Self-Storage Real Estate Acquisitions and Sales: October 2022

Update 10/20/22 – 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 October 2022.

Maya Capital Partners LLC (MCP), which operates the Drive-Up Storage brand, has acquired three self-storage properties totaling 93,885 square feet in Connecticut and New Jersey. Affordable & Safe Self Storage is a newly built, 247-unit facility at 1257 New Haven Road in Naugatuck, Connecticut. Amwell Valley Self Storage at 470 New Jersey Route 31 in Ringoes, New Jersey, offers 265 drive-up units. The Storage Depot at 483 Washington Ave. in North Haven, Connecticut, offers 310 units. MCP is a New York City-based real estate investment firm that focuses on acquiring undervalued assets.

A Dallas self-storage facility managed by real estate investment trust (REIT) CubeSmart sold to Madison Capital Group, which operates the Go Store It brand. The three-story structure at 2500 Lone Star Drive comprises 117,503 rentable square feet in 1,252 units. It was 50% occupied at the time of sale. The seller, CSW Development, was represented in the transaction by Jake Kinnear, Steve Mellon, Adam Roossien, Brian Somoza and Matthew Wheeler of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. The JLL team also procured the buyer.

A Pawtucket, Rhode Island, self-storage facility owned by REIT Extra Space Storage Inc. through affiliate WSP II Pawtucket LLC sold to SH 7012 LLC, an affiliate of REIT Life Storage Inc., for $14.2 million. The two-story brick building at 555 Prospect St. dates back to 1950 and was converted to storage from a medical center. Built on a 4.77-acre lot, the structure comprises 76,452 square feet.

Gem City Storage in Dayton, Ohio, sold to Scott Street Group LLC. The facility at 1524 N. Keowee St. comprises 14,211 net rentable square feet. The seller was represented in the transaction by Kirk Martin, a broker with the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

The newly built Mahaffie Self Storage at 15250 S. Mahaffie St. in Olathe, Kansas, comprises 122,530 rentable square feet in 775 units. The seller was represented in the transaction by Sam Mariscano, senior associate; and Scott Schoettlin, managing director, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.

Storage World at 325 Army Trail Road in Glendale Heights, Illinois, comprises 75,000 square feet in 313 units. The seller was represented in the transaction by David Spencer, vice president and senior advisor, and Monty Spencer, president and CEO, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired two Tropical Self Storage properties in Stuart, Florida. Combined, the facilities at 1445 S.E. Indian St. and 770 S.E. Monterey Road comprise more than 100,000 net rentable square feet in 972 units. Founded in 1999 and based in Columbia, Missouri, StorageMart’s portfolio consists of more than 15 million square feet of storage.

The following sales were brokered by affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

  • Buckeye RV & Boat Storage at 26500 W. MC 85 in Buckeye, Arizona, comprises 101 vehicle-storge spaces on about 2 acres. The seller was represented by Jeff Gorden of The Gorden Group/Keller Williams East Valley.
  • Second Attic Self Storage in St. Louis sold to St. Charles Rock Storage LLC. Built on 1.89 acres, the facility at 8440 St. Charles Rock Road comprises 34,450 square feet. The seller was represented by Larry Goldman of Goldman Investment Advisors.

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

  • MV Investment sold its newly developed self-storage facility in Lakeland, Florida, to HPI Real Estate Services & Investments, an Austin, Texas-based commercial real estate firm. Opened last month under the CubeSmart brand, the building at 3510 Lakeland Highlands Road comprises 97,200 square feet in more than 750 units. The buyer was represented in the transaction by Gabriel Coe, Jonathan M. Fawley and Brett R. Hatcher. They were assisted by fellow broker Ryan Nee. MV Investment owns facilities in Fort Myers and Ormond Beach, Florida; Nicholasville, Kentucky; and Knoxville, Tennessee. It has eight projects underway in Florida and North Carolina.
  • Montague Self Storage, which sits on 9.72 acres at 4051 W. Fruitvale Road in Montague, Michigan, offers 22,100 net rentable square feet in 162 units. The seller, an LLC, was represented in the transaction by Coe, Brian Kelly and Hatcher. They were assisted by fellow broker Steve Chaben.

