Self-Storage Real Estate Acquisitions and Sales: May 2022

Update 5/19/22 – The Bellevue Road self-storage facility in Newark, Delaware, acquired by Strategic Storage Trust VI Inc. (SST VI) was branded under real estate investment trust (REIT) CubeSmart. The property in the Diamond State Industrial Park sold for about $19.7 million. It serves the areas of Brookside, Ogletown and Wilson as well as the University of Delaware. Along with its Levittown, Pennsylvania purchase, the Newark property acquisition marks SST VI’s entry into the Philadelphia market. The company is a private REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc.


5/17/22 – 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 2022.

80 West Self Storage in Longview, Texas, sold to a private capital group. The facility at 5615 W. Marshall Ave. comprises 76,814 square feet. The seller, a private investor, was represented in the transaction by Danny Cunningham and Brandon Karr, investment specialists, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Cunningham and Karr also secured the buyer.

281 Mini Storage in George West, Texas, sold to a Texas-based investment group. The facility at 3455 U.S. Highway 281 comprises 37,440 rentable square feet in 199 units. It was 100% occupied at the time of sale. The seller, a private investor, was represented in the transaction by Cunningham, Karr and Bryan Quaschnick, associate, for M&M. The trio also procured the buyer.

Wilmington, Delaware-based York Pc Chtn1 LLC purchased two Chattanooga, Tennessee, self-storage facilities managed by real estate investment trust (REIT) CubeSmart. The property at 824 E. 12th St. was sold by Chattanooga Storage LLC for $8.5 million. The facility owned by Dyersburg Self Storage Fund LLC at 4305 Benton Drive sold for $4.6 million.

A Fort Meyers, Florida, facility managed by CubeSmart sold. The 1.96-acre property offers 76,100 net rentable square feet in 803 climate-controlled units. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

Insite Property Group, the parent company of SecureSpace Self Storage, acquired Emerald@78 Self Storage in Vista, California. The facility at 220 Huff St. contains four two-story buildings comprising 94,625 square feet in 769 units. The seller, a California-based LLC, was represented in the transaction by Keith Phillips, investment associate, and Adam Schlosser, senior vice president of investments, for the LeClaire-Schlosser Group of M&M.

Insite also acquired Storage Star in Federal Way, Washington, for $21.5 million. The facility at 34202 16th Ave. S. contains eight single-story buildings comprising 92,244 square feet in 803 units. The seller was represented in the transaction by The Hatcher Coe Group of M&M. Based in Torrance, California, InSite has more than 50 facilities operating or under construction.

A Pensacola, Florida, facility managed by REIT Extra Space Storage Inc. sold. Opened in February 2021, the property comprises 59,965 net rentable square feet in 544 units and 115 vehicle-storage spaces, with room for expansion. The seller was represented in the transaction by The Hatcher Coe Group of M&M

Gateway Storage in Dupo, Illinois, sold to a limited-liability company (LLC) for $1.3 million. The facility at 715 Falling Springs Road comprises 22,150 square feet. The buyer and the seller, also an LLC, were represented in the transaction by Marla Čolić and Anne Williams, investment specialists, for M&M.

Harris Mini Storage in Mount Dora, Florida, sold. The facility at 21901 U.S. Highway 441 comprises 77,505 rentable square feet in 590 units and 82 vehicle-storage spaces. It was 96% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

A Manchester, New Hampshire, self-storage facility managed by REIT Life Storage Inc. sold. The property at 655 S. Willow St. is part of a mixed-use development in a primary retail corridor. It comprises 72,725 rentable square feet in 888 units. The seller was represented in the transaction by Thomas Palumbo and Bill Sitar Jr., affiliate agents, and Monty Spencer, CEO and group president, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

A Sacramento, California, property branded as REIT Public Storage Inc. was acquired by SmartStop Self Storage REIT Inc. Built in 1981 and renovated in 2018, the facility at 3970 Pell Circle comprises approximately 79,800 square feet in about 860 units. It also offers more than 60 vehicle-storage spaces. SmartStop operates 168 properties in 22 U.S. states and Toronto. The Sacramento location is the company’s 30th in California.

