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Self-Storage Real Estate Acquisitions and Sales: June 2020

Update 6/25/20 – 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 June 2020.

A+ Storage in Mission, Texas, sold to a Lincoln, Neb.-based buyer. The facility at 2604 I-2 W. comprises 24,100 net rentable square feet in 169 units. The buyer and the Harlingen, Texas-based seller were 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.

Phoenix-based U-Haul International Inc., which operates more than 1,200 self-storage facilities across North America, acquired Aladdin Self Storage in Louisville, Ky. The facility at 3413 Collins Lane sits on 3.49 acres and comprises 46,465 net rentable square feet in 421 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Zack Urow, senior vice president, for SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.

American Storage & Moving Center in Queensbury, N.Y., sold to Jerry Nudi, a private investor, for $2.7 million. The 8-acre property at 94 Big Boom Road contains six storage buildings comprising 35,000 square feet in 300 units. It also includes three additional structures for heated storage, warehouse space and offices. The buildings range from 5,600 square feet to 17,000 square feet. The buyer and the seller, Douglas Mabey, were represented in the transaction by Robert Sears, vice president of Berkshire Hathaway HomeServices Blake, Realtors. The transaction was financed by Adirondack Trust Co.

Big Oaks Center in Clearlake Oaks, Calif., sold for $7.2 million to the Berg Family of Redding, Calif. The mixed-use property at 13300 State Highway 20 comprises 78,845 square feet of self-storage, 17,086 square feet of retail space and a 2,880-square-foot U.S. Postal Service location. The purchase was partially completed through a 1031 exchange, with the balance financed by Five Star Bank. The seller, Las Vegas-based Crystal View Capital, was represented in the transaction by Tom de Jong, senior vice president of the National Self Storage Group for real estate firm Colliers International.

Capital Associates purchased Colonial Self-Storage in Winston-Salem, N.C., for $900,000. Built in 1981, the facility at 4867 Country Club Road sits on 3.5 acres and comprises 41,030 square feet. Its value was appraised at $1.18 million, according to county records. Based in Raleigh, N.C., Capital is a commercial real estate firm that provides development, leasing and sales, property management, and consulting services.

Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired Comfort Storage in Punta Gorda, Fla. The facility at 3811 Tamiami Trail sits on 7.9 acres and comprises 106,169 net rentable square feet in 800 units. Originally built in 1992 as a retail property, it was converted to storage in 2018. The seller was represented by Clark and Richard Riddle, senior vice president of SkyView.

Hidden Creek Storage in Sandy, Utah, sold. The facility at 9575 S. Hidden Bluff Way comprises 14,400 net rentable square feet in 60 units. The buyer and the seller were represented in the transaction by Schlosser and Jordan Farrer, a broker with The LeClaire Group of M&M.

Nead Self Storage in Fort Atkinson, Wis., sold to a first-time self-storage buyer. The facility at 1216 Whitewater Ave. comprises 21,230 net rentable square feet in 181 units. The seller was represented in the transaction by Jesse Luke and Scott Rihm of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage.

Andover Properties LLC, which operates the Storage King USA brand, purchased Prestige Self Storage in Titusville, Fla. The transaction was made through the company’s partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The facility at 4706 S. Washington Ave. sits on more than 5 acres and comprises 57,600 net rentable square feet in 530 units. The seller was represented in the transaction by Clark and Urow. New York City-based Andover owns and operates facilities in 12 states.

Storage Depot in Ocala, Fla., sold to an LLC. The facility at 9085 S.W. Highway 200 comprises 62,650 net rentable square feet in 447 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists for M&M.

Storage Plus acquired Taylor Hutto Self Storage in Taylor, Texas. The facility at 4105 W. Second St. comprises 60,605 square feet in 501 units. The Plainfield, Ill.-based seller was represented in the transaction by Bellomy and Johnson. Storage Plus operates 15 facilities in Texas. It’s managed by Pinnacle Storage Properties, whose portfolio includes more than 1.1 million rentable square feet of storage.

Texas Hills Storage in Lago Vista, Texas, sold to an Arlington, Texas-based buyer. The facility at 7301 Lohman Ford Road comprises 28,500 net rentable square feet in 192 units. The buyer and the local seller were represented in the transaction by Bellomy and Johnson.

Gelt Inc., a real estate investment and asset management firm, acquired an eight-property portfolio in Mississippi and Tennessee for $41 million. Totaling 490,187 rentable square feet in 3,867 units, it includes two locations in Olive Branch, Miss.; one in Nesbit, Miss.; and five in Memphis, Tenn. The sites will be managed by Citizen Storage, whose principals have managed more than 80 assets. The seller, Merit Hill Capital, was represented in the transaction by Mele and Luke Elliott of Cushman & Wakefield. The $31 million commercial mortgage-backed securities loan was arranged by The BSC Group, a Chicago-based provider of financing solutions for self-storage and other commercial real estate. The 10-year, nonrecourse debt package includes two years of interest-only payments and was underwritten to a 75 percent loan-to-cost ratio. Founded in 2008 and based in Los Angeles, Gelt has acquired more than 10,300 apartment units, RV and mobile-home sites, and self-storage, valued in excess of $1.56 billion.


