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Self-Storage Real Estate Acquisitions and Sales: January 2021

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 January 2021.

A 12-property 603 Self Storage portfolio in New Hampshire sold to SpareBox Storage. Together, the facilities comprise 325,914 net rentable square feet in 2,453 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Richard Riddle, senior vice president, of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. Launched last year, SpareBox is sponsored by Rizk Ventures LLC, an investment platform specializing in healthcare, real estate and technology. The company intends to create a national operating brand by amassing $1 billion in assets. Rizk’s portfolio of commercial and healthcare properties across six states and Colombia comprise more than 11 million square feet.

A-1 Storage in Willis, Texas, sold to Houston-based Willis East Storage LLC. The facility at 14210 Longstreet Road comprises 52,680 net rentable square feet in 242 units. The Hermosa Beach, Calif.-based seller, Pacific View Investments LLC, was 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. The buyer was represented by Craig Rice and Cole Rice of CSD Realty Co.

A&G Mini Storage in Flagstaff, Ariz., sold to a California-based buyer for $1.6 million. The facility at 2718 E. Lakin Drive offers more than 20,000 square feet of rentable space. The Arizona-based seller was represented in the transaction by Jeff Gorden of The Gorden Cos./Keller Williams East Valley, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

A&W Storage in Oklahoma City, Okla., sold. Built on 5.16 acres, the facility at 4800 and 4900 S. Sunnylane Road comprises 88,0202 net rentable square feet in 467 units. The seller was represented in the transaction by Clark, Riddle and Zack Urow, senior vice president, of SkyView Advisors.

ABC Self Storage in Franklin, Va., sold. The facility at 1440 Armory Drive comprises 70,750 square feet in 551 units. The 6.34-acre parcel also contains two offices and room for expansion. The buyer and the seller were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Fellow M&M Broker Dawson Rinder assisted.

Advantage Storage in Arlington, Texas, sold. The facility at 1040 W. Sublett Road comprises 95,825 square feet in 771 units. The property also contains four warehouses. The seller was represented in the deal by Coe and Hatcher. They were assisted by M&M Division Manager Tim Speck.

A four-property Ashley’s Storage portfolio in Texas sold to a California-based limited liability company (LLC). The facilities at 229 Dell Dale St. and 232 Grand St. in Channelview, Texas, offer traditional self-storage, while the properties at 7114 Belgold St. and 10018 Edwards St. in Houston specialize in boat/RV storage. Together they comprise 96,338 square feet of storage space. The seller, a Texas-based LLC, was represented by Dave Knobler, first vice president of investments, for the LeClaire-Schlosser Group of M&M. Knobler also secured the buyer.

Black Canyon Storage in Black Canyon City, Ariz., and Rimrock Super Storage in Rimrock, Ariz., sold for $4.6 million to an out-of-state buyer. The properties are at 34655 Mud Springs Road and 3706 E Beaver Creek Road, respectively. The California-based seller was represented in the transaction by Gorden.

Hats Boat & RV Storage LLC acquired Boat & RV Storage of Sugarland in Stafford, Texas. The facility at 4403 Ludwig Lane comprises 17,388 net rentable square feet in 46 units. The sellers, Danny and Lorraine Blumrick, were represented in the transaction by Bellomy and Johnson.

Cajun Self Storage in Fresno, Texas, sold. Built on 8.3 acres in 2005, the facility at 2935 FM 521 Road comprises 104,823 net rentable square feet in 619 units. It was expanded in 2015 and 2017. The seller was represented in the transaction by Coe, Hatcher, Brian Kelly and Jack Newman of The Hatcher Group of M&M.

Padlock Partners UK Fund I, which operates six facilities in England, acquired Cinch Self Storage in Bicester, a market town northwest of London, for £3,200,000. The three-story facility at 1 Arkwright Road opened in 2018 and comprises 25,000 square feet. Padlock operates facilities in Bicester, Chippenham, Letchworth, Leighton Buzzard, Newmarket and Wimbledon, England.

The William Warren Group, a privately held real estate company that operates the StorQuest Self Storage brand, acquired a property in Gilbert, Ariz., that was managed by self-storage real estate investment trust (REIT) CubeSmart. The facility at 4700 S. Val Vista Drive opened in 2019 and comprises 59,675 rentable square feet in 502 units. The buyer and the seller, Hines Interests, were represented in the transaction by Norman Herd, president of Quantum Property Advisors, a Phoenix-based real estate services firm that specializes in self-storage brokerage.

Edgewater Boat & General Storage in Angleton, Texas, sold to a private investor. The facility at 12126 FM 523 comprises 61,060 square feet. The seller, also a private investor, was represented in the transaction by Knobler of M&M, who also secured the buyer.

All Storage, which operates more than 50 facilities in Oklahoma and Texas, acquired a property managed by REIT Extra Space Storage. The multi-story facility at 2435 Presidio Vista Drive comprises 139,500 square feet. The seller, private real estate firm The Davis Group, was represented in the transaction by Adam Alexander, Nate Holash and Nick Walker, investment specialists with CBRE Group Inc., a commercial real estate services and investment firm.

