Update 9/17/20 – 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 September 2020.
2264 Self Storage in Decatur, Texas, sold. The facility at 457 FM2264 comprises 30,000 square feet of drive-up storage and 71,000 square feet of outdoor vehicle storage. The 10-acre parcel also includes a six-door warehouse with a storage yard. The seller was represented in the transaction by Chad Snyder, managing director, and Tyler Trahant, senior vice president, for Dominus Commercial, an Argus affiliate.
Allen Street Self Storage in Clinton, Mass., sold. The 1.7-acre property at 114 Allen St. includes two multi-story buildings containing 39,000 square feet in 400 units. The seller was represented in the transaction by Investment Real Estate LLC (IRE), a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
Big Space Storage in Houston sold to an LLC. Built in 2016, the facility at 11847 Spears Road comprises 137,760 square feet. The seller was represented in the transaction by Knobler and Kral of M&M, who also secured the buyer.
A two-property portfolio in Colorado Springs, Colo., sold to National Storage Affiliates Trust (NSAT). Chapel Hills Self Storage, at 1408 Chapel Hills Drive, and North Nevada Self Storage, at 4215 N. Nevada Ave., comprise a combined 67,720 rentable square feet in 497 units. Both sites have been rebranded as SecurCare Self Storage. The seller was represented in the transaction by Cole Carosella, broker, and Ben Vestal, president, of Argus, as well as Joan Lucas of Joan Lucas Real Estate Services, an Argus affiliate. Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed real estate investment trust with ownership interest in 784 storage facilities in 35 states and Puerto Rico.
Cliffdale Mini Storage in Fayetteville, N.C., sold to Andover Properties LLC, which operates the Storage King USA brand. The facility at 820 S. Reilly Road comprises 80,435 square feet. Andover plans extensive capital improvements on the property. New York City-based Andover owns and operates 40 self-storage facilities in 12 states.
Columbia Mini Storage in Columbia, Pa., sold. The 2.2-acre property at 320 N. 2nd St. contains four buildings comprising 30,000 square feet in 260 drive-up units and 29 vehicle-storage spaces. The seller was represented in the transaction by IRE.
A four-facility portfolio in Longview and Tyler, Texas, sold to Spartan Investment Group, a real estate investment company that specializes in self-storage and residential investments. The properties are Gilmer Road Self Storage, at 3323 Gilmer Road, and Metro Self Storage, at 350 W. Tyler St. in Longview; and Hiway 155 Self Storage, at 12913 State Highway 155 S., and The Attic Self Storage, at 2707 Shiloh Road in Tyler. Built between 1979 and 2005, the properties comprise about 1,835 units on 21 acres. The seller was represented in the transaction Brandon Karr, senior vice president of investments, and Danny Cunningham, first vice president of investments, for M&M.
Oak Hill Self Storage in Moosic, Pa., sold. The 2-4-acre property at 4220 Birney Ave. includes six buildings comprising more than 35,000 net rentable square feet in about 250 units. The seller was represented in the transaction by IRE.
Ontario Mini Storage in Pulaski, N.Y., sold. The 6.56-acre property at 7648 NY-3 contains five buildings comprising 20,200 square feet in 175 units and 21 vehicle-storage spaces. A full kit for a sixth building, included in the transaction, will add 8,750 square feet. The seller was represented in the transaction by IRE.
The four-property Squirrel Storage portfolio in Iowa sold to a regional buyer. Together, the facilities comprise 182,839 rentable square feet. The purchase included 5820 W. Lincoln Way, Suite 101, in Ames; 6674 N.W. 26th St. in Des Moines; 1430 Metro E. Drive in Pleasant Hill; and 790 S.E. Frontier Ave. in Waukee. The buyer and the seller were represented in the transaction by Tom Flannigan, director of investment services, and Alex Ihrke, broker associate, for KW Commercial Minneapolis, an Argus affiliate.