6/11/20 – 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 June 2020.

Access Self Storage in Camp Verde, Ariz., sold to an unidentified buyer for nearly $1.3 million. Built on nearly 2 acres, the facility at 28 W General Crook Trail comprises less than 30,000 square in 240 units. The seller was represented in the transaction by Jeff Gorden, president of The Gorden Cos. and director of Keller Williams East Valley, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Angel’s Attic in San Antonio sold to a California-based limited liability company (LLC). Built in 1973, the facility at 5601 N.W. Loop 410 comprises 38,685 square feet in 326 units. The seller, a private investor, was represented in the transaction by Dave Knobler, first vice president of investments, and Casey Kral, associate, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. The brokers also secured the buyer.

Casa Grande Mini Storage in Casa Grande, Ariz., sold to a local buyer. Sitting on 2.75 acres, the facility consists of 24,000 net rentable square feet in 280 units. The seller was represented in the transaction by Bill Alter, managing director of the Self-Storage Specialty Group at Rein & Grossoehme Commercial Real Estate.

Empire Storage in Reading, Pa., sold to a private buyer. The facility at 1500 Frush Valley Road comprises 29,800 square feet in more than 170 drive-up units and 45 outdoor parking spaces. Built in 2006 on 3.83 acres, it contains four metal buildings and is approved for a 14,800-square-foot expansion. The buyer and seller were represented in the transaction by Matt Rosendale, brokerage associate, for Investment Real Estate LLC (IRE), a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Hillside Storage & Car Wash in Nice, Calif., sold to a Santa Rosa, Calif.-based operator for $2.8 million. Built on 4.58 acres, the facility at 2544 State Highway 20 comprises 48,350 net rentable square feet in 283 units. The property includes nine buildings and a manager’s residence. The buyer intends to expand. The seller, The Brown and Breunig Families, were 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.

Indian River Self Storage in Edgewater, Fla., was sold to National Storage Affiliates Trust (NSAT) for $6.3 million. Situated on 10 acres at 3515 S. Ridgewood Ave., the facility contains eight single-story buildings comprising 84,380 net rentable square feet in 644 units. The buyer and the seller, a private entity, were represented in the transaction by Patrick Kidder, president of Meridian Storage Group, which offers real estate advisory services to institutional and private self-storage clients. Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed real estate investment trust with ownership interest in 742 storage facilities in 35 states and Puerto Rico.

Midtown Mini Storage and Shredding in Charleston, W.Va., sold to a private buyer. Opened in 1981, the property at 800 Piedmont Road includes four connected buildings, with 24,000 net rentable square feet of storage in 210 units. The seller was represented in the transaction by Yevgeni Kaniayev, brokerage advisor for IRE.

New York City-based investment firm Ideal Property Group acquired the three-property Stop & Store portfolio in Pennsylvania for $5.2 million. Located in Dillsburg, Dover and York, the facilities total 94,976 net rentable square feet. The seller, a private owner, was represented in the transaction by Robert Bloch, Michael Mele and Noah Obuchowski of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

SecurCare Self Storage Inc., an operating brand of NSAT, acquired Valley Mini Storage in Fountain, Colo. The facility at 639 Carson Blvd. comprises 72,250 square feet in 563 units. The seller, a private family trust, 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. 

New Sources:
Albany Business Review, Warehouse, Self-Storage Property Acquired Along Northway Exit 18
REBusiness Online, Marcus & Millichap Arranges Sale of 60-Unit Hidden Creek Storage in Sandy, Utah
Commercial Property Executive, National Storage Affiliates Acquires North Florida Facility
REJournals, Bellomy & Co. Announces the Sale of Texas Hills Storage in Lago Vista, Texas
REBusiness Online, Colliers Brokers $7.2M Sale of Big Oaks Center Mixed-Use Property in Northern California
Triad Business Journal, Raleigh Partnership Buys Storage Business in High-Traffic Corridor
Connect Media, Skyview Advisors Brokers Sale of 530-Unit Self-Storage Facility in Titusville
Commercial Property Executive, Strategic Storage Grows Southwest Florida Portfolio
PR Newswire, Strategic Storage Trust IV Acquires 800-Unit Self Storage Facility in Southwest Florida
PR Newswire, U-Haul Acquires Former Aladdin Self-Storage Facility in Louisville

Previous Sources:
REBusiness Online, Ideal Property Group Acquires Self-Storage Portfolio in Pennsylvania for $5.2M
REBusiness Online, Marcus & Millichap Brokers Sale of 326-Unit Self-Storage Facility in San Antonio

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