The Hatcher Coe Group of M&M brokered the following transactions:

  • The newly constructed GKE Self Storage at 2305 New York State Route 49 in Blossvale, New York, comprises 17,500 rentable square feet in 139 units, with room for expansion. It was 100% occupied at the time of sale.
  • Greensboro Self Storage at 301 Wheeler Drive in Greensboro, Maryland, comprises 17,550 rentable square feet in 146 units, with room for expansion.
  • A Louisville, Kentucky, property managed by REIT Public Storage Inc. sold to a limited-liability company (LLC). Built this year, the facility comprises 45,150 rentable square feet in 361 climate-controlled units. The buyer and seller, also an LLC, were represented by investment specialists Coe, Fawley and Hatcher.
  • Safe Storage Club in Kenosha, Wisconsin, sold to an individual. The facility at 3100 Sheridan Road comprises 24,480 net rentable square feet in 348 vehicle-storage spaces. An existing 26,670-net-rentable-square-foot warehouse that can contain 257 more parking spaces was included in the acquisition. The buyer and the seller, an LLC, were represented in the transaction by Coe, Nathan Coe and Hatcher.

The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm.

  • B&B Storage at 1010 County Road 429 in Brazoria, Texas, comprises 12,000 square feet of vehicle storage. The seller was represented by Brad Fina, associate, and Austin McLeod, vice president.
  • Hollywood Self-Storage in Augusta, Georgia, sold to another owner-operator. The facility at 2709 Gordon Highway was built last year and comprises 64,645 rentable square feet in 490 units. The 10.5-acre parcel still has land for expansion. The seller, a private development company led by Victoria Randolph, was represented by McLeod.
  • Yucca Valley Self-Storage in Yucca Valley, California, sold for $6.9 million to Purely Storage, a California-based self-storage owner and operator. The facility at 55970 Yucca Trail offers climate-controlled and drive-up units as well as vehicle storage. The seller was represented by Shane Avera, associate; Maxx Bauman, market leader; and Bill Pedersen, national director.

The following sales were brokered by Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • The three-property Dollar Smart Storage portfolio in Eden, North Carolina, and Martinsville, Virginia, sold to a regional buyer. Built on 3.85 acres, the facility at 323 W. Stadium Drive in Eden comprises 57,858 rentable square feet in 552 units. The properties at 3395 Greensboro Road and 1780 Old Chatham Road in Martinsville comprise a total of 59,210 rentable square feet in 445 units. The seller was represented in the transaction by broker Michael Morrison.
  • Main Street Self Storage in Havelock, North Carolina, sold to an out-of-state investment company. The 7-acre property at 242 E. Main St. offers 31,231 rentable square feet in 257 units. The buyer and the seller were represented by Hal H. Tanner III.

10/6/22 – 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 October 2022.

Ankeny Mini Storage in Ankeny, Iowa, sold to an Illinois-based private investor. Built in 2004 on 3.4 acres, the facility at 705 S.E. Dalbey Drive comprises 51,650 square feet. The seller was represented in the transaction by Dan Lynch, senior vice president of the Self Storage Group for Colliers International.

A Rochester, Minnesota, self-storage facility managed by real estate investment trust (REIT) CubeSmart sold to fellow REIT Life Storage Inc. for $6.02 million. Wasatch Storage Partners converted the former furniture store at 3100 Seventh St. N.W. in 2018 after purchasing the 70,000-square-foot building for $1.95 million. Based in Buffalo, New York, Life Storage operates more than 1,100 self-storage facilities in 36 states.

The CubeSmart-managed facility at 262 Swansea Mall Drive in Swansea, Massachusetts, comprises 68,155 rentable square feet in 717 units. The seller was represented in the transaction by Thomas Palumbo and Bill Sitar Jr., affiliate agents for The Storage Acquisition Group (TSAG), a division of Mid-Atlantic Commercial Real Estate. Monty Spencer, CEO and group president for TSAG, represented the buyer.

Desert West Storage in Buckeye, Arizona, sold to Wentworth Property Co. LLC, a Phoenix-based commercial real estate firm. The facility at 805 N. Jackrabbit Trail contains nine single-story buildings comprising 73,720 net rentable square feet in 516 units. It’ll be managed by REIT Public Storage Inc. and branded under its name. The buyer was 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.