Affiliates of SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone self-storage brands, acquired an eight-property EZ Self Storage portfolio in Wisconsin for $36.7 million. The acquisitions span seven cities and mark the company’s entry into the Greater Milwaukee market. The facilities include 5133 S. Pennsylvania Ave. in Cudahy, 10535 W. College Ave. in Franklin, 3645 W. Loomis Road in Green field, N60 W14944 Bobolink Ave. in Menomonee Falls, 1201 W. Canal St. in Milwaukee, 1019 W. Rawson Ave. in Oak Creek, and 11108 W. Lapham St. in West Allis. The sellers were affiliates of Franklin, Wis.-based real estate firm Sunset Investors and LLCs registered to Peter Williams. Based in West Palm Beach, Fla., SROA is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide. It owns and operates more than 7 million rentable square across 140 properties.

Goodview Storage in Gallatin, Tenn., sold to Hotel Foxtrot Corp. The 6.51-acre property at 149 Goodview Way houses five single-story buildings and a two-story management office. It comprises 40,150 rentable square feet in 295 units. The seller, Goodview Properties LLC, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.

Security Self Storage in Pace, Fla., sold. The facility at 4391 US-90 comprises 73,734 net rentable square feet in 667 units. The buyer and the seller were represented in the transaction by Coe, Hatcher, Nathan Coe and Meir Perlmuter of The Hatcher Group. They were assisted by Ryan Nee, district manager for M&M.

Strack Road Storage in Houston sold to real estate firm Merit Hill Capital LP. The facility at 4717 Strack Road comprises 198,005 square feet. The seller, a local partnership, was represented in the transaction by Knobler of M&M, who also secured the buyer. New York-based Merit Hill acquires, owns and manages self-storage facilities nationwide. It operates 130 properties in 30 states.

Andover Properties LLC, which operates the Storage King USA brand, acquired Texas Storage in Rosenburg, Texas. The facility at 3619 Ave. H comprises 45,000 square feet in 335 drive-up and vehicle-storage units. The seller, Diehl Investments II LP, was represented in the transaction by Bellomy and Johnson, who also procured the buyer. Founded in 2003 and based in New York City, Andover owns and operates 38 self-storage facilities in 12 states, totaling more than 2.7 million rentable square feet.

TK Secure Storage in Termonton, Utah, sold. The 1.34-acre property at 976 W. 600 N. comprises 24,276 square feet. The buyer and the seller, a local limited-liability company, were represented in the transaction by Jordan Farrer, investment associate, and Adam Schlosser, senior vice president of investments, for M&M.

Total Storage in Lakesite, Tenn., sold to Southeast Storage for $5 million. Built in 1975 on 4.9 acres, the facility at 8810 Dallas Hollow Road comprises 80,902 square feet in 622 units. It’s original size was 7,850 square feet, but it was expanded over time to a footprint of 101,293 square feet. The acquisition marks Southeast’s entry into the Chattanooga, Tenn., market. The company operates six facilities across Alabama, Georgia and South Carolina. It’s affiliated with Lumpkin Development Co., which owns more than 2 million square feet of commercial space in Alabama and Georgia.

Insite Property Group, the parent company of SecureSpace Self Storage, acquired two facilities in Portland, Ore., from the same seller. The purchase includes a three-story Certificate-of-Occupancy project at 16017 S.E. that comprises more than 110,000 square feet. The three-story facility at 3737 N.E. Columbia Blvd. opened recently under the Extra Space Storage brand. It contains more than 140,000 square feet. Based in Redondo Beach, Calif., InSite has 30 facilities operating or under development.

Odd Molly International AB has signed a letter of intent to acquire a two-property self-storage portfolio and a warehouse in Båstad and Laholm, Sweden, for SEK 45 million. Together, they comprise 29,527 square feet in 400 units, and are valued at SEK 52.5 million. The deal is expected to close in March. Odd Molly is a Swedish company that designs, markets and sells clothes in addition to holding real estate.

A joint venture between Cerberus Capital Management and Go Store It acquired nine self-storage facilities in Asheville, N.C.; Charleston, S.C.; Dallas; Houston; and Wilmington, N.C., for more than $85 million. The purchase marks the brand’s entry to the Dallas market. Based in Charlotte, N.C., and affiliated with Madison Capital Group LLC, Go Store It specializes in the acquisition, development and management of self-storage nationwide. Its portfolio comprises more than 3.3 million square feet.

Sources:
Business Wire, SpareBox Storage Announces Acquisition of Stabilized Storage Portfolio in New Hampshire
Chattanooga Times Free Press, Southeast Storage Buys Hixson Self-Storage Units
Market Screener, Odd Molly International: Signs Letter of Intent to Acquire Three Warehouse and Logistics Properties, Including Fast-Growing Self-Storage Business
Milwaukee Business Journal, Buyer in Local $36.7 Million Self-Storage Deal Co-Founded by Kohl Family Member
PR Newswire, Go Store It Finishes the Year with Nine Storage Acquisitions in the Month of December
PR Newswire, Padlock Partners UK Fund I Continues UK Growth with Acquisition of Existing Self-Storage Business in Bicester, England
REJournals, Boat and RV Storage Sells in Sugar Land Submarket
REJournals, Columbus office of Marcus & Millichap Sells 95,000-Square-Foot Self-Storage Facility in Texas
The Blue Mountain Eagle, InSite Property Group Announces the Acquisition of 2 Self Storage Facilities in Portland, Oregon

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