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.
AA Val U Stor in Yuma, Ariz., was sold for $6.3 million to a regional investment group in an exchange transaction. The property at 3090 S. Ave. 3E is near Interstate 8 and the main entry to the Marine Corps Air Station. The facility consists of 24 buildings comprising more than 144,000 square feet of rentable storage space. The seller was represented in the deal by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, who is also an Arizona broker affiliate for the Argus Self Storage Sales Network.
Advanced Highway 79 Storage in Taylor, Texas, was sold to a buyer based in Blue Island, Ill. The facility at 4105 W. 2nd St. comprises 71,325 net rentable square feet of storage space in 555 units. The 4.9-acre property was built in 2009. The buyer and the seller were represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson of Bellomy & Co.
Airport Road Self-Storage LLC purchased 34 acres of land for $1 million in Longmont, Colo., on which it plans to build a self-storage facility. The property is at Rogers and SEC Airport Roads. The operator plans to split the area into individual parcels, with the primary 17-acre site housing a 235,000-square-foot self-storage facility. Airport also plans to donate about 8 acres to the city for a dog park. The remaining acreage will be reserved for office and flex developments.
The buyer was represented in the transaction by Ken Voss, an agent with Re/Max Traditions. Ken Kanemoto, also an agent with Re/Max, represented the seller. The deal took nearly three years, as the property was in the airport-influence area and Boulder County before being annexed by Longmont.
All Around Storage in Wisconsin Dells, Wis., was sold to a private investor. The property at W12908 State Road 16, the major artery connecting the Wisconsin Dells and Portage communities, was constructed in 2013. Its seven, single-story buildings comprise 45,600 rentable square feet of storage space in 246 drive-up units. The 6-acre parcel also has room for expansion.
The seller, a personal trust, was represented in the transaction by Michael A. Mele, senior managing director of investments, as well as Sean M. Delaney and Jon Ruzicka, investment specialists, for Marcus & Millichap. Greg Price and Jason Hornik, investment specialists in firm’s Denver office, represented the buyer.
Allstate Self Storage in Glendale, Ariz., was sold for $3.3 million to a local investor. The property at 7048 N. 43rd Ave. was constructed in 1977 and consists of nine buildings, two of which are two-story, climate-controlled structures. The 3-acre facility comprises 52,000 square feet of storage space in 674 units. The seller, a Phoenix-based developer, was represented in the transaction by Bill Alter, a broker with Rein & Grossoehme.
Balboa Drive Storage in Hot Springs Village, Ark., was sold. The property at 250 Balboa Drive comprises 119,178 net rentable square feet of storage in 445 units. The nearly 22-acre property also has room for expansion. The seller, a local investor, was represented in the transaction by Arnold, Bellomy and Johnson. Asbury Real Estate Services procured the Little Rock, Ark.-based buyer.
Bargain Self Storage in Surprise, Ariz., was sold for $7.7 million to an unnamed self-storage real estate investment trust (REIT). The 5.2-acre property at 13331 W. Bell Road was constructed in 1986. Its seven buildings comprise 83,000 square feet of storage space in 740 units. The seller was represented in the transaction by Alter.
Best Choice Storage in Flint, Texas, was sold to a limited-liability company (LLC). The property at 18949 State Highway 155 S. is three miles from Lake Palestine, a 40-square-mile recreational area. It comprises 38,526 rentable square feet of storage space. Built in 2008 on 6.5 acres, the site has an additional 4.3 acres for expansion. The buyer and the seller were represented in the deal by Jon Danklefs and Mark V. Diebold, investment specialists in the Marcus & Millichap San Antonio office.
Bluebird Greenland LLC has purchased a single-story warehouse in Greenland, N.H., for $4.4 million, which it plans to convert to self-storage. The sellers were Ocean 125 Realty LLC and Harbour Links Estates LLC. The property at 125 Ocean Road comprises 46,720 square feet of air-conditioned office and warehouse space on 8.6 acres. The site has more than 1,000 feet of frontage on Interstate 95. Ocean 125 was represented in the transaction by Denis Dancoes and Thomas Farrelly, executive directors, and Sue Ann Johnson, director, for Cushman & Wakefield. Lawrence E. DuBois Associates was the broker for Harbour Links.
An Extra Space Storage facility in Killeen, Texas, was sold to an unnamed REIT. The property at 3601 W. Stan Schlueter Loop comprises 43,650 rentable square feet of storage space in 318 units, 221 of which are climate-controlled. The facility was privately owned by a Florida investor and managed by industry REIT Extra Space Storage Inc. The buyer and the seller were represented in the transaction by Brandon Karr, first vice president of investments, and Danny Cunningham, senior associate, in the Fort Worth, Texas, office of Marcus & Millichap.
