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Self-Storage Real Estate Acquisitions and Sales: August 2020

Update 8/19/20 – 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 August 2020.

290 Storage in Cypress, Texas, sold to an undisclosed buyer. Built on 5 acres at 17433 Lewis Drive, the facility comprises 53,015 net rentable square feet in 287 units. It was at 71 percent physical occupancy at the time of sale. The seller was represented in the transaction by Gabriel Coe, Brett Hatcher and Brian Kelly, investment specialists for M&M

American Self Storage & Mail Center in Chandler, Ariz., sold to 535 Wilmot Investors LLC of Phoenix for $8.35 million. The facility at 12220 E. Riggs Road comprises 59,239 net rentable square feet in 652 units. It also offers vehicle storage and houses six commercial retail tenants. The buyer and the seller, Lawhead Family LLC, were represented in the transaction by Denise Nunez, senior vice president, and Victoria Filice, associate, for NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.

Anchor Mini Storage in Cottonwood, Ariz., sold for $1.45 million. The mixed-use property at 1290 State Route 260 comprises 121 units, retail space and a duplex on about 2 acres. The seller was represented in the transaction by Argus affiliate Gorden.

Central Storage in Rochester, N.Y., sold. The facility at 444 Central Ave., Suite A, sits on 1.5 acres an comprises 51,209 net rentable square feet in 348 units. The buyer and the seller, both LLCs, were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher of M&M. Fellow broker John Krueger assisted.

Cowan’s Ford Self Storage in Stanley, N.C., sold to an undisclosed buyer. The facility at 174 Club Drive comprises 98,315 net rentable square feet in 665 units. Built on 7.26 acres, the property opened in October 2018. It was at 35 percent physical occupancy at the time of sale. The transaction was brokered by The Hatcher Group of M&M.

A Roanoke, Va., facility that was previously managed and branded by CubeSmart sold to a partnership between alternative-investment firm Angelo Gordon and Andover Properties LLC, which operates the Storage King USA brand. The property at 201 Berkley Road N.E. comprises 56,900 net rentable square feet in 320 units. It also has an office, 10 covered parking spaces and 33 uncovered vehicle spaces for rent. Built on 7.25 acres in 2002, the facility was renovated in 2015 and has room for a 30,000-square-foot expansion, though the new owners aren’t considering any additional development at this time. The property has been rebranded under the Storage King USA name. New York City-based Andover owns and operates 40 facilities in 12 states, including another Roanoke property that’s about a mile away. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher, investment specialists for M&M.

Hollywood Self Storage in Augusta, Ga., sold. The 4-acre property at 659 E. Robinson Ave. contains nine single-story buildings comprising 62,073 square feet in 473 units as well as vehicle-storage spaces. The deal was negotiated by Patrick Kidder, president of self-storage brokerage and advisory firm Meridian Storage Group, which owned the site.

Private Warehouse Mini-Storage in Pflugerville, Texas, sold to an out-of-state private investor. The property at 612 Farm to Market 685 comprises 24,000 square feet in 207 units. Built in 1995, the facility was expanded in 1997 and 2002. The seller was represented in the transaction by Kyle Newswanger, a broker with the Capital Markets Group of real estate firm Colliers International.

Sierra Ranch Storage in Houston sold. The two-story facility at 8720 Sierra Ranch Drive was built in 2017 and comprises 15,050 net rentable square feet. The buyer, an LLC, and the seller, a private investor, were represented in the transaction by Knobler and Kral for M&M.

Moove In Self Storage (MISS) acquired Stop and Store in Dillsburg, Pa. Built in 1998, the five-building facility at 845 US-15 comprises 44,000 square feet in 348 units. MISS operates 35 locations in Connecticut, Maryland, Massachusetts, New Jersey, New York and Pennsylvania. All are managed by Investment Real Estate Management LLC, a division of Investment Real Estate Group of Companies.

Tulfra sold a second self-storage property this month to Columbia Storage Group for $24.25 million. The property at 10 Kingsland Road in Clifton and Nutley, N.J. comprises 122,400 square feet in 925 units. Tulfra acquired the 6.5-acre site in 2017 and developed the facility. Due to its proximity to both municipalities, it required approvals from both jurisdictions. The deal was brokered by Jason Emrani, Brian Schulz and Kevin Welsh of commercial real estate advisory firm Newmark Knight Frank.

USA Self Storage in Colorado Springs, Colo., sold during Certificate of Occupancy. The facility at 1935 Aerotech Drive sits on 6.21 acres and comprises 111,560 square feet in 613 units. The transaction was brokered by The Hatcher Group of M&M.


8/5/20 – 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 August 2020.