Dysart RV & Boat Storage in El Mirage, Arizona, sold to an international investor. The facility at 8750 N. Dysart Road spans 35 acres and offers more than 1,280 vehicle-storage spaces. The seller was represented in the transaction by Ben Tracy, associate of Matthews Real Estate Investment Services, which specializes in commercial real estate.

Extra Garage at 2024 Whitfield Park Drive C 2 in Sarasota, Florida, comprises 88,565 rentable square feet in 208 units. Built in 1977 on 7.95 acres, the facility was 96% occupied at the time of sale. The seller was represented in the transaction by Kyle Baptist, senior associate; Richard Riddle, executive vice president; and Scott Schoettlin, managing director, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.

Flatlander Self Storage in Davenport, Washington, sold to LFIG1 LLC. The 11.8-acre property at 44300 State Route 25 N. contains 204 vehicle-storage spaces. The seller was represented in the transaction by Ryan Layton, an agent with American Real Estate Associates, which is an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

The two-property Horizon Storage Solutions portfolio in Shelbyville and Simpsonville, Kentucky, sold to a national, private-equity buyer. Together, the facilities comprise 114,132 rentable square feet in 792 units. The seller was represented in the transaction by Andrew Plunkett, vice president; Parker Sweet, president; and Cameron Vale, senior vice president for brokerage and advisory firm Berkshire Hathaway Commercial Real Estate.

Make Space Capital Partners, the investment-management arm of Canada-based self-storage operator Make Space Inc., acquired Innisfail Storage in Innisfail, Alberta, Canada, for $6.25 million. The facility at 1000 Cottonwood Road comprises 20,300 rentable square feet in 980 units. Launched in 2019, the company operates 17 self-storage facilities across Canada.

The three-property PD Self Storage portfolio in England sold to Cinch Self Storage, which operates nine facilities in the country. The sites are in Gillingham, Mitcham and Sittingbourne.

Pinnacle Storage in Hubert, North Carolina, sold to a regional investment company. The 7.5-acre property at 101 Piney Grove Baptist Church Road offers more than 70,000 rentable square feet in 437 units and outdoor 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.

US 30 Self Storage in Montgomery, Illinois, sold for $3.4 million. Built in 2005 and expanded in 2021, the facility at 1400 Bohr Ave. offers 278 units and 268 vehicle-storage spaces. The buyer was represented in the transaction by Richard Faltz, a broker with Coldwell Banker Commercial Real Estate Group.

US Storage Centers in Mesa, Arizona, sold to Teakwood Real Estate Partners, an investment firm with interests in multi-family, self-storage and industrial/flex properties. The facility at 462 S. Gilbert Road contains 292 units. Westport Properties, which operates the US Storage Centers brand, will continue to manage the facility. Teakwood represented itself in the acquisition. Founded in 1985, Westport has 12 million square feet of self-storage space under management.

The following sales were brokered by Lockwood Realty Group and Southeastern Business Intermediaries LLC, which specialize in the acquisition and sales of self-storage nationwide:

  • A two-property portfolio in Batesville and Clarksville, Arkansas, sold to Mini Mall Storage. Together, the facilities comprise 94,800 rentable square feet in 801 units.
  • An unidentified facility comprising 94,520 rentable square feet in 579 units in Oklahoma City, Oklahoma, sold to VanWest Partners, a Denver-based investment firm specializing in residential and commercial real estate acquisition.

