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Self-Storage Real Estate Acquisitions and Sales: April 2022

Update 4/22/21 – 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 April 2022.

The three-property A Main Street Storage portfolio in Statesboro, Georgia, sold to a regional operator. Together, the primary location at 443 S. Main St. and its two satellite properties offer 30,410 net rentable square feet in 326 units. The buyer and the private seller were represented in the transaction by Kenneth DeVaul, senior associate for Meridian Storage Group, a self-storage brokerage and advisory firm.

FollettUSA, which operates the Storage Star brand, acquired A Sentry Mini Storage and Top Shelf Storage in Anchorage, Alaska, its first facilities in the state. A Sentry at 225 Boniface Parkway comprises 65,000 net rentable square feet in 818 units and 124 outdoor vehicle-storage spaces. Top Shelf at 11711 Old Seward Highway comprises 38,000 net rentable square feet in 283 units. The seller was represented in the transaction by SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage. Founded in 1989 and based in California, FollettUSA operates 35 storage facilities comprising 3.2 million rentable square feet in more than 23,000 units.

Aaron & Montana Self Storage in Conyers, Georgia, sold to a national buyer. The facility at 2500 Iris Drive S.W. comprises 64,850 net rentable square feet in 504 units. The buyer and the seller, a private owner, were represented in the transaction by Patrick Kidder, president of Meridian Storage Group.

All Purpose Storage sold four of its facilities in Maine and New Hampshire, two in each state. Together, they comprise 50,774 net rentable square feet in 398 units. The company was represented in the transaction by The Hatcher Coe Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. All Purpose operates more than 30 facilities in eight states.

Anderson Street Storage and T-Town Storage in Tullahoma, Tennessee, sold to an out-of-state investor. Together, the facilities at 333 and 502 S. Anderson St. comprise 23,240 net rentable square feet in 159 units. The sale also included an adjacent .72-acre parcel. The seller was represented in the transaction by Andy Beeckman and Anne Williams-Blackwell of M&M.

A partnership between global real estate investment manager Invesco Real Estate and Dallas-based self-storage developer Baranof Holdings LLC, acquired Burlington Self Storage in Burlington, Massachusetts. Built in 1990, the facility at 35 Ray Ave. comprises 89,014 square feet in 817 units. The site has five two-story buildings. It’s in a retail corridor adjacent to Interstate 95.

Castle Park Mini Storage in Atwater, California, sold for $10.2 million to Purely Storage, which operates 28 facilities in California. The 8.7-acre property at 1680 E. Bellevue Road contains seven building comprising 63,490 net rentable square feet in 781 units. The seller was represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group Inc., which specializes in self-storage real estate in California and Nevada.

Coastal Mini Storage in Elkridge, Maryland, sold to RHW Capital Management Group LLC, which operates the Store Here Self Storage brand. The facility at 7120 Old Waterloo Road comprises 39,435 net rentable square feet in 422 units. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

The 21-property Copper Safe Storage portfolio in Alabama, Florida, Georgia, Mississippi and Tennessee sold to Cohen Investment Group, which acquires and manages commercial real estate. Together, the facilities contain 3,058 units. The sellers, Bill and Bob Copper, will continue to manage the sites under an unattended model through their management company, Copper Storage Solutions. The buyer and the sellers were represented in the transaction by Eddie Greenhalgh, first vice president of investments and senior director; Jake Payne, senior associate; and Lee Thornton, associate for The Greenhalgh Storage Group of M&M. They were assisted by fellow brokers Mickey Davis, John Leonard, Jody McKibben and Ryan Nee.

Andover Properties LLC, which operates the Storage King USA brand, acquired Cornerstone Storage in Buda, Texas. The 6.8-acre property at 281 Farm to Market 1626 comprises 62,000 square feet of storage in 395 climate-controlled, drive-up and vehicle-storage units. Established in 2003, New-York based Andover owns and manages 131 storage properties in 16 states, including 41 in Texas.

Andover also acquired Patriot Self Storage in Pace, Florida. The facility at 4384 Luther Fowler Road comprises 39,000 square feet and includes 4 acres for expansion. Andover operates 34 other facilities in the state.

A Cranston, Rhode Island, self-storage facility managed by self-storage real estate investment trust (REIT) CubeSmart sold. The facility at 1500 Elmwood Ave. comprises 82,085 net rentable square feet in 798 units. The seller was represented in the transaction by Thomas Palumbo, Bill Sitar Jr. and Monty Spencer of The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

A Jacksonville, Florida, a 6-acre property managed by CubeSmart sold to HPI Real Estate Services & Investments, which owns 17 self-storage facilities in four states. Opened last year, the facility at 9135 Herlong Road comprises 141,508 net rentable square feet in 888 units. It’ll continue to be managed by CubeSmart. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher of the Hatcher Coe Group of M&M. They were assisted by Nee.