Towne Storage in Sandy, Utah, sold. Built in 1993 and expanded in 1997, the facility at 9349 S. 255 W., comprises 60,700 square feet in 379 units. It’ll be rebranded and managed by Storage Etc., which operates an owned and managed portfolio of more than 2.3 million square feet. The seller was represented in the transaction by Jordan Farrer, investment associate, and Schlosser of the LeClaire-Schlosser Group of M&M. Farrer and Schlosser also procured the buyer.
Highland Storage Partners purchased the five-property Your Extended Attic Storage portfolio in Alabama and Tennessee. The facilities total 293,000 net rentable square feet in 1,976 units. The purchase included 108 Twin Rivers Drive in Hazel Green, Ala.; 12215 Highway 431/231 N. Meridianville, Ala.; 2 Simmons Road in Park City, Tenn.; 1231 Huntsville Highway in Fayetteville, Tenn; and 1903 N. Washington St. in Tullahoma, Tenn. USA Storage Centers will manage the sites. 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.
An entity related to Extra Space Storage purchased a newly built facility in Edina, Minn., for $11.77 million from Ebert Construction, a general contracting firm based in Corcoran, Minn. The facility at 7725 Washington Ave. S. comprises 113,690 square feet.
FollettUSA, which operates the Storage Star brand, acquired a three-property portfolio in Austin, Texas, from a private investor. Together, the facilities comprise 177,442 net rentable square feet. The purchased included Ben White Mini Storage at 405 E. Ben White Blvd., Mopac Self Storage at 12900 N. Mopac Expressway and Pond Springs Mini Storage at 13444 Pond Springs Road. The $14.1 million in financing was provided by Morgan Stanley Bank. It included the acquisition of a 15,667-square-foot property at 4501 Terry-O Lane that operates as a satellite for Ben White Mini Storage. The seller was represented in the transaction by Bellomy & Co. Founded in 1989 and based in California, FollettUSA is a boutique real estate firm that acquires, develops and manages residential, self-storage and other investment properties. It operates 27 storage facilities comprising 2.4 million rentable square feet in more than 17,000 units.
9/3/20 – 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 2020.
All City Self Storage in Hixson, Tenn., sold a two-property portfolio to Boardwalk Development Group LLC (BDG), a private-equity investment company focused on self-storage. The properties at 1479 W. Boy Scout Road and 6808 Middle Valley Road have been rebranded under the Boardwalk Storage name. They were purchased through the company’s Boardwalk Storage Fund III and will be operated under its automated platform. Founded in 2016 and based in Suwanee, Ga., BDG is a real estate acquisition, development and management firm. It operates 11 self-storage facilities in the Southeast and plans to acquire more than 100 storage properties in the next five years.
Cherry Avenue Storage in Salem, Ore., sold. The facility at 2680 Cherry Ave. N.E. contains two adjoining structures comprising 47,220 square feet in 380 units. It was built in 1975 and expanded in 2008. The deal was brokered by The Hatcher Group for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
Cowan's Ford Self Storage in Stanley, N.C., sold. The facility at 8261 NC-73 sits on 7.23 acres, comprising 98,315 square feet in 641 units. It also contains 24 covered and 39 uncovered vehicle-storage spaces. The buyer and the seller were represented in the transaction by Michael Dupree and David Dupree, principals of real estate firm BCB Investments, and Gabriel Coe and Brett R. Hatcher, investment specialists, for M&M. They were assisted by M&M Regional Manager Ben Yelm.
Extra Space Inc., a self-storage real estate investment trust (REIT) and management company, purchased a Tampa, Fla., facility it was managing from the owners, a joint venture between Blue Vista Capital Management and Flagship Cos. Group. The partnership purchased the 6-acre parcel at 1517 E. Fowler Ave. for $1.1 million in 2016 from Hide-Away Storage. The facility contains four buildings comprising 83,270 square feet in 713 units and 27 vehicle-parking spaces. The seller was represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, senior vice president of investments, for The LeClaire-Schlosser Group, a division of M&M.
