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Self-Storage Real Estate Acquisitions and Sales: August 2023
August 31, 2023
10 Min Read
Update 8/31/23 – 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 August 2023.
AAA Platte Self Storage in Colorado Springs, Colorado, sold to Andover Properties LLC, which operates the Storage King USA brand. Built on 26.6 acres, the facility at 4510 Edison Ave. comprises 215,748 square feet in 681 units, 303 vehicle-storage spots, and commercial and office space. The seller, private-equity firm Crystal View Capital, was represented in the transaction by The Hatcher Coe Group of Marcus & Millichap, a commercial real estate investment services firm with offices throughout Canada and the United States. Established in 2003, New-York based Andover owns and manages 155 storage properties in 18 states.
Prime Storage Nanuet LLC, an affiliate of Prime Storage Group, acquired a CubeSmart-branded facility in Nanuet, New York, for $35 million from 21 Pralle Owner LLC, an affiliate of real estate firm Renatus Group. It was formerly the Westrock Indoor Sports & Entertainment Complex, which 21 Pralle purchased in 2021 for $11.5 million. Two existing structures were combined to make a single building, and a second-floor mezzanine was added to create 70,000 square feet of storage space. Prime Group operates the Prime Storage brand, which has nearly 300 locations nationwide.
Eden Terrace Self Storage, which sits on a 4.7-acre parcel at 2227 Eden Terrace in Rock Hill, South Carolina, contains five buildings comprising 34,305 net rentable square feet in 275 units. The seller was represented in the transaction by Codey Dalton, senior associate; Aaron Sanchez, senior vice president; and Scott Shoettlin, managing director for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.
StorSafe Self Storage, which operates 25 facilities in six states, acquired The Extra Closet in Venice, Florida. The facility at 124 Warfield Ave. comprises 13,219 rentable square feet in 401 climate-controlled units, with room for expansion. Founded in 2021, StorSafe has portfolio encompassing more than 1.3 million square feet across the Midwest and Southeast.
A Boiling Springs, South Carolina, facility managed by Extra Space Storage was purchased by Regional 1031 Partnership. The property at 1909 Boiling Springs Road contains eight buildings comprising 67,720 net rentable square feet in 506 units. The seller was represented in the transaction by self-storage brokerage and advisory firm Oakside Cos.
The two-property Philema Self Storage portfolio in Leesburg, Georgia, sold to a regional buyer. Built across the street from each other on 7.7 acres, the facilities comprise a combined 57,230 rentable square feet in 362 units. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Phoenix-based U-Haul International Inc. acquired Storage Hotel in Grovetown, Georgia. Built on 2.3 acres, the three-story facility at 5060 High Meadows Drive offers 422 units. It previously served as a U-Haul truck-rental dealership. Established in 1945, U-Haul owns and manages more than 82.3 million square feet of storage space across North America.
Morningstar Properties, which operates more than 100 self-storage facilities nationwide, acquired Sure Safe Moving & Storage in Terrell, North Carolina. The two three-story buildings at 7872 NC Highway 150 E. comprises 70,125 net rentable square feet in 508 units. The seller was represented in the transaction by Oakside.
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:
Port City Self-Storage in Tulsa, Oklahoma, sold to a private buyer. The remotely managed facility comprises 21,975 rentable square feet, with room for expansion. The seller was represented in the transaction by Jared Jones.
Weed Mini Storage sits on 1.7 acres at 800 Shastina Drive in Weed, California. It comprises 13,400 rentable square feet in 90 units. The seller was represented by Ken Miller, owner of Northstate Commercial Partners.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
Affordable Mini Storage in Rockport, Texas, sold to an out-of-state limited-liability company (LLC). Built in 2018 on .42 acres, the three-building facility at 1741 W. Market St. offers 63 units. The seller, another LLC, was represented by Jon Danklefs, first vice president of investments. The buyer was represented by Sean M. Delaney, senior managing director of investments.
Marshall Central Storage in Marshall, Missouri, sold to a national private-equity firm. Built on 5.9 acres, the facility at 579 Drake Road comprises 82,320 rentable square feet in 429 units. It was 98% occupied at the time of the sale. The seller, a private investor, and buyer were represented by investment specialists Marla Čolić and Anne Williams. Fellow broker Dave Saverin assisted.
Reliant Real Estate Management, which operates the Midgard Self Storage brand, acquired StoreEase in Huntsville, Alabama, for $5.6 million. The newly opened facility at 1301 Capshaw Road comprises 59,150 square feet. The seller was represented by Eddie Greenhalgh, senior vice president; Charles LeClaire, executive managing director; Ian Lindahl, associate; and Adam Schlosser, senior managing director.
The Hatcher Coe Group of M&M brokered the following transactions:
The newly constructed facility managed by Life Storage at 4 Benning Court in Merrimack, New Hampshire, comprises 57,840 rentable square feet in 448 units and 23 vehicle-storage spaces. The seller was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher.
Route 59 Self Storage in Ravenna, Ohio, sold to SROA Capital, which operates more than 375 Storage Rentals of America locations nationwide. The facility at 2862 OH-59 comprises 48,104 square feet on 10 acres. A 20,000-square-foot expansion was recently completed. The seller, an LLC, was represented by Coe, Coe and Hatcher.
The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate firm based in Scottsdale, Arizona:
Built in 2001, Casa Self Storage & Boat/RV/Vehicle Parking at 1540 N. Yale Ave. in Tulsa, Oklahoma, offers 203 units. The seller was represented by Johnny Blue Craig, first vice president; Austin McLeod, vice president; and Hunter Reynolds, associate.
Minnewawa Mini Storage in Marlborough, New Hampshire, offers 36 units. The seller was represented by Simon Assaf, vice president and director; Milton Braasch II, associate; and Ben Tracy, senior associate.
