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Self-Storage Real Estate Acquisitions and Sales: February 2024
February 29, 2024
7 Min Read
Update 2/29/24 – 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 February 2024.
Global real estate investment-management firm Heitman LLC acquired a Brooklyn, New York, self-storage facility for $47 million that’s managed by real estate investment trust Extra Space Storage and branded as Life Storage. The multi-story building at 1296 E. 14th St. comprises 97,000 square feet. The seller was a joint venture between Equity Resource Investments of Cambridge, Massachusetts, and SNL Storage of Lake Success, New York. Founded in 1966, Heitman has 10 offices worldwide and more than $52 billion in properties under management, according to its website.
StorSafe Self Storage, which operates facilities in the Midwest and Southeast, acquired Lock It Storage in Melbourne, Florida, and Keep It U Lock Storage in Cedar Lake, Indiana. Lock It at 6400 N. U.S. Highway 1 offers climate-controlled and drive-up units as well as vehicle storage. Keep It at 13649 Wicker Ave. offers drive-up and vehicle storage as well as warehouse space for rent. Established in 2021, StormSafe operates 29 locations comprising 1.7 million square feet in Florida, Illinois, Indiana, North Carolina, Ohio and Wisconsin. It’s a subsidiary of Elmdale Partners, a Chicago-based real estate investment firm.
Phoenix-based U-Haul International Inc. acquired Storage Sense in Lee's Summit, Missouri. The multi-story building on the 2.5-acre property at 920 N.E. Deerbrook St. offers 625 units.
U-Haul also purchased Winchester Storage in Sedalia, Missouri. The 10.8-acre property at 1400 Winchester Drive comprises 15 buildings containing 607 units. It also offers 13 enclosed and 42 outdoor vehicle-storage spaces.
W.P. Carey sold 78 self-storage facilities to affiliates of U-Haul for $465 million. The sites had been leased to the moving and self-storage operator for the last 20 years. The portfolio spans 69 cities in 24 states. W.P. Carey still owns 89 self-storage properties. Established in 1945, U-Haul owns and manages more than 83 million square feet of storage space nationwide.
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 two-property KO Storage portfolio in Murfreesboro, Tennessee, sold to 2156 Associates, a general partnership based in the state, in an off-market transaction. The facilities at 2704 S. Church St. and 149 Veterans Parkway offer 268 units. The buyer and the seller, KOSF II – Murfreesboro LLC, were represented by Eddie Greenhalgh, Jake Payne and Lee Thornton. They were assisted by fellow broker Jody Mckibben.
Moove In Self Storage, which operates 70 locations in six states, acquired Big Blue Self Storage in Frankfort, New York. The facility at 111 Dyke Road comprises 47,325 square feet. The seller was represented by Kevin Bledsoe, Matthew Junkin and Andreas Makris.
A newly constructed project in Birmingham, Alabama sold to Ziff Real Estate Partners for $7.8 million. Offering approximately 500 units the facility will be branded and managed by self-storage REIT Public Storage. The buyer and the seller, Copper Storage Solutions LLC, were represented by Greenhalgh, Payne and Thornton.
The Hatcher Coe Group of M&M brokered the following transactions:
Finger Lakes Self Storage in Waterloo, New York, sold to a limited-liability company (LLC). The facility at 791 Waterloo Geneva Road was built in 2014 on nearly 8 acres. It comprises 58,250 square feet in 330 units and offers 24 covered vehicle-storage spaces. The buyer and the seller, also an LLC, were represented by Gabriel Coe, Nathan Coe, Luke Dawley and Brett Hatcher. They were assisted by fellow broker John Horowitz.
We Stor in Middleburg, Florida, sold to Storage Express, which is owned by Extra Space. The facility at 4404 Co Road 218 comprises 38,265 net rentable square feet in 334 units.
2/29/24 – Phoenix-based U-Haul International Inc. acquired the three-property AA Mini Warehouse portfolio in Mishawaka, Indiana. Together, the facilities at 5510 Shaughn St., 816 E. McKinley Ave. and 5213 Grape Road offer 1,056 units. Established in 1945, U-Haul owns and manages more than 82 million square feet of storage space nationwide.