Fryers Creek Storage in Temple, Texas, sold and has been rebranded as Smartlock Self Storage. The facility at 405 Fryers Creek Drive sits on 1.5 acres, comprising 20,765 rentable square feet of storage. The seller, a group of investors, was represented in the transaction by Chad Snyder, managing director, and Tyler Trahant, senior vice president, for Dominus Commercial, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Gold Coast Storage in Ludington, Mich., sold to a local buyer. The property at 475 S. Pere Marquette Highway comprises 57,632 square feet in 435 units. The 11-building facility has been rebranded as National Storage Centers and will be managed by Pogoda Management Co. The deal was brokered by the Pogoda Group. Both are affiliates of Pogoda Cos., a Farmington Hills, Mich.-based self-storage operator that also provides third-party management services.
VanWest Storage Fund 1 has acquired the three-property Green & Sons Storage portfolio in Collierville, Tenn., for $4.6 millionThe facilities at 370 Sycamore Road, 698 Commerce Parkway and 731 Chaney Drive sit on 17 acres. They include a total of 18 single-story buildings comprising 106,208 square feet in 876 units. They were built between 1988 and 2016. The buyer and the seller were represented in the transaction by Jesse Luke, partner with brokerage firm EquiCap Commercial, and Anne Williams-Blackwell, first vice president of M&M
VanWest also purchased Midway Storage in the Chicago suburb of Blue Island. The facility at 2341 135th Place was converted to storage in 2004. It comprises 55,098 rentable square feet in 635 units. VanWest will rebrand the four facilities under its ClearHome Self Storage management platform.
Huffmeister Boat & RV Storage in Cypress, Texas, sold to a private investor. The facility at 13924 Schmidt Road comprises 44,407 square feet of storage space and 20,000 square feet of newly constructed covered parking. The buyer and seller, a private investor, were represented in the transaction by Dave Knobler, first vice president of investments, and Casey Kral, associate, for M&M.
Mile Hill Self Storage in Port Orchard, Wash., sold to a limited liability company (LLC). Built on 4.69 acres at 4172 S.E. Mile Hill Drive, the facility comprises 54,142 square feet. The seller 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.
Southside Storage in Wyoming, Mich., sold to Devon Self Storage. The 14-building facility at 5099 Division Ave. S. comprises 96,780 square feet in 781 units. The seller was represented in the transaction by Mark Floria, a broker with Pogoda. Headquartered in Emeryville, Calif., Devon operates 38 facilities across 22 states. Its portfolio comprises more than 2.7 million net rentable square feet.
Spicewood SuperStorage in Spicewood, Texas, sold. The facility at 9514 TX-71 comprises 89,260 net rentable square feet in 235 units. The buyer, Spicewood Storage LLC, and the seller, Envision2 Properties LLC, were represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas.
Commercial Property Executive, Austin Storage Portfolio Changes Hands
Commercial Property Executive, Marcus & Millichap Brokers Texas Storage Sale
Commercial Property Executive, Midcoast Properties Arranges Multi-State Storage Sale
Finance & Commerce, Just Sold: New Edina Self-Storage Sells for $11.77 Million
Commercial Property Executive, Extra Space Storage Acquires Suburban Tampa Asset
RE Journals, EquiCap Commercial, Marcus & Millichap Close Sale of 876-Unit Self-Storage Portfolio in Tennessee
Commercial Property Executive, VaWest Partners Buys Memphis Storage Portfolio
Yahoo Finance, VanWest Partners Acquires Four Properties to Mark Closing of Self Storage Fund
RE Journals, Bellomy & Co. Completes Sale of Self-Storage Facility in Spicewood, Texas
REjournals, Pogoda Companies Sells Two Self-Storage Properties in Michigan