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Self-Storage Real Estate Acquisitions and Sales: September 2022

Update 9/22/22 – 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 September 2022.

Clark Storage in Council Bluffs, Iowa, sold to Public Storage Inc., a self-storage real estate investment trust (REIT) and management company. Built last year, the facility at 4810 S. 35th St. comprises 58,430 rentable square feet in 338 units. The seller was represented in the transaction by Tom Flannigan, Matt Haugen and Alex Ihrke of KW Commercial Minneapolis, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Colonial Self Storage in Winston-Salem, North Carolina, sold for $4.3 million to Malachite 4835 Country Club Road LLC, an affiliate of Brookfield Asset Management. The 3.5-acre property at 4867 Country Club Road includes 10 buildings comprising 41,030 square feet of space. The seller is 4835 Country Club Road Winston-Salem NC LLC, an affiliate of DaVinci Lock, which paid $900,000 for the property in June 2020. DaVinci Lock is owned by 10 Federal Cos. a self-storage operator and commercial real estate firm.

Killian Hill Self Storage in Lilburn, Georgia, sold to a regional investment company. The 2-acre property at 4139 Five Forks Trickum Road S. W. contains 10 buildings comprising 27,970 rentable square feet in 200 units. 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.

Loris Self Storage in Loris, South Carolina, sold to a regional buyer. The facility at 326 Highway 701 N. comprises 39,250 net rentable square feet in 335 units. The seller was represented in the transaction by Matt Brandal, senior associate; Parker Sweet, president; and Cameron Vale, senior vice president, for brokerage and advisory firm Berkshire Hathaway Commercial Real Estate. The brokers also secured the buyer.

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

  • Built on 3.24 acres, the 411-unit Advanced A-1 Self Storage at 3151 East Business Loop 20 in Odessa, Texas, sold to a REIT. The seller, a limited-liability company (LLC), was represented by investment specialists Dave Knobler and Mixson Staffel, who also secured the buyer.
  • USA Self Storage in Fort Lauderdale, Florida, sold to Baranof Holdings LLC, a Dallas-based self-storage developer. The facility at 1217 S.W. 1st Ave. comprises 79,305 square feet in 880 units. The seller, SMV Ventures, was represented by brokers Cameron Bradford, Stacey Gorman, Eric Jones and Sam Slocum, who also procured the buyer.

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

  • The three-property Alpine Storage portfolio in Boynton Beach, Haverhill and Lake Worth, Florida, comprises 171,851 net rentable square feet in 1,946 units. The facilities are within 10 miles of each other. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe, Brett Hatcher and Meir Perlmuter. They were assisted by fellow broker Ryan Nee.
  • Chattanooga Hwy 58 Self Storage in Chattanooga, Tennessee, sold to an LLC. The facility at 4819 Highway 58 comprises 23,720 square feet in 163 units. It also contains four office spaces and 10 outdoor vehicle-storage spots. The buyer and the seller, also an LLC, were represented in the transaction by Coe, Coe and Hatcher. They were assisted by fellow broker Jody McKibben.
  • Conway North Salem Self Storage in Conway, Arkansas, was built just last year. The facility at 2505 Salem Road comprises 94,594 net rentable square feet in 517 units. It also contains a warehouse and two offices for rent.
  • A Lakeland, Florida, facility managed by REIT CubeSmart opened this month at 3510 Lakeland Highlands Road. The facility comprises 74,250 net rentable square feet in 750 units.
  • The five-property EZ Storage portfolio in the St. Louis metropolitan area comprises 424,839 rentable square feet in 3,385 units.
  • Mid-Maine Storage at 728 Main St. in Richmond, Maine, comprises 17,410 rentable square feet in 154 units and three garage units, with room for expansion. It was 90% occupied at the time of sale.
  • Pack Rat Mini Storage in Lake Wales, Florida, sold to an LLC. The facility at 601 Tangelo St. comprises 22,650 square feet in 230 units. The buyer and the seller, also an LLC, were represented in the transaction by Coe, Coe, Hatcher and Perlmuter. They were assisted by Nee.
  • The three-property St. Stephen Storage portfolio in St. Stephen, South Carolina, comprises a combined 43,820 net rentable square feet in 323 units and 25 vehicle-storage spaces. The sites are all within a mile of each other.
  • Woodlands Self Storage at 8175 S. Mingo Road in Tulsa, Oklahoma, comprises 74,770 rentable square feet in 660 units.
  • An unnamed, newly constructed facility in Louisville, Kentucky, comprises 45,150 rentable square feet in 361 climate-controlled units.

