Inside Self-Storage is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Self-Storage Real Estate Acquisitions and Sales: November 2022

Update 11/16/22 – 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 November 2022.

A self-storage portfolio with six locations in Arizona and one in Minnesota sold to an unnamed buyer. Together, the properties comprise 606,214 net rentable square feet of traditional storage, 30,730 square feet of covered vehicle storage and 20,376 of uncovered vehicle storage across 5,890 units. The purchase includes Allstate Self Storage at 12001 Interstate 35 W. in Burnsville, Minnesota. The Arizona facilities, all branded as Life Storage, are at 3443 E. Indian School Road, 4602 E. Thunderbird Road and 4747 N. 16th St. in Phoenix; 31434 N. Cave Creek Road in Cave Creek; 868 E. Hunt Highway in San Tan Valley; and 1019 E. Broadway Road in Tempe. The seller consisted of various partnerships owned and operated by Andrew Cohn and Bill Levine. The buyer and the seller were represented in the transaction by Paul Boyle, executive director of Cushman & Wakefield’s Capital Markets Self Storage, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., acquired Box à la Carte in Seine-et-Marne, France, for €9.2 million. The facility comprises 6,000 square meters in 800 units. It was 60% occupied at the time of sale. Shurgard operates 262 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

CubeSmart in Rock Hill, South Carolina, sold to CRM Legion Storage of Charlotte, North Carolina, for $10.7 million. The four-story building at 982 Constitution Blvd. comprises 76,775 net rentable square feet in 763 units.

Make Space Capital Partners, the investment-management arm of Canada-based self-storage operator Make Space Inc., acquired the two-property Estevan Public Storage portfolio in Estevan, Saskatchewan. The facilities at 462 Devonian St. and 134 Lamoro St. comprise more than 380 units and offer outdoor vehicle storage. Launched in 2019, the company operates 19 self-storage facilities across Canada.

Herget Group, a Portsmouth, New Hampshire, investment-management firm, purchased five Maine self-storage facilities for $6.3 million in three off-market transactions. Together, the properties total 78,000 square feet. The deals were brokered by Ben Spencer, vice president of real estate firm Maine Realty Advisors.

  • Gardiner Self Storage LLC at 110 Lewiston Road in West Gardiner and Maine Avenue Self Storage LLC at 676 Maine Ave. in Farmingdale comprise 40,000 square feet. They were sold by Manchester Self Storage LLC for $3.6 million.
  • Skowhegan Self Storage in Skowhegan was sold by Henry and Jean Travers for $800,000. The facility at 240 Waterville Road comprises 13,500 square feet.
  • The two-property Winthrop Self Storage portfolio was sold by Wood Storage Properties Inc. for $1.9 million. The facilities at 70 Route 133 and 2193 U.S. Route 202 in Winthrop comprise 20,300 square feet.

Montana Mini Storage in Butte, Montana, sold to a local buyer. The 2.8-acre property at 3516 S. Warren Ave. offers 26,980 rentable square feet in 191 units. The buyer and the seller were represented in the transaction by Kim Van Delinder and Larry Hayes of Hayes & Associates, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Pelion Self Storage at 6035 Fish Hatchery Road in Pelion, South Carolina, sold to a regional investment company. The buyer was represented in the transaction by Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Riverbend Self-Storage in Fort Lauderdale, Florida, sold for $35 million to an affiliate of Prime Group Holdings LLC, a New York-based real estate group that owns self-storage and other types of real estate. The four-story, 886-unit facility at 2401 W. Broward Blvd. comprises 133,000 square feet, including 5,200 square feet of ground-floor retail space. The seller, a local joint venture between Hernandez Development, Merrimac Ventures and Stiles Corp., was represented in the transaction by The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Stor It Now in Rock Hill, South Carolina, sold for nearly $1.8 million to Florida-based Self Storage of Rock Hill. The 3-acre property at 112 N. Garrison Road contains four self-storage buildings comprising about 30,000 square feet.

MV Investment sold its newly developed self-storage project on Hillview Avenue in Knoxville, Tennessee, to Newport, California-based Platinum Storage Group. Opened in October, the facility comprises about 90,000 square feet in more than 650 units. MV Investment owns facilities in Fort Myers, Lakeland and Ormond Beach, Florida, as well as Nicholasville, Kentucky. It has eight projects underway in Florida and North Carolina.

