Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered.
A-B-C Self Storage in Kerrville, Texas, was sold to a private investor. The 2.2-acre property at 1201 Bandera Highway comprises 40,700 square feet of storage space in 269 units. The seller, a limited-liability company (LLC), was represented in the transaction by Jon Danklefs, a senior associate for Marcus & Millichap. The buyer was represented by Anthony Lagred, associate, and Chad Knibbe, first vice president of investments, also with Marcus & Millichap.
Two Add-A-Room Self Storage facilities in Bradenton and Sarasota, Fla., were sold to 3805 53rd SP LLC, a Santa Monica, Calif.-based company, for $10.8 million. Together, the properties comprise 182,268 net rentable square feet in 1,622 units as well as 69 vehicle-parking spaces. The transaction also included a vacant parcel of land just south of one of the facilities.
The property at 3805 53rd Ave. E. in Bradenton was built in 1993. Jerry Pies purchased it 11 years ago for $3.5 million, according to the source. The Sarasota site is at 5530 Pickney Ave. The buyer and the seller, Add-A-Room Self Storage of Bradenton LLC respectively, were represented in the transaction by Michael Mele, senior managing director of investments, and Luke Elliott, vice president of investments, in the Tampa, Fla., office of Marcus & Millichap.
Belle Chasse Self Storage in Belle Chasse, La., was sold for $2.6 million to Volta Global LLC, a private investment group. Built in 2000, the property at 9385 Highway 23 comprises 32,450 net rentable square feet of storage space in 276 units and 66 parking spaces. The seller, an LLC, was represented in the transaction by Brett Hatcher, first vice president of investments, and Gabriel Coe, an investment specialist, in the Columbus, Ohio, office of Marcus & Millichap. The buyer was secured by Brian Baldwin, an investment specialist in Marcus & Millichap Tampa, Fla., office. Chris Shaheen, a broker with the firm, assisted in the closing.
Bergin Way Self Storage in Sparks, Nev., was sold for $1.6 million to Cali Clean LLC, based in Canoga Park, Calif. The nearly 2-acre property at 930 Bergin Way contains three single-story buildings comprising 36,240 net rentable square feet of storage space in 192 units. The buyer and the seller, Bergin Way Self Storage LLC, were represented in the transaction by Bobby Loeffler, a storage specialist for The Loeffler Self-Storage Group (LSSG).
Berrong’s Hwy 76 E. Mini Storage in Hiawassee, Ga., was sold to a private investor. The 3.2-acre property at 3575 Highway 76 E. contains four buildings comprising 21,400 rentable square feet of storage space in 143 units. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc.
A nine-property portfolio in Texas operating as Extra Space Storage was sold to an LLC. The properties in Amarillo, Lubbock and Plainview comprise 644,795 net rentable square feet of space in more than 4,700 units as well as 18 offices. The buyer and the seller were represented in the transaction by Hatcher, and Charles “Chico” LeClaire, senior managing director of investments in the Denver office of Marcus & Millichap.
Gate 1 Mini-Storage in Clarksville, Tenn., was sold for $3.5 million to an LLC. The property at 178 Jack Miller Blvd. comprises 79,123 square feet of storage space in 606 units and 31 parking spaces. It was built in 1994 and renovated in 2003. The buyer and the seller, also an LLC, were represented in the transaction by Coe and Hatcher.
Gateway Storage Mall acquired a Guardian Self Storage facility in Columbia, Ill. Gateway Storage Mall – Columbia at 300 Rueck Road comprises 35,370 square feet of storage space in 253 units. The property also contains warehouse units as well as covered and uncovered parking.
J & B Storage in New Palestine, Ind., was sold to an LLC. Built in 1992, the 8.5-acre property at 5780 W. U.S. Highway 52 comprises 29,500 net rentable square feet of storage space in 241 units. The buyer and the seller, a partnership, were represented in the transaction by Mele as well as Sean M. Delaney, first vice president of investments, and Mickey Hurley, investment specialist, for Marcus & Millichap.
Jensen Mini-Bay Storage in Jensen Beach, Fla., was sold to a self-storage real estate investment trust (REIT). The property at 1105 N.E. Industrial Blvd. comprises 39,119 square feet of storage space in 504 units as well as 96 vehicle-parking spaces. The buyer and the seller, a private investor, were represented in the transaction by Elliott and Mele.
Lexington Park Self Storage in Lexington Park, Md., was sold to an LLC for $2.2 million. The property at 21323 Great Mills Road comprises 28,550 square feet of storage space in 345 units. The buyer and the seller, also an LLC, were represented in the transaction by Mele and Robert Bloch, senior managing director, in the Tampa, Fla., office of Marcus & Millichap.
Palmdale Self Storage in Palmdale, Calif., was sold to a private investor. The property at 3305 E. Palmdale Blvd. comprises 78,630 net rentable square feet of storage space in 626 units. The seller, American Self Storage of Palmdale LLC, purchased the facility in 2013 for $2.4 million, according to the source. The buyer and the seller were represented in the transaction by Mele, Elliott and Devin Beasley, an investment associate for Marcus & Millichap. They were assisted by Kent Williams, a California-based broker for the firm.
SIBCO Self-Storage opened in Beavercreek, Ohio. The property at 620 Phillips Drive comprises 21,000 square feet of storage space in 146 climate-controlled and drive-up units. It contains 180 indoor parking and garage spaces as well as outdoor vehicle parking.
SurePoint Self Storage purchased property in Overland Park, Kan., to develop a three-story, climate-controlled facility. The 3.4-acre parcel at 12020 Glenwood is near the southeast corner of 119th Street and Metcalf Ave. The company will also begin construction this summer on its first Kansas City-area project at 135th and Blackbob in Olathe, Kan.
Tolleson Self Storage in Tolleson, Ariz., was sold to a private investor. The property at 9620 W. Van Buren St. comprises 26,875 rentable square feet of space in 250 units. The buyer and the seller, also a private investor, were represented in the transaction by Beasley, Elliott and Mele.
The owner of a single-story warehouse in Astoria, N.Y., is looking to tear down the 41,188-square-foot structure and build a self-storage facility in its place. Development plans for the property at 22-25 46th St. include a three-story building comprising 103,615 square feet of storage space. The project will feature two cellar levels, an office on the ground floor, five off-street parking spaces and four loading docks.
Headquartered in Salt Lake City, Extra Space is a REIT and management company. It owns or operates 1,427 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 960,000 units and 107 million square feet of rentable space.
Founded in 2016 by Alex and Todd Erbs, Gateway Storage operates four facilities in Illinois.
LSSG specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.
SurePoint is owned by developers Jeff Bailey, Brian Cisarik and Robert Loeb. Cisarik and Loeb have been active in the San Antonio self-storage market since 2001.
- Bradenton Herald: Add-A-Room Self Storage on 53rd Avenue East Sells to California-Based Company
- Commercial Property Executive: Marcus & Millichap Closes on 79KSF SoCal Self-Storage Facility
- Dayton Daily News: New Self-Storage Facility Opens in Beavercreek
- PR.com: Berrongâ€™s Hwy 76 E Mini Storage, Hiawassee, GA, Sold
- Queens Gazette: Storage Units Planned For Ditmars
- Rebusiness Online: Marcus & Millichap Negotiates Sale of Nine-Property Self-Storage Portfolio in Texas
- Rebusiness Online: Marcus & Millichap Brokers Sale of 40,860 SF Self-Storage Facility in Kerrville, Texas