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

  • Advantage Storage at 12555 Northborough Drive in Houston comprises 69,839 square feet in 777 units and 76 outdoor vehicle-storage spaces. Built in 1980 on 4.2 acres as an office building, the structure was converted to self-storage in 2016. The seller, a Florida-based LLC, was represented by Knobler and Charles “Chico” LeClaire, executive managing director of investments.
  • Allsafe Storage in Cypress, Texas, sold to a national REIT. Built on 7.9 acres at 12828 Telge Road, the facility comprises 59,625 rentable square feet in 461 units and 187 outdoor vehicle-storage spaces. The seller, a Texas-based LLC, was represented by Knobler and LeClaire, who also secured the buyer.
  • Guardian Safe Storage in Nampa, Idaho, sold to an individual buyer in a 1031 Exchange. The facility at 430 N. Broadmore Way comprises 88,340 square feet in 14 steel buildings. The seller, a local development and investment group, was represented by Jordan Farrer, senior investment associate, who also procured the buyer.
  • Prime Storage at 9333 S. Main St. in Houston sold to a publicly traded REIT. Built in 2000 and expanded in 2017, the facility at 9333 S. Main St. comprises 189,088 square feet in 1,326 units. The seller, a local partnership, was represented by LeClaire and Adam Schlosser, senior managing director of investments.
  • VIP Self Storage in El Cajon, California, sold to Extra Space Storage Inc., a self-storage REIT and management company. The facility at 1636 Magnolia Ave. comprises 24,000 square feet in 376 units. The seller, a partnership, was represented in the transaction by and LeClaire and Keith Phillips, senior investment associate.

9/8/22 – 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 September 2022.

Big Lenny's Storage in Dallas, Georgia, sits on 2.5 acres at 142 Hosiery Mill Road. It offers 115,000 square feet of storage. The seller was represented in the transaction by Johnny Blue Craig and Austin McLeod, vice presidents for Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm.

Two New York properties managed by self-storage real estate investment trust (REIT) Extra Space Storage Inc. were sold to a partnership between Baranof Holdings LLC, a Dallas-based self-storage developer, and Invesco Real Estate, a global real estate investment manager. The purchase includes an 84,149-square-foot facility at 160 John St. in Brooklyn and a 27,462-square-foot facility at 3719 Crescent St. in Long Island City. The seller, Kickpoint Ventures, was represented in the transaction by Robert Bloch, Luke Elliott, Mike Mele and Noah Obuchowski, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

The Baranof-Invesco partnership also acquired an Extra Space-managed facility in Washington, D.C. Constructed in 2020, the seven-story building at 72 Florida Ave. N.E. offers 1,752 units. The buyer and the seller, Foulger-Pratt, were represented in the transaction by Craig Childs, Steve Mellon, Bill Prutting, Brian Somoza and Jay Wellschlager of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.

Go Store It in Miami, Florida, sold to Insite Property Group, the parent company of SecureSpace Self Storage, for $22.7 million. Built in 2019, the six-story facility at 2811 Coral Way and 2749 S.W. 22nd St. comprises 109,059 square feet. The seller was an affiliate of Charlotte, North Carolina-based Madison Capital Group.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., acquired Grepu Vastgoed in Diemen, The Netherlands for €9 million. The facility comprises 3,000 square meters in 600 units, with room for expansion. Shurgard operates 258 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

Milan Storage in Milan, Illinois, sold to a private owner. The facility at 418 1st Ave. W. comprises 27,975 net rentable square feet in 246 units. The buyer and the seller were 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.

Storage Ideas in Newport, North Carolina, sold to a regional buyer. The 3.55-acre property at 106 Cannon Blvd. offers 45,430 rentable square feet in 336 units. The seller was represented in the transaction by Hal H. Tanner III, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

The following sales were brokered by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm.

  • Apple Tree Storage in Memphis, Tennessee, sold to Dallas-based self-storage developer Baranof Holdings LLC for $6.55 million. Built on 4 acres, the facility at 6105 Apple Tree Drive comprises 44,275 rentable square feet in 390 units. The seller was Palatine Capital Partners.
  • Sherrills Ford Self Storage on Island Point Road in Ford, North Carolina, sold for $6.73 million.