ATA Storage LLC in Eudora, Kan., sold to Attic Storage of Eudora LLC. Opened in 2007, the facility at 1002 Ocl Drive comprises 72,710 square feet. It was expanded last year and has approval for another 16,000 square feet of climate-controlled storage. The seller was represented in the transaction by Larry Goldman, principal of Goldman Investment Advisors, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Central Storage in Rochester, N.Y., sold to an undisclosed buyer. The multi-story facility at 444 Central Ave. comprises 51,209 square feet in 348 units. The property is in an Opportunity Zone and has room for expansion. Built on 1.52 acres, the facility had 93 percent physical occupancy at the time of sale. The transaction was brokered by The Hatcher Group, a division of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Creekside Storage in Cypress, Texas, sold to an El Paso, Texas-based limited liability company (LLC). The facility at 14660 Spring Cypress Road comprises 33,600 net rentable square feet in 147 units. The seller, a private investor, was represented in the transaction by Dave Knobler, first vice president of investments, and Casey Kral, associate, for M&M.

A Dallas facility managed and branded by self-storage real estate investment trust Extra Space Storage sold to an undisclosed buyer. The property at 7701 Banner Drive comprises 77,162 square feet in 908 units. The multi-story structure was built on 1.1 acres. The seller was represented in the transaction by Ryan Clark, director of investment sales for SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. Headquartered in Salt Lake City, Extra Space owns or operates more than 1,852 self-storage properties nationwide and in Puerto Rico. The company’s properties comprise approximately 1.3 million units and 143 million square feet of rentable space.

Boardwalk Development Group LLC (BDG), a private-equity investment company focused on self-storage, acquired Heath Self Storage in Macon, Ga., and two Murrayville Self Storage properties in Dahlonega and Murrayville, Ga. The three properties comprise 150,000 square feet and were purchased through the company’s Boardwalk Storage Fund III.

The Dahlonega facility at 15 Martins Ford Road comprises 31,000 square feet of self-storage in addition to open and covered vehicle-storage spaces, while the Murrayville location at 5162 Thompson Bridge Road comprises 68,000 square feet. The Macon site at 2257 Heath Road comprises 51,000 square feet, plus vehicle-storage spaces. Each has been rebranded under the Boardwalk Storage name. 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.

KeepSafe Self Storage in Rolla, Mo., sold. The facility at 11289 Twitty Drive sits on 3.41 acres and comprises 27,636 square feet in 183 units and eight vehicle-storage spaces. The buyer and seller were represented in the transaction by Marla Čolić, associate, and Anne Williams-Blackwell, first vice president, for M&M.

Scenic Self Storage in Littlefield, Ariz., sold for $1.3 million. The facility at 3030 Scenic Blvd. sits on more than 4 acres, offering 246 traditional units and 116 vehicle-storage spaces. The seller was represented in the transaction by Jeff Gorden of The Gorden Companies/Keller Williams East Valley, an Argus affiliate.

Wagon Self Storage in Santa Fe, N.M., sold to Dahn Corp., a national real estate investment and asset management company that operates 46 Mini U Storage facilities in nine states. Built in 2009 and expanded in 2016, the facility at 2 Emblem Road contains four buildings. It comprises 63,726 square feet in 611 traditional self-storage units and vehicle-storage spaces, plus 42 wine-storage units. The seller, a local limited-liability company, was represented in the transaction by Charles "Chico" LeClaire, executive managing director of investments, and Adam Schlosser, senior vice president of investments, for M&M.

Columbia Storage Group acquired a facility at Certificate of Occupancy in West Caldwell, N.J., for $19.25 million. Real estate management and development company Tulfra Real Estate purchased the 108,000-square-foot building at 670 Passaic Ave. for redevelopment last year. It comprises 41,000 square feet of storage in 760 units. It also includes a 68,000-square-foot space that’s leased to Case-It, a manufacturer of binders and office supplies, through 2034. Founded in 2012, Columbia operates 19 facilities in New Jersey, New York and Pennsylvania.

New Sources:
Apache Junction/Gold Canyon Independent, NAI Horizon Negotiates $8.35M Sale of Self-Storage Facility, Representing Apache Junction Seller
Commercial Property Executive, Meridian Storage Group Brokers Georgia Storage Deal
Connect Texas, Storage Facility Sells in Busy Pflugerville Corridor
Real Estate Weekly, Tulfra Sells Self-Storage Property for $24M
REBusiness Online, Marcus & Millichap Brokers Sale of 348-Unit Self-Storage Facility in Rochester
Self Storage Group, Self Storage Group ASA - Acquisition of New Property in Nordre Follo, Norway

Previous Sources:
REBusiness Online, Marcus & Millichap Brokers Sale of 147-Unit Self-Storage Facility in Metro Houston
The Progress, West Caldwell Building Sold to Columbia Storage Group

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