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 September 2019.
Public Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, purchased A+ Storage in Murfreesboro, Tenn. The facility at 863 Fortress Blvd. sits on 4.63 acres. It consists of seven single-story buildings comprising 91,198 square feet in 800 units. The seller was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for real estate firm Colliers International. Based in Glendale, Calif., Public Storage has interests in 2,444 self-storage facilities in 38 states, with approximately 164 million net rentable square feet.
Assured Storage in Goose Creek, S.C., was sold to an undisclosed REIT. The facility at 1110 Harbour Lake Drive comprises 41,619 square feet. The seller was represented in the transaction by Compton.
Bird-in-Hand Self Storage in East Lampeter Township, Pa., was sold to a private investor. The facility at 249 Railroad Ave. was built in 1986 and expanded in 2001. It sits on 3 acres and comprises 20,000 net rentable square feet, plus 35 vehicle-storage spaces. The seller, Rick Robinson, was represented in the transaction by Kevin Bledsoe, vice president of brokerage for Investment Real Estate, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
Boscawen Mini Storage in Boscawen, N.H., was sold to a portfolio owner. In addition to self-storage, the site includes a catering restaurant. The property at 146 King St. is just off State Highway Route 3. The seller was represented in the transaction by Joe Mendola, senior advisor for NAI Norwood Group, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.
Clermont Self Storage in Cape May Courthouse, N.J., was sold to Axis Self Storage, which owns 16 self-storage properties in three states, for $1.5 million. The facility at 27 Clermont Drive comprises 38,780 rentable square feet in 292 units. The seller, American Storage Partners, was represented in the transaction by Jesse Luke, managing partner of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage, and Anne Williams, first vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
10 Federal Storage LLC, which operates more than 25 facilities in five states, acquired five facilities in Georgia and North Carolina, including the four-property EconoStor portfolio in submarkets east of Atlanta and American Mini Storage in Wilmington, N.C. The purchases bring the total sites owned and operated by 10 Federal Self Storage Acquisition Company 2 LLC to eight.
Flower Mound Self Storage in Flower Mound, Texas, was sold. The facility at 2400 Victory Drive comprises 27,490 square feet in 197 units. The seller, a local limited-liability company, was represented in the transaction by Thomas Parsons, investment associate, and Adam Schlosser, senior vice president of investments, for The LeClaire Group of M&M.
Magnum Self Storage in Seattle was sold for $11.5 million to Florida-based Callanan Family Associates. The facility at 5422 Shilshole Ave. N.W. includes a two-story, 63,240-square-foot structure and an adjacent 4,650-square-foot parking lot on Ballard Ave. N.W. The seller was Magnum LP, associated with the Hall family, who had owned the property since 1976.
Compass Self Storage, a member of the Amsdell family of companies, acquired Shaler Self Storage in Allison Park, Pa. The facility at 422 Elfinwild Road comprises more than 37,000 net rentable square feet. Compass now operates four locations in Greater Pittsburgh. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. It currently owns and operates 90 properties in 10 states.
Pinnacle Storage Properties, a Houston-based firm that operates more than 15 self-storage facilities, acquired five Storage Plus locations in Oregon and Washington. The purchase includes Storage Plus of Centralia Fords Prairie and Storage Plus of Centralia Gold in Centralia, Wash., Storage Plus of Kelso in Kelso, Wash., and Storage Plus of Roseburg and Storage Plus of Winston in Oregon. It was made through a partnership with CFJ LLC, according to John Manes, Pinnacle Partner and CEO. Pinnacle is a privately held real estate owner and operator focused on the acquisition, development and management of self-storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets.
PR Newswire, 10 Federal Acquires Five Self Storage Facilities in Georgia and North Carolina
Chestnut Post, Argus Broker Affiliate Closes on Sale of New Hampshire Self Storage Facility
Yahoo Finance, Compass Self Storage Hits Milestone of 90 Self Storage Centers With Acquisition in Pittsburgh, Pa
My Ballard, Magnum Self Storage Property Sells for $11.5M
Daily Journal of Commerce, Investor Buys Ballard Self-Storage Property
Pinnacle Storage Properties, Pinnacle Storage Properties Announces New Market Venture With the Acquisition of Five West Coast Properties
Nasdaq, Public Storage (PSA) Unveils Storage Units in Murfreesboro
Commercial Property Executive, New Jersey Storage Facility Changes Hands