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Self-Storage Real Estate Acquisitions and Sales: January 2024

January 31, 2024

13 Min Read
Self-Storage Real Estate Acquisitions and Sales: January 2024

Update 1/31/24 – 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 January 2024.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired Peoples Mini Storage in Davenport, Iowa. The facility at 575 E. 53rd St. comprises 72,750 square feet in 643 units. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio consisting of more than 15 million square feet.

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 Ridgecrest, California, facility at 909 S. China Lake Blvd., which is managed by self-storage real estate investment trust CubeSmart, comprises 48,450 square feet in 457 units. The building was converted from a Walmart in 2022. The buyer and the seller, an Alabama-based developer, were represented by Adam Schlosser, senior managing director, and Dean Trammell, investment associate of The LeClaire-Schlosser Group of M&M. They were assisted by fellow broker Jim Markel.

  • The two-property DRD Mini Storage portfolio in Kingfisher, Oklahoma, sold to a Delaware limited liability company (LLC). Together, the facilities at 716 S. Main St. and 1203 S. Main St. comprise 58,760 net rentable square feet. The buyer and the seller, a Nevada LLC, were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments for The LeClaire-Schlosser Group. They were assisted by Steve Greer, associate regional manager for M&M.

  • Empire Self Storage at 6400 E. Traverse Highway in Traverse City, Michigan, comprises 71,350 net rentable square feet in 500 units. The seller was represented by the Hatcher Coe Group of M&M.

  • The seven property Hill & Homes Self-Storage portfolio in Grand Junction and Palisade, Colorado, sold to DXD Capital, a New Mexico self-storage private-equity firm. Together, they contain seven buildings comprising 135,050 square feet in 922 units. The sale included 2222 Sandford Drive, 2462 Highway 6 and 50, 2693 Highway 50, 1462 Colorado Ave., 2787 Printer's Court and 3170 Pipe Court in Grand Junction, as well as 340 W. 3rd St. in Palisade. The buyer and the seller were represented by Schlosser and Thomas Parsons, first vice president of investments.

  • The two-property Sunshine Storage portfolio at 58521 Belleview Drive and 22035 Highway 1 in Baton Rouge, Louisianna, comprises 69,970 net rentable square feet in 440 units and 48 vehicle-storage spaces. The sites are about 3 miles apart and have room for expansion. The seller, an out-of-state private investor, was represented by Anne Williams, investment specialist. Greer assisted.

1/19/24 – 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 January 2024.

Five Star Storage, which operates more than 30 facilities, acquired All American Self Storage in St. Paul, Minnesota. The property at 1500 Marshall Ave. offers climate-controlled and drive-up units as well as vehicle storage. Founded in 2004, Five Star operates in Minnesota, Montana and the Dakotas.

Canadian self-storage operator Make Space Storage Inc. acquired CityBox Storage in Fernie, British Columbia, Canada, for $4.1 million from William Wright Commercial. The facility at 17 Ktunaxa Road contains 184 drive-up units. Make Space operates 30 facilities in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.

Andover Properties LLC, which operates the Storage King USA brand, purchased Public Storage in Norwood, New Jersey. Built in 2021, the three buildings at 475 Walnut St. comprise 88,703 rentable square feet in 840 units. Established in 2003, New-York based Andover owns and manages 165 storage properties in 18 states.

SecurCare Self Storage at 3730 W. Wendover Ave. in Wendover, North Carolina, sold for $4 million to SROA 3730 W. Wendover NC LLC, an affiliate of SROA Acquisitions LLC, which operates the Storage Rentals of American brand. The seller is SecurCare Properties 1 LLC of Greenwood Village, Colorado.

An entity affiliated with real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage facilities nationwide, acquired StorQuest Self Storage in Federal Way, Washington, for $10.6 million. The three-story building at 29817 Pacific Highway S. comprises 83,115 square feet in 598 units. Based in New York, Merit Hill operates 333 self-storage properties in 35 states. StorQuest operates more than 225 facilities nationwide. It’s owned by The William Warren Group.

Stowaway Storage in Rockport, Texas, sold to a local buyer. The facility at 3725 Highway 35 S. comprises 34,626 net rentable square feet in 309 units. The buyer and the seller, Texas-based investment firm Curren Cos. Inc., were represented by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson, brokers with Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage.

U-Lock Mini Storage at 4240 Manor St. in Burnaby, British Columbia, Canada, includes 1,083 climate-controlled indoor units and 68 vehicle-storage spaces. The buyer and the seller were represented in the transaction by Lloyd McDonald, director of Canadian acquisitions for real estate firm The Storage Acquisition Group.

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:

  • The five-property A&J Storage portfolio in Faribault, Minnesota, sold to a local group of investors. Together, the facilities comprise 152,485 rentable square feet in 929 drive-up units. The buyer and the seller were represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke.

  • Dempewolf Mini Storage in Ponca City, Oklahoma, sold to a regional buyer. The facility at 2101 N. Union St. comprises 36,355 rentable square feet. The seller was represented by Jared Jones.

