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 independently due to missing information such as buyer, seller, sale price or other relevant details.
A three-property portfolio in North Carolina consisting of 881 self-storage units was sold to a Miami-based private hedge fund that’s new to the storage-investment market. The facilities, which are a short distance from one another, are:
- Highway 70 Self Storage, 344 units, in Newton, N.C.
- North Cannon Self Storage, 302 units, in Kannapolis, N.C.
- Shelby Self Storage, 235 units, in Shelby, N.C.
The buyer and the seller, a private investor, were represented in the transaction by Brian Baldwin, investment associate, Luke Elliott, associate vice president of investments, and Michael Mele, senior vice president of investments, in the Marcus & Millichap Tampa, Fla., office. All three are members of The Mele Storage Group.
ABC Self Storage in York, Pa., was sold for $780,000 to a private investor. The nearly 1 acre property at 419 Pattison St. is near Pennsylvania Route 124. Built in 2003, it consists of two single-story buildings containing 150 storage units. Property improvements by the seller include exterior lighting, keypad access, paved driveways and perimeter fencing.
The seller was represented in the transaction by Investment Real Estate LLC (IRE), which has been involved in the property since its inception. IRE performed the initial feasibility study, sold the land and approvals to another buyer, assisted with the construction, and then brokered the sale of the property to the most recent seller, according to a company press release.
Antioch Storage LLC, an Illinois-based investor, purchased AAA Mini Storage in Big Spring, a rural community northeast of Midland, Texas. The property at 3301 E. FM 700 encompasses 73,176 square feet of storage space. Antioch is seeking a 1031 exchange, according to a press release from the Argus Self Storage Sales Network, the real estate firm that represented the sellers. The broker was David Etzold of Etzold & CO LLC, the Argus representative for West Texas.
Fox Run Self Storage in Dover, Pa., was sold for $1.5 million to a private investor. The property at 4411 Fox Run Road consists of five single-story buildings containing more than 220 drive-up storage units. It also includes 20 outdoor parking spaces. Opened in 2007 on nearly 6.5 acres of land, the facility was previously managed by appointment from a remote location 15 miles away. Property improvements by the seller include a chain-link fence, keypad access, lighting, paved driveways and video cameras.
“This is a very nice property that was fully occupied at the time of the sale. This is the second time we have listed and sold this property. We wish the new buyer the same or greater success with the property that the seller has experienced,” said John H. Gilliland, CEO and president of IRE, which represented the seller in the transaction.
Alex and Todd Erbs purchased Red Shed Moving and Storage in Dupo, Ill., and rebranded it as Gateway Storage Mall. The property at 715 Falling Springs Road is just off Great River Road and Interstate 255. It comprises 28,000 square feet of storage space in160 units.
Storage Max Self Storage in Peoria, Ariz., was sold for $3.5 million, or $52 per square foot, to a Portland, Ore.-based investor. Constructed in 1986, the property at 11900 N. W. 91st Ave. comprises 69,825 square feet of storage space in 527 units and 105 outdoor vehicle-parking spaces. The seller, an investor from the San Francisco Bay area, was represented in the transaction by Bill Alter, a broker with Rein & Grossoehme.
Ziff Properties Inc., a Mount Pleasant, S.C.-based commercial real estate investment firm, has acquired Clemson Central Storage in Central, S.C., for $3.8 million. The property at 1737 Old Central Road is near Clemson University. It currently consists of 52,081 square feet of storage space. Ziff plans to build a new 33,600-square-foot structure containing 238 storage units as well as a new management office near the front of the property, according to the source.
“Proximity to Clemson University’s campus and extremely high barriers to entry made this property attractive for investment,” said Christian Chamblee, chief operating officer and director of acquisitions for Ziff.
The buyer and seller were represented in the transaction by Mike MacManus and Stacey Gorman, investment specialists in the Marcus & Millichap Atlanta office.
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.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.
Gateway Storage Mall is looking to acquire and develop facilities in Central and Southern Illinois as well as Eastern Missouri, according to a company press release.
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and industrial, office and retail leasing.
- Commercial Property Executive: Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Charlotte MSA
- The Post and Courier: Hotel, Apartments, Office Buildings up for Review in Mount Pleasant