Liberty Bend Self Storage in Liberty, Missouri, sold to a local investment group as part of a 1031 tax-deferred exchange. The facility at 1122 Old State Highway 210 comprises 60,050 square feet in 482 units. The seller, Russell Family Real Estate LLC, was represented in the transaction by Larry Goldman, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Apple Self Storage, which owns 50 facilities and provides asset-management services in Canada, acquired Melanson Road Mini Storage in Dieppe, New Brunswick. The facility at 1655 Melanson Road comprises 30,000 square feet. Founded in 1975, family-owned Apple operates properties in New Brunswick, Nova Scotia and Ontario.
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., acquired the six-property Pickens Self-Storage portfolio in Berlin and Hamburg, Germany, for €120 million. The three sites in Berlin contain 189,444 net square feet, while other three encompass 147,465 net square feet. Shurgard operates 277 self-storage properties comprising 1.4 million net rentable square feet in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
SROA Capital, which operates more than 380 Storage Rentals of America facilities nationwide, acquired SecurCare Self Storage in Aiken, South Carolina, for $6.8 million. Situated on 4.6 acres, the facility at 2598 Whiskey Road comprises 44,351 square feet in 659 units and 96 vehicle-storage spaces. The buyer was SROA 2598 Whiskey SC LLC. The seller was NSA Property Holdings LLC, an affiliate of National Storage Affiliates Trust, which operates the SecurCare brand.
Stor-Mor Self Storage in Rosemead, California, was sold to InSite Property Group, which operates the SecureSpace Self Storage brand. The three-story building at 8635 Valley Blvd. comprises 44,500 net square feet in 660 units and 85 vehicle-storage spaces. The seller, a private owner, was represented in the transaction by Dean Keller, president of commercial real estate firm Bancap Self Storage Group.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
AA Access Storage in Clearfield, Utah, sold to a privately held investment company. The facility at 375 W. 1700 S. contains three single-story buildings comprising 50,400 square feet in 261 units. The buyer and the seller, the original developer, were represented by Jordan Farrer, first vice president of investments, and Adam Schlosser, senior managing director.
Secure Self Storage in Clinton, Utah, sold to Mountain West Self Storage, which operates three facilities in Idaho and Utah. The facility at 2277 W. 1300 N. contains four single-story buildings comprising 101,025 square feet in 647 units. The buyer and the seller, a family development group, were represented by Farrer and Schlosser.
The Hatcher Coe Group of M&M brokered the following transactions:
Empire Self Storage in Traverse City, Michigan, sold to National Storage, which operates more than 30 locations in four states. Built in 2015 on 14 acres at 6400 E. Traverse Highway, the facility offers 71,350 square feet in 500 units. It has approval for a six-building, 300-unit expansion. The buyer and the seller, a limited-liability company, were represented by Gabriel Coe, Nathan Coe, Brett R. Hatcher and Brian Kelly. Fellow broker Steve Chaben assisted.
Finger Lakes Self Storage in Waterloo, New York, comprises 58,250 net rentable square feet in 330 units and 24 covered vehicle-storage spaces.
New Sources:
AL.com, Birmingham Self-Storage Facility Sells for $7.85 Million
Newswires, StorSafe Self Storage Expands Portfolio with Strategic Acquisitions in Cedar Lake, Indiana, and Melbourne, Florida
PR Newswire, U-Haul Opens at Former Winchester Storage in Sedalia
SpareFoot, Sold! U-Haul Buying 78 Locations From W.P. Carey for $465 million
PR Newswire, U-Haul Operating at Former Storage Sense Location in Lee's Summit
The Real Deal, Chicago-Based Heitman Buys Brooklyn Self-Storage for $47M
BNN, A New Chapter for Big Blue Self Storage: A Tale of Trust and Transition in Frankfort, NY
Previous Sources:
PR Web, Apple Self Storage Acquires Melanson Road Mini Storage in Dieppe, NB
REBusiness Online, Mountain West Purchases 101,025 SF Secure Self Storage in Clinton, Utah
PR News, U-Haul Operating at 3 Former AA Mini Warehouse and Storage Locations
PR.com, Los Angeles Area Self Storage Property Sold
Aicken Standard, Self-Storage Business, Property on Aiken’s Southside Sell for Nearly $6.8 Million
Globe Newswire, SecureSpace Self Storage Acquires Stor-Mor Self Storage in Los Angeles MSA
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