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Self-Storage Real Estate Acquisitions and Sales: January 2025Self-Storage Real Estate Acquisitions and Sales: January 2025
ISS Staff
January 9, 2025
8 Min Read
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 2025.
SmartStop Self Storage REIT Inc., a self-managed real estate investment trust (REIT), acquired two facilities that were previously managed and branded by CubeSmart, an industry REIT and management company. The property at 30 Terrace Road in Ladera Ranch, California, comprises 136,300 net rentable square feet in 1,300 units and 18 vehicle-storage spaces. It contains six buildings: three single-story structures, two with two stories, and a four-story structure that’ll serve as SmartStop’s new headquarters. The five-story facility at 1401 22nd St. S.E. in Washington, D.C., comprises 74,300 net rentable square feet in 830 climate-controlled units. SmartStop owns or manages 209 properties in 22 states, the District of Columbia and Canada, comprising 16.7 million rentable square feet in approximately 148,500 units.
A Federal Way, Washington, facility branded and managed by REIT Extra Space Storage was sold for $25.1 million. The four-building property at 33620 21st Ave. S.W. was previously owned by LV 8250 LLC, which acquired it in 2020 for $21.7 million. The seller was associated with REIT Life Storage, which was acquired by Extra Space in 2023.
Extra Space Storage purchased Interbay Self Storage in Seattle from Interbay Urban Storage LLC for $29 million. Opened in 2018 at 1561 W. Armory Way, the four-story building comprises 68,776 rentable square feet in 883 units. Headquartered in Salt Lake City, Extra Space operates 3,812 self-storage facilities under the Extra Space, Life Storage and Storage Express brand names nationwide. Its facilities comprise 292 million square feet of rentable space in 2.6 million units.
Reframe Holdings, a commercial real estate investment manager, owner and sponsor focused on self-storage and industrial assets, acquired a McAllen, Texas, property that was previously branded and managed by self-storage REIT Life Storage. Built in 2023, the facility was rolled into the Extra Space portfolio later that year. The 2.8-acre site at 301 Trenton Road contains a three-story building comprising 85,755 square feet in 771 climate-controlled units. The sellers, Bakke Development and Batson-Cook Development Co., were represented in the transaction by Steve Mellon, senior managing director; Ben Pollack, analyst; Adam Roossien, director; and Matthew Wheller, director of JLL Self Storage Capital Markets, a full-service global provider of capital solutions for real estate investors. Reframe will retain Extra Space as the property manager.
Mini Mall Storage Properties Trust, a subsidiary of Alberta-based Avenue Living, acquired six Safeguard Self Storage facilities in the New Orleans area for $95 million. Together, they comprise 470,000 square feet of rentable space. All but one of the properties are in Jefferson Parish. The first three locations are 1001 Manhattan Blvd. in Harvey, 6827 Lapalco Blvd. in Marrero and 919 Erato St. in New Orleans. The remaining three are in Metairie, at 3301 N. Causeway Blvd., 4009 North I-10 Service Road and 6400 Riverside Drive. Mini Mall operates 230 self-storage facilities across North America, spanning 9.5 million square feet.
Mitra Investment Partners, a private real estate investment firm, acquired Thornapple Self Storage in Middleville, Michigan. The facility at 3451 N. M-37 Highway was built in 2023. The acquisition was completed through a master-lease agreement with the option to purchase in which Mitra leased the property for one year before closing the transaction.
Village Storage in Fruitland Park, Florida, was sold to REIT Public Storage Inc. for $13 million. Built in 2017 on nearly 5 acres, the facility at 444 County Road 466A comprises 66,755 square feet in 602 units. The seller, B&D Self Storage, was represented by Nick Walker and Morgan Windbiel of the Self Storage Advisory Group for CBRE Group Inc., a commercial real estate services and investment firm. Based in Glendale, California, Public Storage has interests in 3,045 self-storage facilities in 40 states, with approximately 218 million net rentable square feet.
Rialto Capital Management LLC, an investment- and asset-management platform, acquired the eight-property Your Storage Units portfolio in Florida, Georgia and South Carolina. It includes five facilities in Florida, two in South Carolina and one in Georgia. They comprise a total of 705,000 net rentable square feet. Founded in 1990, Rialto has more than $18 billion in real estate assets under management. Your Storage Units operates 13 locations in three states.
The following sales were brokered by Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties, or one of its affiliates:
Coastal Boat & RV Storage at 115 McKinna Place in Brunswick, Georgia, offers 115 vehicle-storage spaces, 16 enclosed parking bays and two retail office spaces for rent. The seller was represented by Ryan Haney of Coastal Storage Group.
The three-property portfolio in Fenton and Hillsboro, Missouri, comprises 223,770 rentable square feet in 1,108 units. It includes Fenton Self Storage at 359 S. Old Highway 141 in Fenton, Fenton Self Storage West at 1153 Gravois Road, also in Fenton, and Hillsboro All Purpose Storage at 10857 MO-21 in Hillsboro. The seller was represented by Larry Goldman, principal of Goldman Investment Advisors.
