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Self-Storage Real Estate Acquisitions and Sales: December 2024Self-Storage Real Estate Acquisitions and Sales: December 2024
ISS Staff
December 18, 2024
10 Min Read
Update 12/18/24 – 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 2024.
Mini Mall Storage Properties acquired an eight-property self-storage portfolio of Citizen Storage facilities in Mississippi and Tennessee from Gelt Venture Partners. Five are in Memphis, Tennessee, and three are in Mississippi. Together, they comprise more than 485,000 square feet in more than 3,500 units. The seller was represented by JLL Capital Markets, a global provider of capital solutions for real estate investors. Gelt is a Los Angeles-based real estate investment firm that acquires and manages multi-family housing and self-storage facilities. Mini Mall operates more than 225 locations comprising 9 million square feet in Canada and the United States.
Storage Post Self Storage acquired five facilities in Chicago. The properties at 3245 W. 30th St., 2051 N. Austin Ave. and 6331 N. Broadway were formerly operated and branded by industry real estate investment trust Extra Space Storage. The two Honore Storage properties are at 5145 N. Clark St. and 3215 W. Lawrence Ave. Storage Post operates 39 facilities in Illinois, Louisiana, New Jersey and New York.
Lock It & Leave It Storage in Sioux Falls, South Dakota, was sold to Five Star Storage. The 2.5-acre property at 3612 W. Teem Drive comprises 7,900 square feet of climate-controlled and drive-up space. Five Star operates 40 self-storage facilities in the Dakotas, Minnesota and Montana.
SmartStop Self Storage REIT Inc., which operates 206 properties in 22 U.S. states and Toronto, acquired Guardian Storage in Aurora, Colorado. The facility at 3633 N. Walden Circle contains three buildings comprising 87,450 net rentable square feet in 740 units. SmartStop’s portfolio consists of 16.4 million rentable square feet.
Guys Storage in Fairfield, California, was sold to a self-storage investment group. The facility at 2851 Dobe Lane comprises 37,085 square feet in 202 units. The seller was represented in the transaction by Performance Self Storage Group Inc., a local brokerage firm.
Rocky Mount Storage in Rocky Mount, North Carolina, was acquired by U-Haul International Inc. The 8.6-acre property at 131 S. Wesleyan Blvd. offers 457 climate-controlled units. Established in 1945, Phoenix-based U-Haul owns and manages more than 88.5 million square feet of storage space in North America.
StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired Target Masters Storage in Columbia, Missouri. The facility at 4101 Rangeline St. comprises 19,850 net rentable square feet in 146 units, with room for expansion. Founded in 1999 and based in Columbia, StorageMart has a portfolio consisting of more than 15 million square feet of storage.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
My Garage Storage in Humble, Texas, was purchased by a Florida-based limited-liability company (LLC). Built in 2002 on 2.5 acres, it contains three single-story buildings comprising 22,350 net rentable square feet in 209 units. It also includes a 5,000-square-foot warehouse for rent and 21 vehicle-storage spaces. The seller, a Texas-based LLC, was represented by Dave Knobler, senior managing director of investments, Charles "Chico" LeClaire, executive managing director of investments, and Mixson Staffel, investment associate.
Route 59 Self Storage at 24111 Theodore St. in Plainfield, Illinois, comprises 46,950 rentable square feet in 317 drive-up units and 150 vehicle-storage spaces. It was built in 1994 on 7 acres and has room for two additional buildings. The buyer and the seller were represented by Sean Delaney, senior managing director.
The following sales were brokered by The Hatcher and Coe Group of M&M:
Monster Self Storage in Valdosta, Georgia, was acquired by The Sterling Group, which operates 35 Mini Storage Depots in seven states. The property at 3833 Inner Perimeter Road comprises 89,970 net rentable square feet in 584 units. Monster owns 19 facilities in six states.
Self Storage of North Fayette at 8145 Steubenville Pike in Imperial, Pennsylvania, comprises 46,400 net rentable square feet in 360 units and 50 outdoor vehicle-storage spaces. It also has a two-bedroom apartment above the office and room for expansion.
Sources:
Business Wire, SmartStop Self Storage REIT, Inc. Expands Portfolio With Acquisition of Premium Facility in Aurora, Colorado
Business Wire, Storage Post Self Storage Enters Chicago With Five Locations
Business Wire, U-Haul Opens First Self-Storage Facility in Rocky Mount
Posted 12/4/24 - 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 2024.
Phoenix-based U-Haul International Inc. acquired All Season Storage in Kingsport, Tennessee. The facility at 4303 Fort Henry Drive offers more than 300 climate-controlled units.
U-Haul also acquired a 2.6-acre property from real estate investment trust (REIT) Extra Space Storage Inc. in Minneapolis. The two-story facility at 1717 W. River Road offers 975 climate-controlled units. Established in 1945, Phoenix-based U-Haul owns and manages more than 86.8 million square feet of storage space in North America.
Mitra Investment Partners (MIP) acquired Boon Self Storage in North Chili, New York. Built in 2021, the facility at 1 Boon Drive will be rebranded as Forward Storage. The purchase was made through the company’s Mitra Diversified Fund I portfolio. MIP operates 26 facilities and six industrial-flex locations comprising 1 million square feet in 10 states.