Go Store It Self Storage purchased an unnamed property in Rock Hill, South Carolina, for $12.5 million. The facility at 1077 N. Anderson Road was converted from a Kmart and comprises 86,000 square feet. Founded in 2013, Go Store It operates 80 facilities in 15 states.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • AAA Storage in Elgin, Illinois, sold to Trojan Storage for $11.65 million. The facility at 300 Sundown Road comprises 72,850 net rentable square feet. It offers 388 self-storage units, 28 vehicle-storage units and 13,000 square feet of flex space. The transaction also included an adjacent 2.4-acre parcel on which Trojan plans to develop a three-story, climate-controlled building. The buyer and the seller, Shanahan Enterprises LLC, were represented by Sean Delaney, senior vice president of investments.
  • Three San Antonio self-storage facilities sold to unaffiliated buyers. Together, Comal Ridge Self Storage at 23995 Bat Cave Road, Garden Ridge Self Storage at 22480 FM 3009 and Palo Alto Self Storage at 9018 Poteet Jourdanton Freeway Access Road comprise 89,815 rentable square feet in 650 units. The sellers, separate limited-liability companies (LLCs), were represented by investment specialist Jon Danklefs.
  • Combs Mini Storage in Festus, Missouri, sold to local storage investors who own five other storage properties. Built in 2000, the facility at 2100 U.S. Highway comprises 63,680 rentable square feet in 529 units including 23 vehicle-parking spaces. The buyer and the seller, an LLC, were represented by Marla Čolić and Anne Williams. They were assisted by fellow broker Dave Saverin.

The Hatcher Coe Group of M&M represented the sellers in the following transactions:

  • Allender Storage in White Marsh, Maryland, sold to an LLC. The facility at 5808 Allender Road comprises 76,369 square feet in 472 units and 94 vehicle-storage spaces. The buyer and the seller, also an LLC, were represented by Gabriel Coe, Nathan Coe, Brett R. Hatcher and Meir D. Perlmuter. They were assisted by fellow broker Brian Hosey.
  • GKE Self Storage in Blossvale, New York, sold to an LLC. The facility at 2305 New York State Route 49 comprises 17,500 square feet in 139 units. The buyer and the seller, an individual, were represented by Coe, Coe, Luke Dawley and Hatcher. They were assisted by fellow broker John Horowitz.
  • Heartland Storage at 10630 W. 133rd Ave. in Cedar Lake, Indiana, comprises 148,010 rentable square feet in 858 units and 68 vehicle-storage spaces. The seller, an LLC, was represented by Coe, Coe, Hatcher and Perlmuter. They were assisted by fellow broker Josh Caruana.
  • Pittsfield Self Storage in Pittsfield, Maine, offers 13,580 square feet in 117 units. The seller was represented by Coe, Coe, Dawley and Hatcher. They were assisted by fellow broker James Koury.
  • Wildcat Self Storage at 901 1st Ave. S. in Nitro, West Virginia comprises 25,826 rentable square feet in 195 units and three vehicle-storage spaces. It was 87% occupied at the time of sale.

The LeClaire-Schlosser Group of M&M represented the sellers in the following transactions:

  • Corporate Woods Storall in Magnolia, Texas, sold to a state-based LLC. The facility at 306 Corporate Woods Drive comprises 99,180 square feet. The buyer and the seller, an Austin, Texas-based LLC, were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments.
  • Noah’s Ark Self Storage in San Antonio sold to a publicly traded REIT. Built in 2013 on 1.23 acres, the facility at 19130 Stone Oak Parkway comprises 57,219 square feet in 477 units. The seller, a local LLC, was represented by Knobler and LeClaire, who also secured the buyer.
  • VIP RV Storage in Aledo, Texas, sold to a state-based LLC. The facility at 6200 E. Interstate 20 offers 77,052 square feet. The buyer and the seller, an Austin, Texas-based LLC, were represented by Knobler and LeClaire.

11/3/22 – 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 November 2022.

AA U-Stor-M of Upland in Upland, California, sold to Merit Hill Capital LP for $38.7 million. Built in 1974 and expanded in 1976, the facility at 1675 W. 11th St. comprises more than 256,000 square feet in 1,147 units and 71 vehicle-storage spaces. The seller, Cameron Properties, was represented in the transaction by Brandon Robinson, senior director of national investments for Calvary Realty, a commercial real estate brokerage that specializes in self-storage. Merit Hill acquires, owns and manages facilities nationwide.

StorageMart, which operates more than 250 self-storage locations across Canada, the United Kingdom and the United States, acquired two AAAA Self Storage properties in Virginia Beach, Virginia. Combined, the facilities at 3212 Dam Neck Road and 1940 Kempsville Road comprise 316,304 rentable square feet in 1,860 units and 14 vehicle-storage spaces. The buyer was represented in the transaction by Peter Coe, Steven Cornblatt, Jared Engel and Coleman Tirone of Trout Daniel & Associates LLC, a full-service commercial real estate brokerage. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio consisting of more than 15 million square feet.