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

  • East Vancouver Self Storage in Vancouver, Washington, sold to a limited liability company (LLC) for $6 million. The facility at 515 S.E. 157th Ave. comprises 42,780 square feet in 390 units. The buyer and the seller, a limited partnership, were represented in the transaction by Christopher R. Secreto.
  • Roam RV + Boat Storage at 17225 N. Dysart Road in Surprise, Arizona, comprises 104,753 square feet in 187 units. It’s now operating as Advantage Storage - Platinum RV. The seller, a local developer, was represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, senior managing director of investments for the LeClaire-Schlosser Group.
  • Trojan Self Storage in Troy, Texas, sold to a private investor. Built in four phases between 2018 and 2021, the facility at 610 Church Ave. comprises 87,480 square feet in 21 buildings spread across 5.2 acres. The seller, a private individual, was represented in the transaction by Brand Karr, senior vice president, who also secured the buyer.

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

  • The three-property Alpine Storage portfolio in Boynton Beach, Haverhill and Lake Worth, Florida, comprises 171,851 net rentable square feet in 1,946 units.
  • Chattanooga Highway 58 Self Storage at 4819 Tennessee Highway 58 comprises 23,720 net rentable square feet in 163 units. It also has four rental offices.
  • Clinton Self Storage at 26B Hinckley Road in Clinton, Maine, comprises 12,000 rentable square feet in 104 units, with room for expansion. It was 100% occupied at the time of sale.
  • The CubeSmart-managed facility at 275 E. Drexel Ave. in Oak Creek, Wisconsin, was built in 2020. It comprises 64,725 net rentable square feet in 511 units. Investment specialists Gabriel Coe, Brett R. Hatcher and Brian Kelly represented the seller, an LLC. They were assisted by fellow broker Todd Lindblom.
  • The four-property First USA Storage portfolio in Asheville and Charlotte, North Carolina, offers 138,894 net rentable square feet in 1,140 units.
  • Montague Self Storage at 4051 W. Fruitvale Road in Montague, Michigan, comprises 22,100 net rentable square feet in 162 units.
  • Pack Rat Mini Storage at 601 Tangelo St. in Lake Wales, Florida, comprises 22,650 rentable square feet in 231 units and 21 vehicle-storage spaces, with room for expansion.
  • Scituate Self Storage at 8 Union St. in Scituate, Massachusetts, comprises 28,950 rentable square feet in 198 units and four flex-office spaces as well as a manager apartment.
  • Storage Etc. at 14194 National Road S.W. in Etna, Ohio, comprises 18,625 square feet in 130 units and 26 vehicle-storage spaces. The seller was a personal trust.

The following sales were brokered by SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.

  • Aardvark Self Storage at 30320 Beck Road in Wixom, Michigan, comprises 44,900 rentable square feet in 348 units. The property also has an existing structure that could yield an additional 10,000 rentable square feet after conversion. The seller was represented in the transaction by Scott Schoettlin, managing director, and Hunter Sells, senior vice president.
  • Betta Stor-It at 3304 Halls Mill Road in Mobile, Alabama, comprises 54,100 net rentable square feet in 380 units. The seller was represented by Kyle Baptist, senior associate, and Schoettlin.

New Sources:
Connect CRE, El Cajon’s VIP Self Storage Obtains New Owner
Marcus & Millichap, Marcus & Millichap Arranges the Sale of a 23,720-Square-Foot Self-Storage Facility in Chattanooga, Tennessee
PR.com, Argus Broker Affiliates Announce Sale of Iowa Self Storage Facility
Winston-Salem Journal, Local Self-Storage Facility Sells for $4.36 Million

Previous Sources:
Connect CRE, Invesco Real Estate Locks Up Buy of 1,752-Unit Self-Storage Facility in DC
Market Screener, Self Storage in Newport, NC Sold By Midcoast Properties, Inc.
Multi-Housing News, Texas Self Storage Facility Trades
REBusiness Online, 2GR Equity, Connell Realty Underway on 562-Unit Self-Storage Facility in Waxahachie, Texas
The Real Deal, SecureSpace Pays $23M for Coral Way Self-Storage Facility
The Registry, Vancouver, WA Self-Storage Facility Sells for $6MM

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