Northwest Mini Storage in Flushing, Michigan, sold to a private buyer. The facility at 4170 Commerce Drive No. 1 comprises 20,881 net rentable square feet. The seller was represented in the transaction by the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

SROA 8307 Hixon TN LLC acquired Simple Storage Solutions in Chattanooga, Tennessee, for $3.2 million. The facility at 8307 Hixson Pike has been rebranded as Storage Rentals of America, the operating brand for SROA Capital. The company owns more than 240 facilities in 18 states.

A four-property portfolio managed by Simply Self Storage in Central Ohio sold. Together, the facilities in Columbus, Gahanna, Powell and Reynoldsburg comprise 346,218 rentable square feet in 2,321 units. Combined, they were 90% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

Andover Properties LLC, which operates the Storage King USA brand, acquired the two-property The Storage Center portfolio in Tallahassee, Florida, from a private owner. Together, the facilities at 3110 Apalachee Parkway and 1241 W. Tharpe St. comprise 182,000 square feet in 1,337 self-storage spaces and large commercial units.

Andover also purchased StorageMaster in Sorrento, Florida, from a private owner. The facility at 31725 Mount Plymouth Loop comprises 34,000 net rentable square feet. Andover has the adjacent land under contract, on which it plans to build a 50,000-square-foot, climate-controlled facility. Established in 2003, New-York based Andover owns and manages 137 storage properties in 16 states.

The Storage Depot in North Haven, Connecticut, sold to a private buyer. The facility at 483 Washington Ave. comprises 33,260 rentable square feet in 310 units. The seller, a private owner, was represented in the transaction by Parker Sweet, president, and Cameron Vale, senior vice president, for brokerage and advisory firm Berkshire Hathaway Commercial Real Estate.

Global investment firm KKR acquired five self-storage facilities in Arizona, Florida and Texas for $98 million through its KKR Real Estate Partners Americas III opportunistic equity fund. Totaling about 4,100 units, the properties were purchased in three separate transactions from four different sellers. They’re located in Dallas and San Antonio, Texas; Palm City, Florida; and Phoenix, Arizona. Based in New York, KKR launched Alpha Storage Properties as a self-storage investment platform last December.

StorageVault Canada Inc. has agreed to acquire seven self-storage facilities from seven vendor groups for $171.6 million. Six of the properties are in Ontario, with one in Alberta. One of the acquisitions, totaling $14 million, is with Access Self Storage Inc. and its affiliates. Expected to close by the end of the third quarter, the transaction is subject to customary adjustments. Following the acquisition, StorageVault will own or manage 236 facilities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Nova Scotia.


5/5/22 – 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 2022.

Invesco Real Estate Income Trust Inc., a public non-listed real estate investment trust (REIT), acquired All Pro Self Storage in Winston-Salem, North Carolina. Developed in 2008, the facility at 3975 University Parkway comprises 52,275 square feet in 491 climate-controlled units. The seller was represented in the transaction by the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

Ballpark Self Storage in Adelanto, California, sold to Nova Storage. The facility at 16488 Adelanto Road comprises 55,500 square feet in 376 units. The seller, a California-based limited-liability company (LLC), was represented in the transaction by Keith Phillips, investment associate, and Adam Schlosser, senior vice president of Investments, for the LeClaire-Schlosser Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Nova operates nine self-storage facilities in Southern California.

Bullskin Self Storage in Springfield, Ohio, sold to KO Storage, which operates 143 facilities in several states. The 4.7-acre property at 3861 Ballentine Pike offers 42,575 net rentable square feet in 275 units and 27 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

City Line Self Storage in Johnstown, New York, sold. The facility at 580 N. Perry St. comprises 21,600 rentable square feet in 220 units, with room for expansion. It was 100% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

A Bourne, Massachusetts, self-storage facility managed by REIT CubeSmart sold. The building at 170 Clay Pond Road is within a mixed-use retail marketplace. It comprises 111,653 net rentable square feet in 1,033 units. The seller was represented in the transaction by Thomas Palumbo and Bill Sitar Jr., affiliate agents, and Monty Spencer, CEO and group president, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

A CubeSmart-managed self-storage facility in Worcester, Massachusetts, sold to an affiliate of REIT Life Storage Inc. for $15 million. The property at 345 Shrewsbury St. comprises 105,000 square feet. The seller was 345 Shrewsbury Storage LLC, an affiliate of real estate investment firm Clark Investment Group. Based in Buffalo, New York, Life Storage operates more than 1,100 facilities in 36 states.