Pogoda Cos., which operates 58 National Storage Centers, purchased Ameri-Guard Storage Center in New Albany, Indiana, in an off-market transaction. The recently expanded facility at 2638 Charlestown Road comprises 95,000 square feet. Based in Farmington Hills, Michigan, Pogoda operates more than 3.75 million square feet of self-storage space in Indiana, Kentucky, Michigan and Ohio.

Arcland Property Co. acquired two American Self Storage facilities in the Washington, D.C. market in an off-market deal. Combined, the properties at 4551 Eisenhower Ave. in Alexandria, Virginia, and 3700 Plyers Mill Road in Kensington, Maryland, comprise about 281,000 square feet in 3,100 units. They’ll be branded and managed by Self Storage Plus, which operates 63 facilities in Florida, Maryland, the Virginias and Washington, D.C. Based in D.C., Arcland is a real estate development and investment firm specializing in self-storage in the mid-Atlantic states.

Apple Self Storage, which operates more than 75 Canadian facilities, acquired Brock Mini Storage in Thorold, Ontario. The property at 2350 Turner Road offers drive-up units and outdoor vehicle storage. Founded in 1975, family-owned Apple has locations in New Brunswick, Nova Scotia and Ontario.

A White Marsh, Maryland, self-storage facility managed by real estate investment trust (REIT) CubeSmart sold to a Texas-based private buyer. The facility comprises 96,872 rentable square feet in 1,092 units. The seller, a private developer, 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. The same two brokers also secured the buyer.

Moove In Self Storage, which operates 55 facilities across six states, purchased JLM Storage in York, Pennsylvania. The 2.3-acre property at 610 Chambers Road contains three buildings comprising 21,050 net rentable square feet in 183 drive-up units. It also offers an eight-bay car wash, which Moove In plans to demolish and replace with a three-story, 48,600-square-foot storage building. Founded in 1998, Moove In operates facilities in Connecticut, Iowa, Maryland, Massachusetts, New Jersey and Pennsylvania.

Midwest Indoor Storage in Janesville, Wisconsin, sold to a private buyer. The facility at 314 W. Milwaukee St. comprises 43,890 square feet. The seller was represented in the transaction by Kirk Martin, a broker for Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

Space Saver Storage in Lawrence, Kansas, sold to Hess Tower LLC. Built in 1995 on 2.7 acres, the facility at 3707 W. 6th St. comprises 55,688 square feet. The seller was represented in the transaction by Larry Goldman, a broker affiliate for Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Life Storage Inc., a self-storage REIT and management company, purchased 16 facilities in multiple states, including three in Minnesota, for $31 million. The seller was Utex Storage Partners, a Utah-based developer. Based in Buffalo, New York, Life Storage operates more than 1,100 self-storage facilities in 37 states.

The following sales were brokered by The Hatcher Coe Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • The two-property A+ Self Storage portfolio in Flint and Swartz Creek, Michigan, comprises 189,165 rentable square feet in 1,179 units and 29 vehicle-storage spaces. The buyer and seller, both limited-liability companies (LLCs), were represented by investment specialists Gabriel Coe, Jonathan M. Fawley, Brett R. Hatcher and Brian Kelly.
  • Allender Storage at 5808 Allender Road in Marsh, Maryland, comprises 76,369 net rentable square feet in 488 units and 94 vehicle-storage spaces.
  • The five-property EZ Storage portfolio in St. Louis, Missouri, comprises 424,839 net rentable square feet in 3,385 units. The buyer and the seller were represented by Gabriel Coe, Nathan Coe and Hatcher. They were assisted by fellow broker David Saverin.
  • Greensboro Self Storage in Greensboro, Maryland, sold to an LLC. The facility at 301 Wheeler Drive comprises 17,550 square feet in 146 units. The buyer and the seller, an LLC, were represented by Coe, Coe and Hatcher. They were assisted by fellow broker Brian Hosey.
  • The five-property Heartland Storage portfolio in Cedar Lake, Indiana, comprises 148,010 rentable square feet in 858 units, with room for expansion. Construction projects completed in July added 31,500 rentable square feet.
  • Safe Storage Club in Kenosha, Wisconsin, sold to an individual trust. The facility at 3100 Sheridan Road comprises 24,480 square feet in 348 vehicle-storage spaces. The buyer and the seller, an LLC, were represented by Coe, Coe and Hatcher.
  • An unnamed facility in Rock Hill, South Carolina, sold at Certificate-of-Occupancy. It comprises 76,775 rentable square feet in 811 units. The seller, an LLC, was represented by investment specialists the Coe, Coe and Hatcher.