Chain O'Lakes Super Storage in Volo, Illinois, was sold to Outrig Storage, formerly known as goHomePort. The facility at 32550 N. U.S. Highway 12 provides three types of vehicle storage in addition to self-storage units. Outrig operates 12 facilities in six states.
Denver-based real estate investment firm VanWest Partners acquired three self-storage facilities. Dacula Self Storage at 2192 Hurricane Shoals Road N.E. in Dacula, Georgia, comprises 58,750 square feet in 425 units and 27,720 square feet of vehicle storage. MyStorage.com at 3924 and 3956 S. Old Missouri Road in Springdale, Arkansas, comprises 72,645 square feet in 539 units. Northlake Storage LLC acquired the property in 2017 for $1.7 million and sold it for $4.7 million. The three-story Towne Storage at 1313 Arville St. in Las Vegas comprises 36,400 square feet in 314 units. All three properties are now operated by ClearHome Self Storage, VanWest’s management platform. VanWest operates 40 facilities in 14 states, comprising more than 3.2 million net rentable square feet in more than 20,000 units.
Hinckley Storage in Hinckley, Minnesota, was purchased by a private investor. The facility at 305 T-119 offers drive-up units. The seller was represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Canadian-based Minimal Storage Properties acquired an eight-facility portfolio from Gelt Ventures LLC, which acquired it in 2020 for $41 million. The transaction includes five assets in Memphis, Tennessee; two in Olive Branch, Mississippi; and one in Nesbit, Mississippi. Built between 1972 and 2006, the single-story facilities comprise 487,000 square feet in 3,999 units. The seller was represented in the transaction by Steve Mellon, Richard Reid, Adam Roossien, Brian Somoza and Matthew Wheeler, investment specialists with JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Founded in 2008, Gelt also owns self-storage assets in California and Colorado.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
Airport Self Storage at 11999 California 267 in Truckee, California, comprises 107,105 net rentable square feet in 667 units. It also offers nearly 50 vehicle-storage spaces. The seller was represented by The Hatcher Coe Group.
Hughes Springs Storage Units in Hughes Springs, Texas, was purchased by a Dallas-based real estate investment company. Built in 2019, the facility at 189 FM 250 comprises 54,100 rentable square feet in 260 units. The buyer and the seller were represented by investment specialists Danny Cunningham and Brandon Karr of The Karr-Cunningham Storage Team.
Interstate Secure Storage in Janesville, Wisconsin, was purchased by Hastings Property Group LLC for $2.3M. Built in 2015, the facility at 3031 E. County Road O comprises 44,250 rentable square feet in 233 units. The buyer intends to add two structures totaling 25,950 square feet. They were represented in the transaction by Dan Bowar, senior associate.
Old South Self Storage at 54 Old South Road in Nantucket, Massachusetts, comprises 17,344 square feet in 198 climate-controlled units. The seller was represented by investment specialists Kevin Bledsoe, Matthew Junkin and Michael Palladino. They were assisted by fellow broker Thomas Shihadeh.
StorageStar Huebner at 16523 Huebner Road in San Antonio comprises 48,050 square feet in 396 units. The 2.5-acre property will be managed by REIT Extra Space. The buyer and the seller were represented by Jon Danklefs, first vice president of investments.
Adjacent storage facilities in Pea Ridge, Arkansas, were sold to Rogers Equity Group VII LLC, whose managers include Patrick Byrd and Carl Baumeister, for a combined $6.57 million. Pea Ridge Self Storage sits on 5.5 acres at 450 and 518 Weston St., comprising 72,119 square feet. Bryan Cannon Gibson bought the property in 2017 for $3.6M and sold it for $5.2M. Prairie View Self Storage sits on 2 acres at 574 Weston St., comprising 19,200 square feet. Cain & Cain Properties LLC of Bryant, Arkansas acquired the facility in 2022 for $1.5 million.
The following sales were brokered by Matthews Real Estate Investment Services, a commercial real estate firm based in Scottsdale, Arizona:
Euharlee Storage in Cartersville, Georgia, was purchased by a local buyer. The facility at 255 McCormick Road S.W. comprises 36,782 net rentable square feet, with room for expansion. The seller was represented by Austin McLeod, first vice president.
The two-property Universal Storage Solutions portfolio at 2888 W. State St. in Bristol and 100 Lab Connect Land in Johnson City, Tennessee, comprises 91,000 net rentable square feet. The seller was represented by McLeod.
Sources:
BusinessWire, U-Haul Acquires Former Extra Space Storage Facility in Minneapolis
BusinessWire, U-Haul Expands in Kingsport, Acquires All Season Storage Property
Connect CRE, Marcus & Millichap Closes Deal for Nantucket Self-Storage
PR Newswire, Mitra Investment Partners Announces Acquisition of Boon Self Storage in North Chili, NY
PR Newswire, Outrig Acquires Lake County RV and Boat Storage Facility
PR Newswire, VanWest Partners Deploys $23 Million in Capitalization, Expands National Self Storage Portfolio with Three Strategic Acquisitions
REBusiness Online, Gelt Ventures Sells 3,999-Unit Self-Storage Portfolio in Tennessee and Mississippi
RE Journals, Marcus & Millichap Brokers 54,100-Square-Foot Self-Storage Sale in Hughes Springs
Talk Business & Politics, Real Deals: Rogers Group Buys Pea Ridge Storage Facilities For $6.57 million
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