DIY Storage Center in Danville, Illinois, sold. The fully automated facility at 2721 N. Vermilion St. comprises 56,134 square feet in 517 units. It was 77.3% occupied at the time of sale. The seller was represented in the transaction by Matt Davis, senior vice president, Thomas K. Gustafson, national director, and Andrew Kinney, associate, of the Self Storage Group for Colliers International.

A Fairfield, Alabama, property managed by REIT Extra Space Storage Inc. sold to Florida-based SAF NOB Aaron Aronov LLC for $9.6 million. Built in 1991, the facility at 6500 Aaron Aronov Drive comprises 122,663 square feet. The seller was KNG Fairfield Holdings LLC, an affiliate of Utah-based investment-advisory firm Keystone National Group.

Keepers Self Storage in New York City sold to Atlanta-based Storage Post Self Storage, which operates more than 30 facilities in Louisiana, New Jersey and New York. The company began managing the multi-story facility at 444 E. 10th St. earlier this year.

The two-property Men On The Move self-storage portfolio in Long Island, New York, sold to a California-based LLC. Built in 1979, the facility at 1110 Route 109 in Farmingdale comprises 211,767 square feet in eight two-story buildings with outdoor vehicle-storage spaces. The site at 960 Grand Blvd. in Deer Park was established in 2020 and comprises 78,312 square feet of storage. Together, the properties offer 2,304 units. The seller was represented in the transaction by the LeClaire-Schlosser Group of M&M, which also procured the buyer.

Northside Self Storage in Jackson, Michigan, sold to an out-of-state investment group. The facility at 3160 Lansing Ave. comprises 35,910 square feet in 343 drive-up units. It was built on 5.13 acres in phases beginning in 1994. The buyer and the seller, an LLC, were represented in the transaction by Tom Berlin, an investment specialist with M&M.

The three-property Southeastern Boat & RV Storage portfolio in St. Johns and Yulee, Florida, sold. Together, the sites comprise 12 acres offering more than 500 vehicle-storage spaces, with room for expansion. The buyer was represented in the transaction by Weaver Realty Group, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Storage Depot in Beaumont, Texas, sold to El Paso Riverbend Development, a real estate firm that focuses on office, retail and self-storage. The facility at 6320 College St. comprises 59,120 square feet. The buyer and the seller, a Texas-based investment group, were represented in the transaction by Danny Cunningham and Brandon Karr of the Karr-Cunningham Storage Team of M&M; and Dave Knobler, an investment specialist with the LeClaire-Schlosser Group of M&M.

Storage Solutions in North Little Rock, Arkansas, sold to Absolute Storage Investments (ASI). Built in 2008, the facility at 8700 Counts Massie Road comprises 41,740 rentable square feet in 331 units. It’ll be rebranded as Absolute Storage of Maumelle. ASI is the investment division of self-storage owner and property-management firm Absolute Storage Management (ASM), which will oversee the property. Founded in 2002, ASM operates more than 140 self-storage facilities in 16 states.

Storage Ventures, a real estate investment-management platform focused on self-storage and related sectors, acquired The Storage Station in Concord, New Hampshire. The facility at 220 Loudon Road comprises six storage buildings and outdoor vehicle storage. Based in Greenwich, Connecticut, Storage Ventures is led by founding partner and real estate executive Douglas Lee.

Store Space in Fairview, New Jersey, sold. The facility at 51 Broad Ave. comprises 50,350 square feet in 508 drive-up units. The land is also approved for an 80,000-square-foot, climate-controlled building. The seller was represented in the transaction by Hans Hardisty, senior advisor and managing director, and Nick Malagisi, national chair, for the SVN National Self Storage Team.

Vault Storage & RV in Tucson, Arizona, sold to Van West Acquisitions LLC. Built in 2010, the facility at 7475 E. Old Vail Road comprises 111 drive-up storage units, 128 covered vehicle-storage spaces, 90 uncovered vehicle spaces and a commercial building. The seller, Vault at Old Vail Road LLC, was represented in the transaction by Denise Nuñez, executive managing director, and Victoria Filice, first vice president, for the Nunez Self-Storage Group of NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.