A Benbrook, Texas, facility managed by CubeSmart sold for $20 million to Simply Self Storage. The two-story building at 8510 Benbrook Blvd. comprises 112,000 square feet in 982 units. It also contains a 10,036-square-foot building leased by Goodwill. The seller was real estate firm DealPoint Merrill.

A Swansea, Massachusetts, facility managed by CubeSmart sold. The facility at 262 Swansea Mall Drive comprises 68,155 net rentable square feet in 717 units. The seller was represented in the transaction by Palumbo, Sitar and Spencer.

A New Bedford, Massachusetts, property managed by REIT Extra Space Storage Inc. sold. The facility at 969 Shawmut Ave. comprises 58,665 net rentable square feet in 532 units. The seller was represented in the transaction by Palumbo, Sitar and Spencer.

Morningstar Properties LLC purchased two Fort Lauderdale, Florida, self-storage facilities for nearly $30 million. The adjacent properties at 421 N.W. First Ave. and 125 N.W. Fourth St. in the Flagler Village neighborhood were previously managed by Extra Space. The building on First Avenue was constructed in 2010 and comprises 85,479 square feet. The Fourth Street location was built in 2018 and comprises 50,200 square feet. The seller, Fort Lauderdale-based Urban Street Development, purchased the properties in 2008 and 2016 for a combined $3.1 million. Based in Matthews, North Carolina, Morningstar is a developer, owner and operator of real estate focused on marinas and self-storage in the Southeast.

The 39-facility Five Star Store It portfolio, which spans five states, sold. The deal includes 13 properties in Michigan, two in New Jersey, three in New York, 16 in Ohio and five in Pennsylvania. Together, they comprise 11,497 units and more than 1.4 million rentable square feet, with 22 sites having room for expansion. Combined, the facilities were about 94% occupied at the time of sale. The buyer and the seller were represented in the transaction by Michael Barron, Daniel Burkons, Coe, Coe, Hatcher and Josh Wintermute of The Hatcher Coe Group for M&M.

Hammer Lane Self Storage in Stockton, California, sold to Northwest Building LLC, an affiliate of Colliers International, for $25 million. The facility at 6220 Sampson Road contains seven buildings comprising 109,800 rentable square feet in 625 units. The buyer and the seller, Hammer Lane LLC, were represented in the transaction by Dana Chobor, transaction coordinator, and Tom de Jong, senior vice president for the Self Storage Group for Colliers International, an investment-management company.

Layton Antelope & Main, a self-storage facility in Layton, Utah, sold to Wentworth Property Co., a Phoenix-based commercial real estate company. Built in 2019, the structure at 2010 N. Main St. comprises 78,210 square feet in 682 units. Previously managed by Extra Space, it’ll now be managed by REIT Public Storage Inc. and branded under its name. The buyer and the seller, TerraForm Cos., were represented in the transaction by Jordan Farrer, senior investment associate, and Adam Schlosser, senior vice president of investments for M&M.

Lonestar RV & Boat Storage in Mohave, Arizona, sold. The 9.48-acre property at 1600 Cam Colorado comprises 169,308 rentable square feet in 387 units. The seller was represented in the transaction by Jeff Gorden, president of KW Commercial, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Phoenix-based U-Haul International Inc. purchased two Maine Storage Plus facilities in Ellsworth, Maine. Together, the properties at 349 Bangor Road and 255 Bucksport Road comprise 532 units. Both will be operated from the Bangor Road site. Established in 1945, U-Haul owns and manages more than 73.6 million square feet of storage space nationwide.

Midtown Storage in Kansas City, Missouri, sold to a private operator. The facility at 3429 Troost Ave. comprises 31,616 net rentable square feet in 368 units. The seller, a family, was represented in the transaction by DeVaul of Meridian Storage Group.

Mini-Opslag Helmond in Helmond, Netherlands, sold to Europa Storage Group, which operates 20 locations in the country. The facility at Marshallstraat 16 has been rebranded as 1Box Self Storage. The seller was represented in the transaction by Pieter Ligtvoet and John Lindsey of the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

REIT Life Storage acquired three Monster Self Storage facilities from Adams Property Group for $48.5 million. The sites are in Savannah, Georgia; Winston-Salem, North Carolina; and Charleston, South Carolina. Adams manages a self-storage portfolio comprising 1.9 million square feet. Its properties include 22 Monster Self Storage and Your Storage Units facilities in Florida, Georgia and the Carolinas. Based in Buffalo, New York., Life Storage operates more than 1,100 self-storage facilities in 36 states.

