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Self-Storage Real Estate Acquisitions and Sales: May 2021

Update 5/26/21 – 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 May 2021.

3 South Self Storage in Medina, Ohio, sold. Built in 2004, the facility at 7105 Wooster Pike comprises 39,503 net rentable square feet in 249 units. Subsequent, phased expansions were completed in 2006, 2016 and 2018. The property had physical occupancy of 84% at the time of sale. The seller was represented in the transaction by The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.

A - Allright Mini Storage in Midland, Texas, sold to Watchman Properties, a Utah-based real estate investment and development firm. Built on 2.28 acres at 2215 W. Florida Ave., the facility comprises 30,572 square feet in 150 units. Watchman will rebrand the facility as Midland Lock Storage. The seller, a limited liability company (LLC), was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for M&M. The acquisition is Watchman’s second in Midland and fourth self-storage location in West Texas.

Pegasus Group, which owns and operates the Central Self-Storage brand, purchased a two-property portfolio in Austin, Texas. Opened in July 2018, All Stor South Congress at 8327 S. Congress Ave. contains a two-story building and eight single-story structures. It offers 525 units and four vehicle-storage spaces. Bee Cave at 14635 W. TX 71 comprises three buildings containing 645 units. Constructed in 2019, it was formerly managed by CubeSmart, a real estate investment trust (REIT) and management company. The seller, an affiliate of Endeavor Real Estate Group, was represented in the transaction by Steve Mellon and Brian Somoza, managing directors for JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Pegasus was represented in-house by Phil Jones, director of acquisitions. Based in Walnut Creek, Calif., and founded in 1988, Pegasus owns 27 properties in nine states.

Aransas Pass Storage in Ingleside, Texas, sold to Merit Hill Capital LP, a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. The facility at 1500 Kenny Lane comprises 181,210 square feet in 502 units. The buyer and the seller were represented in the transaction by Dave Knobler, senior vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments for M&M. Merit Hill operates 130 self-storage properties in 30 states.

Aztec Self Storage in Albuquerque, New Mexico, sold. The facility at 3201 Aztec Road N.E. comprises 32,800 net rentable square feet in 308 units. The property had physical occupancy of 99% at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.

Andover Properties LLC, which operates the Storage King USA brand, purchased Bagdad Mini Warehouses in Milton, Florida. Built in 2004 on nearly 8 acres, the facility at 4065 Garcon Point Road comprises 37,000 net rentable square feet in traditional self-storage plus 93 outdoor vehicle-storage spaces. Established in 2003, New-York based Andover acquires, develops and manages industrial and retail properties in addition to car washes and self-storage facilities. The firm owns and manages 76 storage properties in 16 states, comprising 7.1 million square feet across 54,900 units.

Freeway Mini Storage in Shelton, Washington, sold to a local private investor. The facility at 631 S.E. Craig Road comprises 62,684 net rentable square feet in 466 units. The buyer and the seller, a private investor, were represented by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm.

I 35 Self Storage in Cameron, Missouri, sold to a local investor. Built on 1.4 acres at 1800 S.E. Pence Road, the facility comprises 41,880 rentable square feet. The seller, a trust, was represented in the transaction by Larry Goldman of Goldman Investment Advisors, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

North Side Self Storage in Terre Haute, Indiana, sold. The 14-acre property at 2700 E. Park Ave. comprises 23,034 net rentable square feet in 218 units. The buyer and the seller were represented in the transaction by Gabriel Coe, Jonathan M. Fawley and Brett R. Hatcher, investment specialists with The Hatcher Group. Fellow broker Josh Caruana assisted.

Heitman LLC, a global real estate investment management firm, purchased Rent-A-Space in Shrewsbury, England. It’s the first acquisition in the expansion of Space Station, a U.K. storage brand acquired by a Heitman affiliate last year. Built in 2016 on Battlefield Road, the facility comprises 58,000 square feet. The seller was advised by JLL Capital Markets. Founded in 1966, Heitman manages more than $5 billion of self-storage assets.

Westport Properties, which operates the US Storage Centers brand, acquired Secure Store in Clermont, Florida, for $10 million from a private investor. Opened in 2019 on 5.3 acres, the split-level facility at 3050 U.S. Highway 27 comprises 74,188 square feet in 715 units. Westport represented itself in the transaction. Founded in 1985, US Storage Centers has more than 10 million rentable square feet under management.

