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.
38th Street Mini Storage in Tulsa, Okla., was sold to a private investor. The property at 7711 E. 38th St. was built in 1960 and comprises 37,350 square feet of storage space in 354 units. The buyer and the seller, a limited-liability company, were represented in the transaction by Trey Hammond, an investment associate, and Michael Mele, senior director, of Marcus & Millichap.
American Mini Storage and Office Complex in Port St. Joe, Fla., was sold for $3.2 million. The property at 141 Commerce Blvd. comprises 76,900 rentable square feet of storage space in 181 units and 128 vehicle-storage spaces. The facility also includes 12 office suites with adjoining warehouse space. The seller was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc., who are the broker affiliates for the Argus Self Storage Sales Network in Alabama, Louisiana, Mississippi and the Florida Panhandle.
Butte Self-Stor in Mount Shasta, Calif., was sold for approximately $1 million to Celine Properties LLC, a Santa Barbara, Calif.-based company. The property at 5201 Truck Village Drive sits on 4.6 acres and includes eight single-story buildings as well as an office. It comprises 36,425 net rentable square feet of storage space in 305 units. The buyer and the sellers, Dick and Connie Beith, were represented in the transaction by Bobby Loeffler and Tyler Skelly of The Loeffler Self-Storage Group.
Climate Masters Self Storage in Saraland, Ala., was sold to an out-of-state investor. The property at 425 Saraland Blvd. S. includes 46,750 rentable square feet of storage space in 361 climate-controlled units. The facility also includes 20 outdoor vehicle-parking spaces. The seller was represented in the transaction by Barnhill and LaGroue.
The Duncan Mini Storage portfolio in Duncan, Okla., was sold for $1.7 million to a local investor. The transaction includes two main locations and two annex sites comprising 84,898 rentable square feet of storage space. The sites also include land for expansion. The seller was represented in the transaction by Jared Jones, director of Tulsa, Okla.-based Porthaven Partners, who’s an Argus broker affiliate for Oklahoma.
Glendale Self Storage in Sparks, Nev., was sold for $1.2 million to Sparks Valley View LLC, a Sherman Oaks, Calif.-based company. The property at 940 Freeport Blvd. sits on 1.5 acres and includes two single-story buildings as well as an office. It comprises 25,148 net rentable square feet of storage space in 216 units. The buyer and the seller, Gusher 940 LLC, were represented in the transaction by Loeffler and Skelly.
A Happy Boxes Self Storage facility is under construction on a 1.8-acre undeveloped lot in the Lynnhaven North Shopping Center in Virginia Beach, Va. The three-story facility at 608 S. Lynnhaven Road will comprise 108,000 square feet of climate-controlled storage space. The exterior will be similar to an office building, according to a source.
National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust specializing in self-storage, acquired Lakewood Storage in Bradenton, Fla., for $7.6 million from Michael E. Edwards, owner of Manatee River Groves Inc. The property at 2709 Lorraine Road comprises more than 57,000 square feet of storage space and outdoor vehicle-storage parking. The deal also included separate parcels totaling 20 acres.
Park ‘N Shade Boat & RV Storage at 7935 W. Tangerine Road in Marana, Ariz., was sold for $4.5 million to an international investment fund. The buyer was represented in the transaction by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, who’s an Argus broker affiliate for Arizona.
Two Self Store-It properties in Northern California were sold as part of a multi-property disposition for a local, family-owned operation. Storage Solutions, a NSAT company, purchased Self Store-It in Manteca, Calif., which contains 53,250 net rentable square feet of storage space in 497 units and serves as a U-Haul truck-rental dealer. The company plans to add 4,000 square feet of portable-storage units to the property, according to a press release from Argus, the real estate firm that brokered the deal.
Self Store-It in Modesto, Calif., was purchased by Don Pensotti, a local appraiser and first-time storage investor. The facility comprises 17,840 net rentable square feet of storage space in 111 units and includes nine vehicle-parking spaces. Pensotti plans to add portable-storage units, the release stated. The seller was represented in the transaction by Tom de Jong, vice president of Colliers International, an Argus broker affiliate for Northern California.
Stor-More in Elgin, Ill., was sold to a private investor. The property at 796 Bluff City Blvd. consists of five buildings containing 22,800 net rentable square feet of storage space. The buyer and the seller, a limited-liability company, were represented in the transaction by Mele and Sean M. Delaney, vice president of investments for Marcus & Millichap.
West Palm Beach Self Storage in Riviera Beach, Fla., was sold to an out-of-state private investor. The 3-acre property at 3895 Westroads Drive comprises 40,665 net rentable square feet of storage in 491 units as well as 31 vehicle-parking spaces. The buyer and the seller, also a private investor, were represented in the transaction by Mele as well as Brian Baldwin, investment associate, and Luke Elliott, associate vice president of investments, in the Marcus & Millichap Tampa, Fla., office.
Windmill Center Self Storage in Edgewood, Wash., was sold to a limited-liability company for $4.3 million. The property at 2222 Meridian Ave. E. sits on 5 acres with land for expansion. In addition to 37,093 square feet of self-storage, the facility contains 50 vehicle-parking spaces and a three-tenant office building. The buyer and the seller, also a limited-liability company, were represented in the transaction by Jacob Becher, Christopher R. Secreto and Aaron Sher, investment specialists in the Seattle office of Marcus & Millichap.
Yuba City 99 Self Storage in Yuba City, Calif., was sold for $5.9 million to Auburn Ravine Investors LLC and YC 99 Storage LLC. The property at 1268 Stewart Road sits on 4.7 acres and includes 13 single-story buildings as well as an office and manager’s residence. It comprises 95,820 net rentable square feet of storage space in 743 units. The buyer and the seller, 1268 Stewart LLC, were represented in the transaction by Loeffler and Skelly.
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.
Happy Boxes operates eight facilities in North Carolina.
The Loeffler Self-Storage Group 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. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Headquartered in Greenwood, Colo., National Storage Affiliates Trust is a self-administered and -managed real estate investment trust focused on the acquisition, operation and ownership of self-storage properties.
Storage Solutions operates 1.8 million square feet of storage space in Arizona and Nevada.
- Herald-Tribune: Storage REIT Buys 2 Self-Storage Businesses in Manatee
- Rebusiness Online: M&M Negotiates Sale of 37,350 SF Self-Storage Facility in Tulsa
- The Virginian-Pilot: Around Town: Self-Storage coming to Area Near Lynnhaven Mall