Northside Self Storage in Jackson, Michigan, sold to an out-of-state investment group. The 5.13-acre property at 3160 Lansing Ave. comprises 35,910 square feet in 343 drive-up units. The buyer and the seller, a limited-liability company (LLC), were represented in the transaction by Tom Berlin, an investment specialist for M&M.

SecureSpace Self Storage in Everett, Washington, sold for $11.8 million. The seller, Stadium Storage Holdings LLC, acquired the land at 8407 Broadway Ave. in 2014 for $2.9 million, then developed it.

The Storage Lot in Catawissa, Missouri, sold for $1.8 million to an LLC. The facility at 104 Amber Way comprises 19,266 square feet in 147 units. The buyer and the seller, a private investor, were represented in the transaction by Williams-Blackwell and Marla Čolić of M&M. They were assisted by fellow broker Brad Barham.

Sunshine Boat & RV Storage in Gainesville, Georgia, sold to a private buyer. The facility at 4500 Browns Bridge Road comprises 102,114 net leasable square feet. The seller was represented in the transaction by Lindsey Self Storage Group.

Tangi Store All in Hammond, Louisiana, sold to a private group. The facility at 43216 S. Holly St. comprises 33,150 net rentable square feet in 271 units. The buyer and the seller, a local owner, were represented in the transaction by Taylor Dooley, senior associate for Meridian Storage Group.

Public Storage acquired a newly built facility in Las Vegas for $10.7 million. The building at 8565 W. Rome Blvd. comprises 49,937 square feet in 600 units. The builder and seller, Ochoa Development, was represented in the transaction by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm.


4/7/21 – 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 April 2022.

Ace Self Storage in Lawrence, Kansas, sold to a limited-liability company (LLC). The facility at 2400 Franklin Road, just a couple of miles from the University of Kansas, comprises 43,900 square feet in 236 units and 53 outdoor vehicle-storage spaces. It also has eight retail spaces for rent and an apartment. The buyer and the seller, also an LLC, were represented in the transaction by Robert Cook, associate, and Sean M. Delaney, senior vice president for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. They were assisted by fellow broker Colby Haugness.

Andover Properties LLC, which operates the Storage King USA brand, purchased Alameda Mini Storage in Denver. The facility at 9898 E. Alameda Ave. comprises 74,000 net rentable square feet.

Andover also purchased a self-storage property in Argyle, Texas, its 16th in the Dallas metro area. Built on 22 acres, the 197,000-square-foot facility has been expanded twice and has room for further growth. Established in 2003, New-York based Andover owns and manages 129 storage locations in 16 states.

Alpha Storage Centers in Arlington, Texas, sold to 10 Federal Self Storage, a diversified real estate firm that operates more than 25 locations in the Southeast. The 88,107-square-foot facility at 2920 Ave. F shares the property with a warehouse that’s leased to a commercial trucking company. The seller, a private investor, was represented in the transaction by Danny Cunningham and Brandon Karr, investment specialists for M&M.

American Self Storage in Spring Lake, North Carolina, sold to an out-of-state buyer. Built on 5 acres, the 477-unit facility at 14396 Lillington Highway also offers boat and RV storage. The seller was represented in the transaction by Hal H. Tanner III, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

The two-property Baton Rouge Mini Storage portfolio in Baton Rouge, Louisiana, sold to Merit Hill Capital for $8.8 million. Together, the facilities at 7649 Airline Highway and 8922 Greenwell Springs Road comprise 126,180 rentable square feet in 970 units, with room for expansion. The seller, Utah-based real estate investment firm Tunbridge Peak, was represented in the transaction by Scott Schoettlin, managing director, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage. Merit Hill is a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. It operates 130 facilities in 30 states.

A Fayetteville, Georgia, facility managed by self-storage real estate investment trust (REIT) CubeSmart sold. Opened a year ago, the building at 235 GA-314 comprises 55,160 net rentable square feet. The buyer and the seller, an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher of The Hatcher Coe Group of M&M. Fellow broker John Leonard assisted.