The LeClaire-Schlosser Group of M&M represented the sellers in the following transactions:

  • A five-property portfolio in Seguin, Texas, sold to a Northeast-based LLC. Together, the sites comprise 94,517 net rentable square feet in 768 units. The purchase includes A-1 Frontier Storage at 2015-2021 W. Kingsbury St., Grapevine Mini Storage at 113 Krueger Road, Highway 46 Self Storage at 602 S. Highway 46, Seguin Boat & RV Storage at 2034 W. Kingsbury St., and Stor-Mor Mini Storage at 1000 Tabernacle St. The buyer and the seller, a local owner, were represented by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments.
  • Corporate Woods Stovall in Magnolia, Texas, sold to a Texas-based LLC. The facility at 306 Corporate Woods Drive comprises 99,180 square feet. The buyer and the seller, an Austin, Texas-based LLC, were represented by Knobler and LeClaire.
  • Dove Valley Outdoor Storage at 14200 E. Otero Ave. in Englewood, Colorado, offers 157 storage units, 70 covered RV spaces and 391 uncovered vehicle-storage spots. The 11-acre property was developed in 2014. The seller was represented by LeClaire and Adam Schlosser, senior managing director of investments.
  • VIP RV Storage in Aledo, Texas, sold to a Texas-based LLC. The facility at 6200 E. Interstate I-20 comprises 77,052 square feet. The buyer and the seller, an Austin, Texas-based LLC, were represented by Knobler and LeClaire.

The following sales were brokered by commercial real estate firm Newmark Group Inc.:

  • Grizzly Mini-Storage at 660 Silvercreek Road in Wadsworth, Ohio, comprises 30,700 square feet in 182 units. The seller was represented in the transaction by Kris Parker, associate director of self-storage investments.
  • 1-800-Self-Storage, which operates 18 locations in Michigan, acquired Snell Self Storage in Troy, Michigan. The 2.45-acre site at 1205-1245 Rochester Road contains four buildings, including three storage structures and one for light industrial. The buyer and the seller, Snell Self Storage LLCS, were represented in the transaction by Parker.

The following sales were brokered by Storage Exchange LLC, a value-focused real estate brokerage platform:

  • Dollarway Storage at 4500 Dollarway Road in Pin Bluff, Arkansas, comprises 24,100 square feet of self-storage and 6,000 square feet of vacant warehouse space. The seller was represented by Spencer Molnar, associate.
  • The two-property McCall and Sunflower Self Storage portfolio in Manhattan, Kansas, comprises 118,390 rentable square feet, with room for expansion. The facilities are 2.4 miles from each other. The seller was represented by Hunter Molnar, vice president of investment sales.
  • Ottawa Route 6 Storage at 1101 W. Norris Drive in Ottawa, Illinois, comprises 27,535 square feet, with room for expansion. The facility was 96% occupied at the time of sale. The seller was represented by Taylor Cahn, vice president of investment sales.
  • Pac-Away Self Storage at 901 Corda Blvd. in Crawfordsville, Indiana, comprises 26,000 square feet, with room for expansion. The seller was represented by Taylor Cahn, vice president of investment sales, and Maggi Steury, associate.
  • S.I. Safe Storage at 301 E. College St. in Energy, Illinois, comprises 43,600 rentable square feet, with room for expansion. The property includes an on-site residence. The seller was represented by Spencer Molnar, associate.

New Sources:
EIN Newswires, The Make Space Storage Brand Welcomes a New Self-Storage Facility in Estevan, Saskatchewan
Maine Biz, NH Group Scoops Up Five Self-Storage Facilities in Off-Market Deals
Marcus & Millichap, Marcus & Millichap Arranges the Sale of a 529 Unit Self-Storage Property in Festus, Missouri
PR Urgent, Sale of Pelion Self Storage, Pelion, SC, Sold by Midcoast Properties Inc.
PR.com, Argus Broker Affiliates Announce Sale of Montana Self Storage Facility
REJournals, Marcus & Millichap Brokers $11.65 Million Sale of Self-Storage Facility in South Elgin
The Real Deal, Prime Buys Fort Lauderdale Self-Storage Facility for $35M
The Herald, Rock Hill Region Big Money Sales Buy High-Dollar Homes and Somewhere to Store Stuff

Previous Sources:
Finance & Commerce, Life Storage Enters Market With $31M Portfolio Buy
Marcus & Millichap, Marcus & Millichap Arranges the Sale of a Two Property Self-Storage Portfolio in Michigan
PR Newswire, StorageMart Expands Reach in the Virginia Beach Area
PR Web, Apple Self Storage Welcomes New Location in Thorold, ON
REJournals, Marcus & Millichap Closes Sale of 24,480-Square-Foot Self-Storage Facility in Kenosha

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish