Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered.
1173 Storage in Denton, Texas, was sold to a private investor. The property at 3985 FM 1173 consists of two parcels totaling 4.44 acres. Built in 2003 and expanded in 2015, it comprises 53,410 square feet of storage space in 327 units. It also contains 28 uncovered vehicle-parking spaces. The buyer and the seller, also a private investor, were represented in the transaction by Danny Cunningham, senior associate, and Brandon Karr, first vice president of investments, in the Marcus & Millichap Fort Worth, Texas, office.
Alta Sierra Mini Storage in Grass Valley, Calif., was sold for $3.8 million to Ferguson & Brewer Investment Co., an apartment-rental firm based in Paradise, Calif. The 2.7-acre property at 15918 Little Valley Road includes five single-story buildings comprising 33,764 net rentable square feet of storage space in 246 units. The seller, Alta Sierra Mini Storage Inc., was represented in the transaction by Bobby Loeffler and Tyler Skelly, storage specialists for The Loeffler Self-Storage Group (LSSG).
Assured Mini Storage in Lake Charles, La., was sold to a family-owned storage company. Built in 1988 on 7.4 acres, the property at 4852 Ihles Road contains 966 units. A 23,300-net-rentable square-foot expansion was recently added. The facility is a few blocks from Graywood, the city’s first master-planned community, which includes retail and new-home development on 277 acres. The buyer and the seller, private investors, were represented in the transaction by Charles “Chico” LeClaire, senior managing director of investments, and Cameron Glinton, senior associate, in the Marcus & Millichap Denver office.
Devon Self Storage purchased South Congress Storage in Austin, Texas. The 6.5-acre property at 8008 S. Congress Ave. features 10 buildings comprising 39,410 net rentable square feet of storage space in 447 units. The buyer and the California-based seller were represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson of Bellomy & Co.
Self-storage developer Express Building Systems purchased the property at 3211 San Pablo Road S. in Jacksonville, Fla., for $1.02 million. The Winter Garden, Fla., company plans to build a 106,880-square-foot storage facility on the 3.6-acre plot. Expected to cost $4 million, the climate-controlled property will be managed by CubeSmart, a real estate investment trust and property-management firm.
Greater American Self Storage in Yuba City, Calif., was sold for $4.8 million to FollettUSA, an owner of manufactured-home communities. The 4.6-acre property at 1233 Hunn Road features 18 single-story buildings and a manager’s office. It comprises 79,802 net rentable square feet in 711 units. A 0.41-acre expansion was included in the sale. The seller, DFRD Enterprises LP, was represented in the transaction by Loeffler and Skelly.
Iron Gate Self Storage, a six-property portfolio in Elkhart County, Ind., was sold to a limited-liability company (LLC). The facilities occupy 37.05 acres of land and total 289,302 rentable square feet of storage space, including 134,00 square feet of vehicle storage. It was the largest self-storage sale on record for Elkhart County, according to a press release from Marcus & Millichap, which brokered the deal. All of the sites are within 13 miles of the main office on Country Road 113. Two of the facilities were expanded in 2016, and three have land for expansion.
The properties are:
- Bloomingdale Drive Self Storage, 118 units, Bristol
- County Road 113 Self Storage, 420 units, Elkhart
- County Road 9 Self Storage, 340 units, Elkhart
- Johnson Street Self Storage, 274 units, Elkhart
- Middleton Run Road Self Storage, 173 units, Elkhart
- State Road 13 Self Storage, 141 units, Middlebury
The buyer and the seller, a private investor, were represented in the transaction by Sean Delaney, first vice president of investments in the Marcus & Millichap Chicago-Oak Brook office, and Michael Mele, senior managing director of investments in the firm's Tampa, Fla., office.
Ocean Storage purchased a medical building at 6009 Providence Road in Virginia Beach, Va., that will be demolished and replaced with a three-story facility. The storage project will feature 650 climate-controlled and drive-up units.
Park-N-Stor Self Storage in Vidor, Texas, was sold to a Tyler, Texas-based buyer. The property at 150 Morgan St. comprises 33,050 net rentable square feet of storage space in 319 units. Built in 2003, it sits on 7.7 acres. The buyer and the Portland, Ore.-based seller were represented in the transaction by Arnold, Bellomy and Johnson.
