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Self-Storage Real Estate Acquisitions and Sales: December 2023

December 19, 2023

7 Min Read

Update 12/19/23 – 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 December 2023.

Highway 21 Storage in Kyle, Texas, sold to Andover Properties, a New York-based company that operates the Storage King USA brand. The facility at 13397 Camino Real comprises 68,775 net rentable square feet in 240 units. The buyer and the private, Texas-based seller were represented in the transaction by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson, brokers with Versal, a commercial real estate firm based in Austin, Texas, and Los Angeles that specializes in self-storage.

Blumenfeld Development Group, a real estate and development firm, acquired a two-property self-storage portfolio managed by real estate investment (REIT) Life Storage Inc. in New York, for a combined $122 million. The Flushing facility at 34-09 College Point Blvd. comprises 159,000 square feet. The Woodside property at 62-05 30th Ave. offers 102,056 square feet. The seller was Barrington, Illinois-based LSC Development, which built the facilities in 2019 and 2021, respectively. Headquartered in Syosset, New York, Blumenfeld owns industrial and retail properties.

Make Space Storage, which operates more than 30 self-storage facilities in Canada, acquired CityBox Storage in Fernie, British Columbia. The property at 17 Ktunaxa Road comprises 20,000 square feet in more than 180 units. Make Space has locations in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.

Oronoco Self Storage in Oronoco, Minnesota, sold to a local operator. The facility at 631 S. Minnesota Ave. S. comprises 38,074 rentable square feet. The buyer and the seller were represented in the transaction by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke, broker affiliates for Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

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

  • A two-property Storage Source One portfolio in Tennessee, sold to Mini Mall Storage, which operates facilities in Canada and the United States. The sites at 663 Forest Drive in Jonesborough and 1240 Moreland Drive in Kingsport are about 13 miles apart. Together, they comprise 50,965 net rentable square feet in 429 units and vehicle-storage spaces, with room for expansion. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe, Brett R. Hatcher and Brian Kelly. They were assisted by fellow broker Jody McKibben.

  • Safe Storage Club in Machesney Park, Illinois, comprises 24,320 net rentable square feet in 96 drive-up and 40 portable-storage units. The seller was represented by Coe, Coe and Hatcher.

The following sales were brokered by The LeClaire-Schlosser Group of M&M:

  • Riverton Self Storage in Riverton, Utah, sold to REIT Public Storage Inc. The 2.4-acre property at 4258 13400 S. contains five buildings comprising 43,300 square feet in 300 units. The buyer and the seller, a private owner, were represented by Jordan Farrer, first vice president of investments, and Adam Schlosser, senior managing director.

  • Storage King USA in Sherman, Texas, sold to Spartan Investment Group, which operates the FreeUp Storage brand. Built in 2006 on 6.3 acres, the facility at 2111 S. FM 1417 contains nine single-story buildings comprising 55,600 net rentable square in 337 units. The buyer and the seller, a Delaware-based limited-liability company, were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments.

  • StorageMax at 3190 Montana Highway 35 in Kalispell, Montanna, comprises 66,034 square feet in 261 units and 13 vehicle-storage spaces. The seller, a local development company, was represented by Farrer and Schlosser. They were assisted by fellow broker Adam Christofferson.

12/7/23 – 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 December 2023.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired Hanley Storage in Coeur d'Alene, Idaho. The facility at 3800 W. Hanley Ave. comprises 53,920 net rentable square feet in 218 units. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio comprising more than 15 million square feet of space.

Paradise Self Storage in Rockport, Texas, sold to Corpus Christi, Texas-based Preis Investments Inc. Built in 1994, the facility at 3990 Highway 35 N. Bypass comprises 23,800 rentable square feet in 113 units. The seller, Iowa-based River Investments LLC, was represented in the transaction by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson, brokers for Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage. The brokers also procured 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:

  • The three-facility Acme Self-Storage portfolio in Morehead, North Carolina, sold to Freedom Storage Group, which operates 27 facilities in multiple states. Combined, the properties at 204 Jacob Drive, 1217 N. 20th St. and 5458 U.S. Highway 70 comprise 46,375 net rentable square feet in 318 units. The buyer and the seller were represented by investment specialists Kevin Bledsoe, Matthew Junkin and Andreas Makris. They were assisted by fellow broker Ben Yelm.