  • Amerco, the parent company of U-Haul International Inc., purchased Storage Near Me in Kathleen, Georgia. The facility at 1362 S. Houston Lake Road comprises 102,625 rentable square feet. Jones represented the seller.

The following sales were brokered by EquiCap Commercial, a Saint Charles, Illinois-based brokerage specializing in self-storage:

  • Amberstone Storage at 7855 Illinois 50 in Manteno, Illinois, contains eight buildings comprising 296 units. The 5.6-acre site also features 20 storage-container units and 119 vehicle-storage spaces. The seller was represented by Jesse Luke of EquiCap, along with Marc Bartolini and Chris Wilbur of Entre Commercial Realty.

  • A two-property portfolio in Wasua and Tomahawk, Wisconsin, was sold to an undisclosed buyer. Bos Creek Storage at 2610 N. 14th Ave. in Wasau comprises 45,960 net rental square feet in 197 units. Lake Tomahawk Storage at 7484 Dolhun Road in Tomahawk offers 44,280 net rentable square feet in 156 units. The seller was represented by Scott Rihm of EquiCap, along with TJ Morice and Jonathan Glassco of NIA Pfefferle.

  • Hazelhurst Storage at 5701 U.S. Highway 51 in Hazelhurst, Wisconsin, comprises 8,250 net rentable square feet in 30 units. The 13-acre site has room for expansion. The seller was represented by Rihm and Glassco.

  • StorSafe of Cary at 8405 S. Illinois Route 31 in Cary, Illinois, contains five buildings comprising 25,800 square feet of drive-up storage on 5.6 acres. The seller was represented by Luke and Rihm.

  • Sunshine Storage at 58521 Belleview Drive in Plaquemine, Louisianna, comprises 69,970 net rentable square feet in 488 units. The seller was represented by Luke, along with Anne Williams-Blackwell of Marcus & Millichap.

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

  • Scenic Self Storage in Littlefield, Arizona, sold to a regional storage operator with assets in Arizona and Utah. The property at 3030 S. Scenic Blvd. contains eight single-story buildings comprising 34,770 square feet in 245 units and 109 vehicle-storage spaces. The buyer and the seller, a Utah-based investment group, were represented by Jordan Farrer and Adam Schlosser. Fellow broker Ryan Sarbinoff assisted.

  • Tango Development acquired the eight-property Storage Bright portfolio in Paradise, Springtown and Weatherford, Texas. Together, the facilities offer 225,275 rentable square feet. They’ll be rebranded as Overflow Garage and managed by Lone Star Realty Group. The buyer and the seller were represented by Danny Cunningham, senior vice president, and Brandon Karr, senior managing director.

The Hatcher Coe Group of M&M brokered the following transactions:

  • Advantage Storage at 1012 E. Navajo Drive in Hobbs, New Mexico, comprises 99,635 net rentable square feet in 469 units. The seller was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher.

  • Budget Storage at 2618 N. College Road in Wilmington, North Carolina, comprises 56,750 square feet in 454 units. The seller, a limited-liability company (LLC), was represented by Coe, Coe and Hatcher. Fellow broker Ben Helm assisted.

  • Cherry Storage at 402 S. 5th St. in Saint Joseph, Missouri, comprises 71,139 square feet in 696 units. The seller, an LLC, was represented by Coe, Coe and Hatcher. Fellow broker David Saverin assisted.

  • R Self Storage at 1515 Milan Road in Sandusky, Ohio, comprises 33,299 square feet in 155 units and two commercial spaces. 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:

  • The three-property Huntsville Lock Storage portfolio in Hunstville, Alabama, comprises 174,907 net rentable square feet in 1,291 units. The seller was represented by Austin McLeod, vice president and associate director.

  • Key Storage at 3719 Winder Highway in Flower Branch, Georgia, comprises 35,000 square feet in 485 units. McLeod represented the seller.

1/19/24 – 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 January 2024.

Silver Star Properties REIT Inc. acquired two Houston self-storage facilities previously branded as Advantage Storage from Harrison Street Real Estate Capital, an investment-management firm, in a 1031 exchange. Built in 1998 on 1.1 acres, the three-story building at 2505 S.W. Freeway comprises 51,940 square feet. The facility at 4250 S.W. Freeway contains 63,186 square feet across three floors. It was constructed in 2000 on 1.4 acres. Based in Houston, Silver Star also owns self-storage, office and retail space in Dallas and San Antonio.

Prime Group Holdings LLC, which operates the Prime Storage brand, acquired Coastal Mini Storage in Winston-Salem, North Carolina, for $10 million from Coastal Mini Storage of Cape Fear LLC. Built on 1.8 acres at 2365 Winterhaven Lane, the multi-story building comprises 86,688 square feet.

Prime Group also purchased Pockit Self Storage in Edmonton, Canada, the company’s first location in the country. Built in 2018 on 5 acres, the single-story building at 70 Broadview Road comprises 54,677 rentable square feet in 472 units. Prime Group owns 358 storage facilities in the United States.