Gaithersburg Storehouse in Gaithersburg, Md., was sold for $8.8 million, $429,000 over its original list price, according to a Marcus & Millichap press release. The property at 11 Metropolitan Grove Road comprises 55,002 square feet of storage space. The buyer, a privately held, West Coast storage operator, and the seller, an LLC, were represented in the deal by Mele and Robert Bloch, a senior associate in the Marcus & Millichap Washington, D.C., office.
Lockaway Storage purchased Crestway Self Storage in San Antonio. The property 7095 Crestway Drive is 13 miles from the downtown area. Built in 2008, the 1.9-acre facility comprises 22,300 net rentable square feet of storage space in 161 units. The seller was represented in the transaction by Arnold, Bellomy and Johnson.
The five-property R&R American ULock portfolio in Hebron, Ind., was sold. The properties comprise 164,640 net rentable square feet of storage space. Built between 1989 and 2007, the portfolio contains 916 units and 37 vehicle-parking spaces. The buyer and the seller were represented in the transaction by Ryan Clark, senior vice president, and Jay Crotty, president, of SkyView Advisors.
Self Storage Capital Partners purchased Metuchen Self Storage in Metuchen, N.J. The property at 138 Liberty St. comprises 42,823 in three climate-controlled buildings. The owner has approval to expand the existing three-story building by 10,000 square feet, according to a press release from Argus, which brokered the deal. The seller was represented in the transaction by Linda Cinelli, the Argus broker affiliate for North New Jersey and New York City.
Storage Choice plans to build a five-story facility in the Design District near downtown Dallas. The property on the corner of Slocum and Wichita Streets will comprise 121,000 square feet of storage in 1,084 climate-controlled units. The project, the company’s 15th location, is scheduled to open in early 2018.
Store It All Storage has acquired Your Storage Place in Houston. The 4.5-acre property at 11820 Airline Drive comprises 86,354 of net rentable space in 773 units. The buyer was represented in the transaction by Arnold, Bellomy and Johnson. Rick Yonis of Sentry Real Estate Group represented the San Antonio-based seller.
Triple Nichol Storage Center in Miami, Ariz., was sold for $1 million to an out-of-state buyer. The property at 3586 E. U.S. Highway 60 contains 226 drive-up units. The seller was represented in the transaction by Gorden and Seth Hodges, an associate with Eagle Commercial and an Argus broker affiliate.
A private investor has purchased the seven-property U-Store All portfolio in Oklahoma City. The acquisition includes 404,637 rentable square feet of storage space. The buyer and the seller, an LLC, were represented in the deal by Mele and Trey Hammond, an investment specialist in the Marcus & Millichap Tulsa, Okla., office.
Westside Storage in Richmond, Ind., was sold to a partnership for $1.1 million. The 7.1-acre property at 401 Porterfield Ave. comprises 24,195 rentable square feet of storage space in 212 units. The buyer and the seller were represented in the deal by Mele, Delaney and Mickey Hurley, an investment specialist in Marcus & Millichap Indianapolis office.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
Portland, Ore.-based Bargain Storage operates more than 30 facilities in Arizona, Colorado, Oregon and Texas.
With offices in Atlanta, Houston, and Austin, Texas, Bellomy & Co. focuses on the sale of self-storage, industrial, office and retail properties nationwide.
Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions. Its Self Storage Practice Group is dedicated to the self-storage asset class.
Headquartered in Salt Lake City, Extra Space 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.
Lockaway Storage operates more than 50 facilities in California and Texas.
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.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and industrial, office and retail leasing.
Philadelphia-based Self Storage Capital Partners is focused exclusively on the self-storage market. Its executives have more than 20 years of collective experience in acquiring, operating, repositioning and underwriting self-storage properties, according to its website.
SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, Fla., the firm also has offices in Cleveland and Milwaukee.
Storage Choice is a family-owned company that was founded more than 20 years ago. It currently owns 14 properties comprising 1.2 million square feet of storage space in the Houston and Dallas/Fort Worth, Texas, markets.
- Benzinga: Self Storage Project - Downtown Dallas - Design District
- Colorado Real Estate Journal: Loveland Self-Storage Developer Acquires 34-Acre Site in Longmont
- Edge Radio: Self-Storage Company Buys Ocean Road Warehouse