Andover acquired a two-property Stash Self Storage portfolio in Tucson, Arizona. Together, the facilities at 4068 E. Fort Lowell Road and 5650 W. Coca Cola Place comprise more than 200,000 net rentable square feet in 1,750 units. The purchase increases Andover’s footprint in the city to five locations.

Storage King in Huntington, West Virginia, sold to a private buyer for $1.25 million. The facility at 5091 Oak Ridge Drive comprises 23,400 net rentable square feet in 148 units. The buyer and the seller, Oak Haven Investments LLC, were represented in the transaction by brokers Conor David and Tyler Watkins of NAI Ohio Equities, a Columbus, Ohio-based real estate firm that specializes in commercial properties.

Village Storage in Bluffton, South Carolina, sold. The property at 10 Coastal Drive comprises two adjacent parcels, a parking lot, retail building and a warehouse, all of which are leased to long-term tenants. The facility offers 156 self-storage units and vehicle-storage spaces. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Woodstock Storage and Car Wash in Woodstock, Georgia, sold to an in-state LLC. Built on 1.87 acres at 3329 Trickum Road, the facility comprises 81 self-storage units and 17 vehicle-storage spaces. There’s also car wash on site with one automatic and five self-serve bays. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties.

Pelican Self Storage, which operates 34 locations in Denmark, Finland and Sweden, acquired a new property in Järfälla, a suburb of Stockholm. The facility comprises 75,347 square feet in 800 units. The operator was assisted in the transaction by Safa Mahmoudi, partner, and associates Catharina Danielsson and Andreas Sahlstedt for real estate firm Törngren Magnell & Partners. Pelican was founded in Denmark in 2009 by Nordic Real Estate Partners.


5/13/21 – 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 May 2021.

Go Store It Self Storage, which operates 57 locations in eight states, acquired 53rd Street Secure Storage in Anderson, Ind. The facility at 1823 E. 53rd St. comprises 89,853 net rentable square feet in 600 units. The buyer and the seller, a private owner, were represented in the transaction by Patrick Kidder and Ken DeVaul, brokers with Meridian Storage Group, a self-storage brokerage and advisory firm.

Brodheadsville Self Storage in Brodheadsville, Pa., sold. Built in 2003 on 4.4 acres, the facility at 532 Jenna Drive comprises 38,550 net rentable square feet in 269 units and 24 vehicle-storage spaces. The property had physical occupancy of 97.6% at the time of sale. The seller, a limited liability company (LLC), was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists 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.

Real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage properties nationwide, purchased C F & M Storage in Garden Ridge, Texas. The facility at 19834 FM 2252 comprises 49,560 square feet in 111 units and 50 vehicle-storage spaces. It’ll be managed by self-storage real estate investment trust (REIT) CubeSmart and branded under its name. The seller, a LLC, was represented in the transaction by Jon Danklefs, an investment specialist with M&M.

A two-property portfolio encompassing Crestwood Self Storage in Crestwood, Ill., and Sugar Land Self Storage in Richmond, Texas, sold to National Storage Affiliates Trust (NSAT), a self-storage REIT. Built on 5.4 acres at 4501 W. 125th St., the Crestwood facility comprises 746 units in six single-story structures that were built in two phases, in 1974 and 2017. The original buildings were renovated in 2018. Built on 8 acres in 1998 and expanded in 2003, the four-story Sugar Land property at 1728 Crabb River Road comprises 857 units. It also has an onsite apartment. The seller, a private-equity real estate fund advised by Crow Holdings Capital, was represented in the transaction by Steve Mellon and Brian Somoza, managing directors, and Dan Reynolds, senior director, of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Headquartered in Greenwood, Colo., NSAT has ownership interest in 844 storage facilities in 36 states and Puerto Rico.

HPI Real Estate Services & Investments acquired a facility in Hopkins, Texas, that’s managed and branded by Extra Space Storage Inc. The property at 10535 Mason Road comprises 93,630 net rentable square feet. HPI acquired the site in conjunction with another Extra Space facility in Naples, Fla. Headquartered in Austin, Texas, HPI is a full-service commercial real estate firm. It acquires and develops self-storage through its HPI Storage Funds. Extra Space is a self-storage REIT that owns or operates 1,969 properties in 40 states; Washington, D.C.; and Puerto Rico.

Another property managed by Extra Space, in North Arlington, N.J., sold to an LLC. The facility at 450 Belleville Turnpike comprises 71,160 square feet in 909 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher of M&M. Fellow M&M broker Brian Hosey assisted.