Pinnacle Storage at 2365 Winterhaven Lane in Winston-Salem, North Carolina, comprises 60,158 square feet in 561 units. The seller was represented in the transaction by Scott Eckert and Johnathan Spencer, advisors for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

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:

  • A Tamarac, Florida, facility branded and managed by CubeSmart sold at Certificate of Occupancy. The 1.3-acre property at 8251 W. McNab Road contains a five-story building comprising 94,900 gross square feet. The seller was represented by Josh Koerner and Frost Weaver of Weaver Realty Group.

  • Ourspace Storage in Wellton, Arizona, sold for $1.05 million. The facility at 29838 Butterfield Plaza comprises 11,150 rentable square feet in 165 units. The seller was represented by Jeff Gorden of The Gorden Cos. and Keller Williams East Valley.

  • Valley Mini Storage in Phoenix sold for $11.1 million. Built on 1.1 acres at 11000 N. Cave Creek Road, the multi-story building comprises 61,300 rentable square feet in 770 units. The seller was represented by Gorden.

The following sales were brokered by the de Jong Becher Self Storage Team of Colliers Self Storage Group, which specializes in the acquisition, disposition and financing of self-storage facilities nationwide:

  • Built on 7 acres, Abby’s Mini Storage at 3311 Truxtun Ave. in Bakersfield, California, comprises 97,600 rentable square feet in 927 units. The facility includes 22 single-story buildings and a manager’s apartment. The seller, Barry Berman Trust, was represented by executive vice presidents Jacob Becher and Tom de Jong.

  • Built on 7.6 acres, StorCo Self Storage at 3050 Orange Ave. in Long Beach, California, comprises about 80,000 rentable square feet in 772 units and 67 vehicle-storage spaces. The transaction also included two rentable billboards, a 3,100-square-foot commercial building and a 2-acre parcel at 1301 E. Spring St. The seller, CREE Investment Co., was represented by Becher and de Jong.

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

  • Bear Creek Boat & RV Storage at 17602 French Road in Houston comprises 103,872 net rentable square feet. Built on 10.7 acres in phases between 1991 and 2012, it contains 11 single-story buildings and 157 vehicle-storage spaces. The buyer and the seller were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments for The LeClaire-Schlosser Group of M&M.

  • Lock & Key Storage in Hillsboro, Texas, sold to a limited-liability company (LLC). Built on 10.24 acres, the facility at 6167 State Highway 171 offers 228 units. The seller was represented by investment specialists Danny Cunningham, Jon Danklefs, Brandon Karr, Dave Knobler and Mixson Staffel, who also procured the buyer.

The following sales were brokered by The Hatcher Coe Group of M&M.

  • Built in 2022, Budget Storage at 2618 N. College Road in Wilmington, North Carolina, comprises 56,750 rentable square feet in 454 units, with room for expansion.

  • Cherry Storage at 402 S. 5th St. in St. Joseph, Missouri, comprises 71,139 net rentable square feet in 696 climate-controlled units.

New Sources:

Western Investor, Fernie Self-Storage Facility Changes Hands for $209 PSF
Newswires, Make Space Storage Acquires a New Facility in Innisfail, Alberta
REBusiness Online, Versal Arranges Sale of 309-Unit Self-Storage Facility in Rockport, Texas
Multi-Housing News, Andover Properties Buys NJ Self Storage Facility
Connect CRE, Tango Sells 8-Property Self-Storage Portfolio
Newswire, The Storage Acquisition Group Announces Successful Sale of U-Lock Mini Storage in Burnaby, BC
The Registry, Merit Hill Capital Buys 83,000 SQFT Self-Storage Property in Federal Way for $10.6MM
Winston-Salem Journal, Greensboro Self-Storage Property Sells for $4.06 Million
PR.com, Argus Broker Affiliate Announces Sale of Georgia Self Storage Facility
PR.com, Argus Broker Affiliate Sells Oklahoma Self Storage Facility
REBusiness Online, Marcus & Millichap Negotiates Sale of Scenic Self Storage Property in Littlefield, Arizona
RE Journals, Marcus & Millichap Brokers Sale of 696-Unit Self-Storage Facility Near Kansas City
PR Newswire, StorageMart Strengthens its Davenport, Iowa Presence
REBusiness Online, Marcus & Millichap Brokers Sale of 457-Unit Self-Storage Facility in Ridgecrest, California
REBusiness Online, Marcus & Millichap Brokers Sale of 426-Unit Self-Storage Portfolio in Kingfisher, Oklahoma

Previous Sources:
Multi-Housing News, Silver Star Properties Adds Houston Assets to Portfolio
Newswire, The Storage Acquisition Group Successfully Closes Transaction of Pinnacle Storage in Winston-Salem, North Carolina
PR Newswire, Silver Star Properties REIT, Inc. Makes First Acquisition in the Self Storage Space
PR.com, Arizona Argus Broker Affiliate Announces Sale of Self Storage Facility
PR.com, Florida Argus Broker Affiliates Announce Sale of Self Storage Facility
PR.com, Jeff Gorden of The Gorden Companies Arranges the Sale of Valley Mini Storage
Real Estate News Exchange, Prime Group Makes First Canadian Self-Storage Investment
Winston-Salem Journal, Winston-Salem Self-Storage Facility Sold for $10 Million

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