Discount Storage in Justin, Texas, sold to a private investor making his second self-storage acquisition. The facility at 9605 Industrial Road comprises 15,500 square feet. It was expanded in 2019 and 2020. The buyer and the sellers, who are first-time self-storage owners, were represented in the transaction by Cunningham and Karr for M&M.

Fairchild Mini Storage in West Spokane, Washington, sold. Built in 1994 on 10 acres, the facility at 1529 S. Craig Road comprises 43,140 rentable square feet, with room for expansion. The property is near the entrance to the Fairchild Air Force Base. The seller was represented in the transaction by Ryan Layton, president of Area Commercial Real Estate, and Thomas Wolter, associate of RE/MAX Integrity, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage.

Foothill Vineyard Storage in Roseville, California, was acquired by Trojan Storage for $13.3 million. The facility at 1550 Vineyard Road comprises 68,950 square feet of self-storage and 32,880 square feet of RV storage. Trojan will rebrand the facility under its name. The company operates 34 locations along the West Coast.

Jensen Beach Storage in Jensen Beach, Florida, sold to Southern Star Self Storage, which operates four facilities in Colorado, Florida and Texas. The facility at 3250 N.E. Candice Ave. comprises 23,644 net rentable square feet in 245 units and 80 lockers. It also offers 22 commercial spaces. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

Loveland Store-N-Lock in Loveland, Ohio, sold. Built on 14 acres, the facility at 10900 Loveland Madeira Road comprises 78,206 rentable square feet in 403 units, 26 commercial spaces and 46 vehicle-storage spots. The seller was represented in the transaction by The Hatcher Coe Group for M&M.

Melrose Self Storage in Nashville, Tennessee, sold. Built in 2018, the five-story facility at 700 Inverness Ave. comprises 53,410 net rentable square feet in 600 units and 45 lockers. The seller was represented in the transaction by The Hatcher Coe Group.

Midway Self Storage in Carlisle, Pennsylvania, sold. The facility at 1545 Holly Pike comprises 94,990 rentable square feet in 645 units, two commercial spaces and 121 vehicle-storage spots. It was 99% occupied at the time of sale. The seller was represented by The Hatcher Coe Group.

Strategic Storage Trust VI Inc. (SST VI), a private REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired two recently constructed self-storage facilities in Portland, Oregon, and Vancouver, Washington. Built in June 2020, the three-story Northwest Self Storage at 4836 S.E. Powell Blvd. in Portland comprises 56,500 rentable square feet in 520 units. Built in February 2020, the Vancouver site at 16600 S.E. 18th St. was previously managed by REIT Extra Space Storage Inc. and branded under its name. It comprises 99,200 rentable square feet in 1,090 units. The seller was Banner Real Estate Group. These are the ninth and 10th acquisitions for SST VI since launching in early 2021.

The three-property Ozark Storage portfolio in Harrison, Arkansas, sold to a fund manager for $12.5 million. Together, the facilities comprise 151,000 rentable square feet in 957 units and 32 vehicle-storage spaces. The buyer and the seller, a local private investor, were represented in the transaction by Christopher R. Secreto and Samuel Olson, investment specialists for M&M.

Paluxy Drive Self Storage in Tyler, Texas, sold to an East Texas-based investor. Built in 1999 and expanded in 2010, the facility at 6435 Paluxy Drive comprises 35,892 square feet. The buyer and the seller, a family partnership, were represented in the transaction by Karr for M&M.

The Park Self Storage in Arlington, Washington, sold to Simply Self Storage, which operates more than 200 locations nationwide. Built in 2019, the facility at 3716 166th Place N.E. comprises 45,458 net rentable square feet in 311 units. The seller was represented in the transaction by The Hatcher Coe Group.

A Linden, New Jersey, facility managed by REIT Public Storage Inc. sold to Storage Post Self Storage, which operates more than 30 facilities in Louisiana, New Jersey and New York. The facility at 1051 Edward St. comprises 83,314 net rentable square feet in 821 units. The seller was represented in the transaction by SkyView Advisors.

Storage Post also acquired a newly built facility in Staten Island, New York. The multi-story building at 600 Richmond Terrace comprises 148,000 square feet. Storage Post was represented in the deal by Marc Boorstein, principal for MJ Partners Real Estate Services, a real estate brokerage and investment banking company.

Rosemount Self Storage in Portsmouth, Ohio, sold to an LLC. The facility at 3368 US-23 comprises 23,000 square feet in 178 units. The seller, a private investor, was represented in the transaction by Delaney and H. Paul Robertson, associates for M&M. They were assisted by fellow broker Michael Glass. Delaney also represented the buyer.

