.39 acres. It’ll be branded and managed by Self Storage Plus, which operates 51 facilities in Maryland, the Virginias and Washington, D.C. Based in Washington, D.C., Arcland is a real estate development and investment firm specializing in self-storage in the Mid-Atlantic states.

My Storage in Oakland, California, sold to a New York-based institutional investment firm. Built on nearly 6 acres in 1975 and expanded in 2004, the facility at 2615 E. 12th St. comprises 89,080 net rentable square feet in 925 units. The buyer and the seller, a California-based LLC, were represented in the transaction by Secreto. He was assisted by M&M broker David Nelson.

Pine Island Storage in St. James City, Florida, sold for $4.1 million to a private investor. Built on 3 acres in phases between 1979 and 2007, the facility at 5111 Doug Taylor Circle contains seven buildings comprising 42,656 square feet, including vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M. The buyer was represented by Michael Morris, a real estate broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Andover acquired Sea Coast Self Storage in Fort Pierce, Florida. The facility at 2448 N. US Hwy 1 comprises 33,000 square feet in 400 units.

Shaw Parkway Storage in Sumter, South Carolina, sold. The facility at 65 Shaw Drive comprises 83,550 net rentable square feet in 490 climate-controlled and drive-up units, plus 81 outdoor vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.

Development and real estate firm InSite Property Group, which operates the SecureSpace Self Storage brand, acquired The Storage Center in Murray, Utah. Built on 5 acres, the facility at 4317 S. Commerce Drive comprises 100,450 rentable square feet and was 99% occupied at the time of sale. It’ll be rebranded as SecureSpace and managed by InSite’s wholly owned management firm. Based in Torrance, California, InSite has 50 facilities operating or under construction. The seller was represented in the transaction by Jordan Farrer, senior investment associate, and Schlosser for M&M.

Storage Made EZ in Evans Mills, New York, sold. Built in 2006 on 10.32 acres, the facility at 26026 U.S. Route 11 comprises 80,004 rentable square feet in 581 units and nine retail spaces. The buyer and seller were represented in the transaction by Luke Dawley, Nathan Coe, Gabriel Coe and Hatcher for M&M.

The Storage Place in Mesquite, Texas, sold to a privately held capital group. The facility at 4809 N. Belt Line Road comprises 73,990 square feet. The buyer and the seller, an LLC, were represented in the transaction by Brandon Karr, an investment specialist with M&M.

Beechcroft Storage LLC, an entity of BC North Partners, acquired Store It Spring Hill in Spring Hill, Tennessee. The facility at 830 Beechcroft Road has been rebranded as Store It Spring Hill. It comprises 37,450 rentable square feet in 284 units and will be managed by Absolute Storage Management, a private, third-party self-storage management company.

Sunny's Self Storage in Katy, Texas, sold to a Texas-based investor. Built on 2.5 acres in two phases in 2001 and 2018, the facility at 1555 W. Grand Parkway N. contains four buildings comprising 93,455 square feet in 622 climate-controlled, drive-up and vehicle-storage spaces. It’ll be managed by Life Storage. The seller, Hetsun Properties, was represented in the transaction by Ryan DeGennaro, associate for NAI Partners, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms. He also assisted the buyer.

Andover purchased a two-property portfolio in Magnolia and The Woodlands, Texas. Together, the facilities at 33110 Egypt Lane and 1626 Sawdust Road, respectively, comprise 189,350 net rentable square feet in 730 climate-controlled, drive-up and vehicle-storage units.

SpareBox Storage acquired four facilities in Rogers, Arkansas, and Austin, Texas, from multiple sellers. Together, they total 700,000 net rentable square feet. Launched in August 2020, SpareBox operates 91 self-storage facilities in eight states. It’s sponsored by Rizk Ventures, which owns and operates commercial and healthcare properties.

New Sources:
Daily Journal of Commerce, Self-Storage Sells for Over $26M
PR.com, Argus Broker Affiliates Announce Sale of North Dakota Self Storage Facility
RE Business, Marcus & Millichap Arranges Sale of 554-Unit Self-Storage Facility in Metro Houston
PR Newswire, BlueGate Acquires a Boat and RV Storage Facility in Nashville, TN
PR Newswire, StorageMart Acquires Two New Facilities in the Baltimore Area
PR Newswire, U-Haul of Annapolis Adding Self-Storage with Abutting Property
PR Urgent, Fort Knox Climate Storage in Pendleton, SC, Sold
REBusiness Online, Quinlan Development Sells New Jersey Self-Storage Portfolio to RXR Realty for $108.5M
Winston-Salem Journal, Walkertown Self-Storage Facility Bought for $1.15 Million

Previous Sources:
AZ Big Media, Central Self-Storage in Chandler sells for $12.3M
Business Wire, SpareBox Storage Acquires 4 Stabilized Self Storage Properties in Austin TX and Northwest AR
MarketScreener, InSite Property Group Acquires The Storage Center in Salt Lake City MSA
Multi-Housing News, Hetsun Properties Sells Houston Self Storage Facility
Multi-Housing News, Long Island Self Storage Facility Trades for $25M
Multi-Housing News, Pine Island Self Storage Facility Changes Hands
PR Newswire, Self Storage Plus Expands Portfolio in Fredericksburg VA
PR Newswire, Snapbox Self Storage Expands Into The Atlanta Self Storage Market
Real Estate Weekly, Long Island Self Storage Facility Trades for $25M
REBusiness, NAI Partners Brokers Sale of 622-Unit Self-Storage Facility in West Houston
REBusiness, Rosewood Property Acquires 342-Unit Self-Storage Facility in Harrisburg
The Real Deal, Life Storage Pays $43M for Two Buildings in Miami-Dade

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