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

  • Allsafe Storage in Cypress, Texas, sold to a national REIT. Built on 7.9 acres, the facility at 12828 Telge Road comprises 59,625 square feet in 648 units. The seller, a Texas-based limited-liability company (LLC), was represented by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments for the LeClaire-Schlosser Group. Knobler and LeClaire also secured the buyer.
  • The three-property APC Storage portfolio in West Tennessee sold to a private-equity fund. Together, the facilities at 149 Rosemark Road in Atoka, 1700 Old Highway 51 S. in Brighton, and 4700 Mueller Brass Road in Covington comprise 259,647 rentable square feet in 1,736 units, 86 vehicle-storage spaces and seven commercial office spaces. The buyer and the seller, a family partnership, were represented in the transaction by Anne Williams, first vice president investments.
  • Brady Lane Self Storage at 1909 Brady Lane in Lafayette, Indiana, contains eight buildings comprising 62,240 square feet in 574 units. The buyer, a Minnesota-based LLC, and the seller, a California-based LLC, were represented by Sean M. Delaney, senior managing director, and Jeffrey L. Herrmann, senior associate. Fellow broker Josh Caruana assisted.
  • Built in 2018, Climate Storage at 1547 E. 23rd St. in Lawrence, Kansas, comprises 19,010 square feet in 214 units, with room for expansion. The seller was represented by associate Robert Cook and Delaney.
  • A CubeSmart-managed property in Zephyrhills, Florida, sold to Philadelphia-based SnapBox Self Storage, which operates more than 35 facilities in 10 states. Built in 2020 on 4 acres, the facility at 38011 Pretty Pond Road comprises 68,440 square feet in 523 units. The seller, North American Development Group, was represented by Ian Lindahl, investment associate, and Adam Schlosser, senior vice president.
  • Stuff Hotel in El Paso, Texas, sold to an LLC. The 2.4-acre property at 11655 Pellicano Drive offers 424 units. The buyer and the seller, also an LLC, were represented by investment specialist Jon Danklefs.

The Hatcher Coe Group of M&M brokered the following transactions:

  • A five-property portfolio in Gainesville and St. Augustine, Florida, sold to Devon Self Storage, which operates more than 80 facilities in 24 states. Together, they comprise nearly 290,000 net rentable square feet in 2,317 units. The sale included 312 Self Storage at 1725 Lakeside Ave. in St. Augustine. In Gainesville, the properties are I-75 Business Park & Self Storage at 4500 S.W. 41st Blvd., Archer Road Business Park at 4421 N.W. 65th Terrace, Archer Road Self Storage at 6505 S.W. Archer Road, and South West Self Storage at 3300 S.W. 42nd St. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe, Brett Hatcher and Meir Perlmuter.
  • The two-property A+ Self Storage portfolio in Flint and Swartz Creek, Michigan, comprises 189,165 rentable square feet in 1,222 units. The properties were 95% occupied at the time of sale.
  • G&M Self Storage in Van Nuys, California, sold to SecureSpace Self Storage, which operates more than 40 locations in several states. The facility at 7523 Woodman Place comprises 21,188 net rentable square feet in 351 units.
  • Mid-Maine Storage at 728 Main St. in Richmond, Maine, comprises 17,410 square feet in 154 units. The seller, an LLC, was represented by investment specialist Luke Dawley, the Coes and Hatcher.
  • Middleton Self Storage in Middleton, Massachusetts, sold to Westport Properties and has been rebranded as US Storage Centers. The facility at 6 Lookout Lane comprises 27,625 net rentable square feet in 215 units and 34 vehicle-parking spaces.

New Sources:
PR Newswire, StorageMart Adds Locations in Florida With New Acquisition
Yahoo News, Maya Capital Partners Acquires Three Storage Facilities Leveraging its Drive-Up Storage Brand
Digital Journal, The Storage Acquisition Group Closes Illinois Facility
PR.com, Argus Broker Affiliate Announces Sale of Missouri Self Storage Facility
PR.com, The Gorden Group Announces Sale of Buckeye RV & Boat Storage in Phoenix MSA
Providence Business News, Pawtucket Self-Storage Facility Sold to Life Storage for $14.2M

Previous Sources:
EIN Newswires, Make Space Capital Partners Acquires Self-Storage Facility in Innisfail, Alberta
Insider Media, Self-Storage Firm Eyes Growth With Acquisition
Multi-Housing News, SnapBox Self Storage Buys Tampa-Area Facility
Post Bulletin, New York Company Purchased Med City Self-Storage Center for $6.02 million
PR.com, Self Storage in Hubert, NC Sold by Midcoast Properties Inc.
RE Journals, Marcus & Millichap Sells 19,010-Square-Foot Self-Storage Facility in Kansas
REBusiness Online, Coldwell Banker Commercial Brokers $3.4M Sale of Self-Storage Facility in Montgomery, Illinois
The Storage Acquisition Group, Massachusetts Self Storage-Swansea, Massachusetts

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