Minikahda Storage and Excelsior Tech Center, a mixed-use facility in Hopkins, Minn., sold to an undisclosed REIT. The multi-story building at 150 Tyler Ave. N. comprises 100,570 net rentable square feet of self-storage in 1,080 units and 86,699 rentable square feet of production and office space. Though the structure was originally built for industrial, office and limited-production use, a portion was converted to self-storage in 2003, with room to add another 30,000 square feet. The seller, a local LLC, was represented in the transaction by Chris Kampmeyer, investment associate; Charles “Chico” LeClaire, executive managing director of investments; and Adam Schlosser, senior vice president of investments for the LeClaire-Schlosser Group of M&M.

FollettUSA, which operates 32 properties under the Storage Star brand, acquired Quail Creek Self Storage in Laredo, Texas. The facility at 2110 Quail Creek Road comprises 64,900 net rentable square feet in 445 units. The seller was represented in the transaction by Danklefs. Founded in 1989 and based in California, FollettUSA is a boutique real estate firm that acquires, develops and manages residential, self-storage and other investment properties.

Richmond Self Storage in Augusta, Ga., sold to Phoenix-based U-Haul International Inc. The facility at 3455 Wrightsboro Road comprises 12,395 net rentable square feet in 156 units. The seller, a local investor, was represented in the transaction by Frank DeSalvo of Sands Investment Group. Established in 1945, U-Haul owns and manages more than 62.5 million square feet of storage space nationwide.

SS Mini Storage in Perris, Calif., sold. The facility at 509 N. D St. comprises 22,700 net square feet in 225 units. It also includes 26 outdoor vehicle-storage spaces and a two-bedroom apartment. The sellers, out-of-state LLCs, were represented in the transaction by Dean Keller, president of real estate brokerage firm Bancap Self Storage Group.

Andover Properties LLC, which operates the Storage King USA brand, purchased Santa Clarita Storage in Santa Clarita, Calif., for $28 million with its joint-venture partner, Angelo, Gordon & Co., a privately held investment adviser. The facility at 24314 The Old Road was built in 2019 and comprises 105,743 rentable square feet. The seller and developer, World Class Property Co., was represented in the transaction by Luke Elliott, Mike Mele and Greg Wells, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Store Space Self Storage, which owns or manages 50 facilities in 15 states, purchased Skyline Self Storage in Cape Coral, Fla. The facility at 824 S.W. 42nd Terrace comprises 43,940 net rentable square feet 496 units. The buyer and the seller, a private developer, were represented in the transaction by Kidder.

SpareBox Storage acquired 13 self-storage properties in South Carolina and Texas from multiple sellers. Together, the facilities comprise about 330,000 net rentable square feet in 2,500 units. Launched last year, SpareBox operates 37 facilities across Florida, New Hampshire, South Carolina and Texas. Its portfolio comprises about 1.6 million net rentable square feet. The company 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.

Westport Properties Inc. (WPI), which operates more than 130 self-storage facilities under the US Storage Centers brand, acquired a newly constructed property in Clermont, Fla. The split-level facility at 3050 U.S. Highway 27 comprises 74,188 square feet in 715 units. Founded in 1985, WPI is a fully integrated self-storage operator that acquires, develops and manages its own portfolio in addition to providing third-party management services.

New Sources:
Multi-Housing News, Westport Properties Expands Central Florida Portfolio
Property Funds World, Heitman Expands UK’s Oldest Private Self-Storage Platform
PR Urgent, Self Storage in Bluffton, SC, Sold
Global Legal Chronicle, Pelican Self Storage’s Purchase of a New Site in Järfälla
Multi-Housing News, Pegasus Group Buys Austin Self Storage Portfolio
REBusiness Online, JLL Negotiates Sale of 645-Unit Self-Storage Facility in Metro Austin
PR Urgent, Woodstock Storage and Car Wash, Woodstock, GA, Sold by Midcoast Properties Inc.

Previous Sources:
Benzinga, Inland Empire Self Storage Sold
Businesswire, SpareBox Storage Announces Acquisition of Stabilized Self Storage Properties in South Carolina and Texas
Commercial Observer, Angelo Gordon JV Comes to West Coast for Self-Storage
PRWeb, Westport Properties Acquires Self Storage Facility in Clermont, Florida
REBusiness Online, HPI Real Estate Acquires 745-Unit Self-Storage Facility in Metro Houston
REBusiness Online, Marcus & Millichap Arranges Sale of 269-Unit Self-Storage Facility in Brodheadsville, Pennsylvania
REjournals, Marcus & Millichap Sells 18,455-Square-Foot Self-Storage Center in Ohio

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