Strategic Storage Trust VI Inc., a REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired two self-storage facilities in Newark, Delaware, and Levittown, Pennsylvania. Opened in August, the four-story facility at 401 Bellevue Road in Newark comprises 80,650 square feet in 830 climate-controlled units. The three-story Levittown facility at 1723 Woodbourne Road opened in October. It comprises 78,000 square feet in 810 climate-controlled units. Strategic Storage operates 10 facilities comprising 701,850 rentable square feet in 6,830 units.

An affiliate of Prime Group Holdings LLC, a New York-based real estate group that owns self-storage and other types of real estate, acquired a five-property self-storage portfolio in New England. The facilities are spread across three states and comprise 4,000 units. The company secured a $102.5 million loan from H.I.G. Realty Credit Partners. Headquartered in Saratoga Springs, Prime Group operates the Prime Self Storage brand. Its operating portfolio of 255 facilities comprises more than 18.7 million rentable square feet.

Life Storage acquired eight properties in three states from Harrison Street Real Estate Capital LLC. Together, the facilities in Chicago, North Carolina and Texas contain 4,317 units. The purchase includes 6331 N. Broadway St. in Chicago. The three North Carolina facilities are 1651 TW Alexander Drive in Durham, 9300 Fayetteville Road in Raleigh and 809 Chapel Hill Road in Spring Lake. The Texas sites are 11901 FM 423 in Little Elm, 2711 Justin Road Flower Mound, 3341 W. Campbell Road in Garland, and 2845 McDermott Road in Plano. The seller was represented in the transaction by professionals from  JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. They were senior managing director Ryan Cutter, managing directors Steve Mellon and Brian Somoza, analyst Robert Westerfield, and directors Dan Reynolds, Adam Roossien, Steven Rutman and Matthew Wheeler. The Life Storage portfolio of owned and managed facilities comprises more than 74 million square feet.

New Source:
Delaware Business Times, Calif. Firm Buys Newark Storage Facility for $19M

Previous Sources:
Business Wire, KKR Grows Self-Storage Portfolio With Five New Acquisitions
Business Wire, SmartStop Self Storage REIT Inc. Acquires Self Storage Facility in Sacramento
Connect CRE, George West Mini-Storage Sells Fast
Eminetracanada.com, StorageVault Acquires Seven Storage Locations for $171.6 Million
Multi-Housing News, SmartStop Buys 860-Unit Sacramento Storage Facility
RE Journals, Marcus & Millichap Arranges Sale of 76,814-Square-Foot Self-Storage Facility in Longview
REBusiness Online, Marcus & Millichap Brokers Sale of 199-Unit South Texas Self-Storage Facility
The Storage Acquisition Group, New Hampshire Self Storage-Manchester, New Hampshire
Chattanoogan.com, Storage Businesses on 12th Street, Benton Drive Sell for Over $13 Million
Global Newswire, SecureSpace Acquires Emerald @ 78 Self Storage in San Diego MSA
Global Newswire, SecureSpace Acquires Storage Star Property in Seattle MSA
Birmingham Business Journal, Fairfield Self-Storage Property Sells for $9.6 million
Business Wire, Storage Ventures, a Vertically Integrated Real Estate Investment Management Platform, Acquires Storage Station in Concord, New Hampshire
Business Wire, Strategic Storage Trust VI, Inc. Acquires Two Recently-Constructed Properties in Greater Philadelphia Area
GlobeSt.com, Prime Group Holdings Secures $102M Loan for Self-Storage Portfolio
Multi-Housing News, Men On The Move Sells 2 Long Island Storage Assets
Newswire, The Storage Acquisition Group Closes Bourne, Massachusetts, Facility
PR Newswire, Invesco Real Estate Income Trust Inc. Acquires Self-Storage Property
PR Newswire, Storage Post Self Storage Has Closed Its 9th Acquisition This Year
PR Underground, Malagisi, Hardisty of SVN’s National Self Storage Team facilitate the sale of 50,350 sq ft storage facility in Fairview, NJ
REJournals, Marcus & Millichap Sells 343-Unit Self-Storage Facility in Michigan
REJournals, Marcus & Millichap Directs El Paso Buyer Across Texas to Purchase Beaumont Self-Storage Facility
REJournals, 8-Property Self-Storage Portfolio Sells
The Daily News, H.I.G. Realty Credit Partners Originates $102.5 Million Loan Secured by a 4,000-Unit Self-Storage Portfolio
Worcester Business Journal, Shrewsbury Street Storage Facility Sells for $15M

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