8/17/23 – 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 August 2023.
Evelyn Capital, a Nashville, Tennessee, real estate and investment firm, acquired the newly developed Box Self Storage in Panama City Beach, Florida. The three-story facility sits on 2.45 acres at 19502 Panama City Beach Parkway. It comprises 75,225 square feet in 670 units. The seller, Hickory Capital Group, was represented in the transaction by Ashley Compton, principal and vice chairman of Colliers International, an investment-management company. Founded in 2014, Hickory specializes in self-storage acquisition and development.
Butler Storage and RV in Magnolia, Arkansas, sold for $900,000 to Magnolia Storage Solutions LLC. Built on 5.9 acres, the facility at 1008 Shanhouse St. comprises 37,800 square feet. Mortgage financing was secured from Horatio State Bank in Horatio, Arkansas.
The 15-acre Golden Gate Mini Storage property at 230 S. Glen Canyon Road in Lake Havasu City, Arizona, contains 14 buildings comprising 52,852 net rentable square feet in 360 units. The seller was represented in the transaction by Brandon Lavern, senior associate, Aaron Sanchez, senior vice president, and Scott Schoettlin, managing director for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage that specializes in self-storage.
The six-property HB Mini Storage portfolio in Alexandria, Redwood Falls and Willmar, Minnesota sold to a local investment group. Together, the facilities comprise 266,602 rentable square feet in 1,463 units. The seller and the buyer were represented in the transaction by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke, affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Ziff Real Estate Partners acquired Pearman Dairy Self Storage in Anderson, South Carolina. The facility offers 44,875 square feet in climate-controlled units and 63 vehicle-storage spaces. It’ll be managed and branded as StoreEase, which operates more than 30 facilities in multiple states. Founded in 1991, Ziff has acquired or developed more than 8 million square feet of commercial real estate.
River Rock Storage in Gastonia, North Carolina, sold for $20.5 million. Built on 11.2 acres, the facility at 4220 Forbes Road comprises 124,374 square feet in 631 units. The buyer was represented in the transaction by Scott Eckert and Jonathan Spencer, advisers for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.
Blue Vista Capital Management LLC acquired five unidentified self-storage assets in Arizona and Florida. The transaction includes three development projects in Mesa, Arizona, and Cocoa and Land O’Lakes, Florida. Once complete, they’ll comprise 283,749 square feet. Two existing facilities in Naples and Venice, Florida, are also part of the purchase. They offer a combined 167,343 square feet in 1,670 units. Based in Chicago, Blue Vista is a real estate investment management firm.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
Access Mini Storage in Zeeland, Michigan, sold to a limited-liability company (LLC). The facility at 3440 88th Ave. comprises 96,715 rentable square feet in 496 units and 38 outdoor vehicle-storage spaces. The buyer and the seller were represented by Sean Delaney, senior managing director. Fellow broker Steve Chaben assisted.
Affordable Self Storage in Denton, Texas, sold to a Chicago-based real estate company. The facility at 1239 Teasley Lane comprises 47,108 rentable square feet. The seller, a Dallas-based private investor, was represented by investment specialists Danny Cunningham and Brandon Karr, who also secured the buyer.
Route 59 Storage in Ravenna, Ohio, sold to Storage Rentals of America, which operates more than 380 locations nationwide. The facility at 2862 OH-59 comprises 48,104 net rentable square feet in 353 units and 23 outdoor vehicle-storage spaces.
Tepco Storage in New Braunfels, Texas, sold to an LLC. The 1.4-acre site at 242 Deborah Drive offers 45 units. The buyer was represented by Delaney. The seller, also an LLC, was represented by Jon Danklefs, first vice president.
The Hatcher Coe Group of M&M brokered the following transactions:
Midpoint Self Storage at 112 Midpoint Drive in Mineral, Virginia, comprises 19,000 net rentable square feet in 126 units.
Storage Mart in Salina, Kansas, sold to an out-of-state buyer. Built in 2009, the facility sits on 5 acres at 1540 W. Schilling Road. It comprises 34,980 square feet in 33 units. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. Fellow broker Colby Haugness assisted.
New Sources:
Clayton County Register, Storage Acquisition Group Facilitates $20.5 Million Sale of River Rock Storage
RCBJ, $35 Million Buys Storage Facility
Marcus & Millichap, Marcus & Millichap Announces the Sale of Route 59 Self Storage, a 48,104-Square-Foot Self-Storage Facility in Ohio
Multi-Housing News, Midgard Self Storage Expands Alabama Portfolio
Kalkine Media, StorSafe Announces Strategic Acquisition, Bolstering Portfolio to 25 Prime Locations
Multi-Housing News, Andover Properties Adds Facility to Colorado Springs Portfolio
PR.com, Argus Broker Affiliate Announces Sale of Oklahoma Self Storage Facility
PR Newswire, U-Haul Is Now Operating at Former Storage Hotel in Grovetown
REBusiness Online, Marcus & Millichap Brokers Sale of 63-Unit Self-Storage Facility in Rockport, Texas
Previous Sources:
Bluefield Daily Telegraph, The Storage Acquisition Group Facilitates Successful Closing of River Rock Storage in Gastonia, North Carolina
Business Wire, Blue Vista Completes Eleven Self Storage, Industrial and BTR Transactions
CityBiz, Marcus & Millichap Arranges the Sale of a 47,108 Rentable-Square Foot Self-Storage Facility in a Densely Populated Dallas-Fort Worth Suburb
Magnolia Reporter, Real Estate: Storage Complex Changes Hands
REBusiness Online, Marcus & Millichap Brokers Sale of 45-Unit Self-Storage Facility in New Braunfels, Texas
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