Scenic Self Storage in Littlefield, Arizona, sold to a private investor. The facility at 3030 Scenic Blvd. comprises 34,845 square feet in 245 units and 113 outdoor vehicle-storage spaces. The seller, an LLC, was represented in the transaction by Cook and Delaney. The buyer was represented by Jordan Farrer, senior associate; Charles "Chico" LeClaire, executive managing director; and Adam Schlosser, senior vice president for M&M. Fellow broker Ryan Sarbinoff assisted.

InSite Property Group, the parent company of SecureSpace Self Storage, acquired Stadium Storage in Everett, Washington. Built in 2016 on 2.5 acres, the facility at 8407 Broadway Ave. comprises 32,6611 rentable square feet in climate-controlled units and 79 vehicle-storage spaces. It was 96% occupied at the time of sale. Based in Torrance, California, InSite has 49 facilities operating or under construction.

The three-property Tri-Village Self Storage portfolio in Columbus and Dublin, Ohio, sold. The facilities at 3490 Trabue Road and 1123 Goodale Blvd. in Columbus, and 5235 Avery Run Road in Dublin offer a total of 1,653 self-storage units. The buyer and the seller were represented in the transaction by Gabriel Coe and Hatcher of The Hatcher Coe Group.

US1 Boat & RV Storage in Ponte Vedra Beach, Florida, sold. The 4.1-acre property at 10525 Old Dixie Highway offers 158 uncovered vehicle-storage spaces. The seller was represented in the transaction by Weaver Realty, an Argus affiliate.

Woodstown Mini Storage in Pilesgrove, New Jersey, sold for $2.5 million to an LLC. Built in 1985, the facility at 231 E. Lake Road comprises 22,480 square feet in 188 units and 36 vehicle-storage spaces. It was 91.7% occupied at the time of sale. The seller was represented in the transaction by Matthew Junkin, investment specialist, for M&M. Junkin also secured the buyer.

New Sources:
Daily Journal of Commerce, Everett Storage Sells for Nearly $12M
Newswire, DealPoint Merrill Sells ‘Class A’ Climate-Controlled Self-Storage Property in Benbrook, Texas
Multi-Housing News, TerraForm Cos. Sells Utah Storage Facility
Multi-Housing News, HPI Real Estate Buys 888-Unit Jacksonville Storage Asset
Multi-Housing News, Cohen Investment Group Buys 21 Self Storage Properties
Multi-Housing News, Colliers Pays $25M for Central Valley Storage Facility
PR.com, Invesco Real Estate & Baranof Holdings Team Up to Acquire an Off Market 817-Unit Property Outside Boston
The Post and Courier, Charleston Real Estate Investment Firm Sells 3 Storage Facilities for $48.5M
The Storage Acquisition Group, Massachusetts Self Storage-New Bedford, Massachusetts
The Storage Acquisition Group, Rhode Island Self Storage-Cranston, Rhode Island
The Storage Acquisition Group, Massachusetts Self Storage-Swansea, Massachusetts
The Real Deal, Morningstar Pays $30M for Self-Storage Facilities in Fort Lauderdale’s Flagler Village
PR Newswire, U-Haul Now Operating at 2 Former Maine Storage Plus Locations
RE Journals, Marcus & Millichap Sells 343-Unit Self-Storage Facility in Michigan

Previous Sources:
Business Report, Investment Company Purchases Two Baton Rouge Self-Storage Facilities
Connect CRE, Marcus & Millichap Negotiates Sale of Self-Storage Facility in Arlington, TX
Connect CRE, Marcus & Millichap Negotiates Sale of 35,892-SF Self-Storage Facility in Tyler, TX
Financial Post, Strategic Storage Trust VI, Inc. Enters the Portland, Oregon Market with the Acquisition of Two Recently-Constructed Facilities
MarketScreener, Marcus & Millichap: Arranges the Sale of a 15,500-Square Foot Self-Storage Facility
Multi-Housing News, SmartStop Enters Portland With 2 Storage Acquisitions
Newswire, SecureSpace Acquires Stadium Storage Property in Seattle MSA
PR Newswire, Storage Post Self Storage Deftly Executes Its 8th Self-Storage Property Acquisition This Year With A New Facility In Linden, New Jersey
PR Newswire, Storage Post Self Storage Makes its 7th Self-Storage Property Acquisition This Year With a New Facility on New York's Staten Island
REBusiness Online, Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Ohio
REJournals, Marcus & Millichap Sells 23,000-Square-Foot Self-Storage Facility in Ohio

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