  • Apache Self Storage in Gonzales, Texas, sold to a limited-liability company (LLC). The 2.7-acre property at 2502 Harwood Road offers 303 units, including 24 portable-storage containers and 19 vehicle-storage spaces. The buyer and the seller, also an LLC, were represented by investment specialist Jon Danklefs.

  • Big Blue Self Storage in Frankfurt, New York, sold to Moove In Self Storage, which operates 70 locations in six states. Built in 2009 on 7 acres, the facility at 111 Dyke Road comprises 47,325 square feet across 10 buildings. The seller, an LLC, was represented by Bledsoe, Junkin and Makris, who also procured they buyer. Fellow broker John Horowitz assisted.

  • A South Pasadena, California, property managed by real estate investment trust (REIT) Extra Space Storage sold to a joint venture between Dallas-based Baranof Holdings and an undisclosed capital partner. Built in 1986 on 1.8 acres, the facility at 919 Mission St. comprises 55,786 rentable square feet in 643 traditional units, six modular spaces and 34 vehicle-storage spots. The seller, Los Angeles-based Gelt Ventures, was represented by investment specialists Charles “Chico” LeClaire, Keith Phillips and Adam Schlosser, who also procured the buyer.

  • Hidden Island RV & Boat Storage in Fort Collins, Colorado, sold to Ivywild Capital, a Colorado-based private-equity firm that specializes in self-storage investments. The facility at 3955 S. Taft Hill Road comprises 32 interior vehicle-storage spaces and 148 outdoor spots. The seller, a private owner, was represented by investment specialists Thomas Parsons and Schlosser, who also procured the buyer.

  • Lake Avenue Lock-Up in Wilmette, Illinois, sold to an LLC. The facility at 3632 Lake Ave. comprises 45,250 square feet. The buyer, also an LLC, and the seller were represented by Sean Delaney, senior managing director, and Jeffrey Herrmann, first vice president.

  • Superior Self Storage in Rockford, Illinois, sold to an LLC. The 10-acre property at 1711 York Ave. offers 31,210 square feet in 204 units. It includes four rental apartments and a single-family residence as well as 3 acres for expansion. The buyer and the seller, an LLC, were represented by Delaney.

The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate firm based in Scottsdale, Arizona:

  • The five-property Coleman Storage portfolio in Coleman, Texas, comprises 53,786 rentable square feet in 397 units. The seller was represented by associates Doss Allen and Gray Griffin as well as Austin McLeod, vice president and associate director.

  • Xtra Space Self Storage at 5924 Cleveland Highway in Clermont, Georgia, comprises 74,492 rentable square feet in 527 units. The seller was represented by McLeod.

The following sales were brokered by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • Built on 3.8 acres, A-Z Storage at 175 Fowler-Freeman Road in Danielsville, Georgia, comprises 27,900 square feet in 211 units.

  • Capstone Self Storage in Sumter, South Carolina, sold to an out-of-state buyer. Built on 2.1 acres, the facility at 561 N. Pike E. comprises about 11,950 rentable square feet in 84 units.

New sources:

Newswire, Make Space Storage Acquires a New Facility in Fernie, British Columbia
REBusiness Online, Versal Negotiates Sale of 240-Unit Self-Storage Facility in Kyle, Texas
Commercial Observer, Blumenfeld Development Acquires Queens Self-Storage Buildings for $122M
Multi-Housing News, Public Storage Buys Salt Lake City-Area Asset
REJournals, Marcus & Millichap Closes Sale of 50,965-Square-Foot Self-Storage Portfolio in Tennessee

Previous Sources:
Connect CRE, Marcus & Millichap Arranges Sale of Wilmette Self-Storage Property
PR Newswire, StorageMart Expands in Idaho with New Facility in Coeur d'Alene
PR Urgent, Self Storage in Sumter, SC Sold by Midcoast Properties Inc.
RE Journals, Marcus & Millichap Arranges Sale of Self-Storage Property in Rockford
REBusiness Online, Gelt Ventures Sells 677-Unit South Pasadena Storage in California

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