Phoenix Self Storage in Phoenix was sold to an East Coast limited partnership. The 8.62-acre property at 3650 W. Broadway Road comprises 128,240 rentable square feet of space in 1,008 climate-controlled and drive-up units. It also contains 23 vehicle-parking spaces. The buyer and the seller, a private investor, were represented in the transaction by Mele, Devin Beasley and Luke Elliott, investment specialists for Marcus & Millichap. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in the closing.
Construction is underway for Piney Woods Boat & RV Storage in Cypress, Texas. The property at 18111 Shaw Road will comprise 200,000 square feet of climate-controlled storage space, 150,000 square feet of vehicle storage, and 18,000 square feet of mini-office and warehouse suites. Piney Woods operates another facility in Willis, Texas.
Profile Self Storage in Hooksett, N.H., was sold. The property at 180 Londonderry Road comprises 53,950 rentable square feet of space in 507 units. It also contains rental-office space and a separate lot with 80 vehicle-parking spots. The seller was represented in the transaction by Joseph Mendola, the New England broker affiliate for the Argus Self Storage Sales Network.
Pryor Creek Self Storage in Pryor, Okla., was sold. The property at 4016 S. 4357 comprises 19,400 rentable square feet of space. The seller was represented in the transaction by Jared Jones, director of Porthaven Partners and the Argus broker affiliate in Oklahoma.
Safe Storage in Johns Island, S.C, was sold for $3.1 million to White Point Partners, a private investment firm headquartered in Charlotte, N.C. The property at 3289 Maybank Highway comprises 20,205 square feet of space in 197 units. The facility will be rebranded as GOStoreIt, according to The Gorman Group of Marcus & Millichap, which brokered the transaction. The buyer was represented by self-storage investment specialist Michael MacManus.
Schlegel Self Storage in Woodstock, Ill., was sold to existing self-storage owners who have facilities in several states. The property at 740 Washington St. comprises 35,700 rentable square feet of space in 310 units. The buyer and the seller, a private LLC, were represented in the transaction by Jesse Luke, managing partner of the Self Storage Advisory Group for EquiCap Commercial LLC.
Sure Lock Self Storage in Chilliwack, British Columbia, Canada, was sold for $13.5 million. The 4.7-acre property at 43903 Industrial Way was most recently assessed at nearly $5 million, according to the source. The transaction was brokered by Ken Hick and Jamie Schreder of Royal LePage Wolstencroft, a real estate and property-management company.
Southland Storage in Tulsa, Okla., was sold for $1.2 million to a private investor. The property at 4920 S. Braden Ave. comprises 16,185 rentable square feet of storage space. The buyer was represented in the transaction by Jones.
Tucson Self Storage in Tucson, Ariz., was sold for $2.7 million to a California-based investor. The property at 6459 E. Golf Links Road contains eight buildings comprising 47,000 square feet of space in 584 units. The seller was represented in the transaction by Bill Alter, managing director of the self-storage group at Rein & Grossoehme Commercial Real Estate.
Twin States Leasing and Sales in Claremont, N.H., was sold for $2.2 million. The five-story property at 91 Main St. comprises 112,000 square feet of storage space as well as 83 portable-storage units. Before being converted to self-storage, the site was used as a mill. The building has a commercial tenant and room for expansion. The seller was represented in the transaction by Mendola.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
With offices in Atlanta, Houston, and Austin, Texas, Bellomy & Co. focuses on the sale of self-storage, industrial, office and retail properties nationwide.
Based in Emeryville, Calif., Devon Self Storage owns and manages 45 facilities. It has maintained a dedicated self-storage operating platform since 1993. Since then, the company has been involved with the acquisition, development, disposition and management of approximately $1 billion in self-storage assets.
Headquartered in Saint Charles, Ill., EquiCap is a boutique brokerage firm specializing in the self-storage industry. Its primary focus is in the mid-west and mid-south markets.
LSSG specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
Ocean Storage operates six facilities in North Carolina and Virginia.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and industrial, office and retail leasing.
- Community Impact: Mini-Storage Facility Piney Woods Storage Coming Soon to Cypress
- PR.com: Bill Alter, Agent at Rein & Grossoehme Commercial Real Estate, Represents Sale of Tucson Self Storage to Out-of-State Investor
- The Florida Times-Union, Call Box: Concrete Building at San Pablo and Beach to Be Self-Storage Facility
- The Virginian Pilot: Storage Units to Replace Medical Office Building Site in Virginia Beach
- Western Investor: Chilliwack Self-Storage Sold for $13.5 Million