Guardian Storage at 3633 Walden Circle in Aurora, Colorado, comprises 87,438 rentable square feet in 742 units. It was built in 2019. The seller was represented by Cole Carosella, Matthew Cox and Ben Vestal of Argus.
Self Storage MN in Elk River, Minnesota, was sold to Acorn Mini Storage, which operates 17 facilities in the state. Built in 2021 on 8 acres at 23933 119th St. N.W., the facility offers 41,650 rentable square feet in 190 drive-up units following an expansion last year. The seller was represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke.
The following sales were brokered by various sales teams of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
Elite Self Storage in Waxahachie, Texas, was sold to Cedar Creek Capital, a self-storage consulting and investment firm. The facility at 3948 US-287 offers 184 units. The buyer and the seller, who developed the property, were represented by Danny Cunningham and Brandon Karr, investment specialists for The Karr-Cunningham Storage Team.
Kearny Drive-Up Storage at 445 Hickory St. in Kearny, New Jersey, comprises 21,164 net rentable square feet in 397 units. The seller was represented by The Hatcher Coe Group.
Lock Around the Clock at 8 Sloop Hill Road in New Windsor, New York, comprises 32,725 net rentable square feet in 339 units. It also contains two apartments, a garage and 31 vehicle-storage spaces, and has room for expansion. The transaction was handled by The Hatcher Coe Group.
Edwin B. Lumpkin Jr. purchased Park South Storage in Bessemer, Alabama, from Park South Storage LLC for $1.95 million. Built in 2003 on 2.5 acres, the facility at 6282 Park South Drive comprises 33,600 square feet in 158 units. The buyer and the seller were represented by Eddie Greenhalgh, senior vice president of investments and senior director of the National Self Storage Group, and investment specialist Lee Thornton.
An unnamed developer based in Spartanburg, South Carolina, acquired a Public Storage facility in Sugar Hill, Georgia, from a local developer. The property at 6002 Cumming Highway N.E. comprises 73,060 square feet. It’ll now be branded and managed by Extra Space. The seller was represented by Charles LeClaire, executive managing director; Ian Lindahl, investment associate; and Adam Schlosser, senior managing director of The LeClaire-Schlosser Group. Fellow M&M broker John Leonard assisted. The buyer was secured by Lindahl and Schlosser.
Matthews Real Estate Investment Services, a Scottsdale, Arizona-based commercial real estate firm, brokered the following transactions:
Brookville Road Self Storage at 6134 Brookville Road in Indianapolis comprises 69,205 net rentable square feet. The seller was represented by Austin McLeod, first vice president.
Go Store It in Pooler, Georgia, was sold to Public Storage. The facility at 240 Park Ave. comprises 65,825 net rentable square feet. McLeod represented the seller.
Storage 4 U – Wingo at 360 Wingo Heights Road in Spartanburg, South Carolina, comprises 13,400 net rentable square feet. It was built on 2.5 acres in 2024. McLeod also represented this seller.
The following sales were brokered by Skyview Advisors, a Tampa, Florida-based real estate brokerage that specializes in self-storage:
Alum Rock Self Storage in San Jose, California, was purchased by SmartStop. The property at 2487 Alum Rock Ave. contains three buildings comprising 59,650 square feet in 797 units.
Brock Self Storage at 200 Whitty Drive in Myrtle Beach, South Carolina, comprises 47,260 net rentable square feet in 265 units. Built in 2020, it’ll be managed by Extra Space.
Storelocal Grain Valley at 1600 S.W. Eagles Parkway in Grain Valley, Missouri, comprises 93,600 net rentable square feet in 593 units. It’ll also be managed by Extra Space.
Sources:
BusinessWire, SmartStop Self Storage REIT, Inc. Acquires a Premium Facility in Ladera Ranch, California
BusinessWire, SmartStop Self Storage REIT, Inc. Expands Portfolio With Acquisitions in Washington, DC, and San Jose, California
Daily Journal of Commerce, Federal Way Storage Sells for $25M
Daily Journal of Commerce, Interbay Self-Storage Sells for $29M
Multi-Housing News, BCDC, Bakke Development Sell Texas Self Storage Facility
Nola.com, Canadian Real Estate Firm Invests $95M in Purchase of Six Self-Storage Facilities
PR.com, Argus Broker Affiliates Announce Sale of Minnesota Self Storage Facility
PR.com, Argus Broker Affiliates Announce Sale of Colorado Self Storage Facility
PR.com, Goldman Investment Advisors Announces Successful Sale of a Three-Property Self-Storage Portfolio
West Orlando News, Sale of Self-Storage Facility in Central Florida for Millions
WKRG, Talonvest Arranges $80 Million Financing for Eight-Property, Southeast Self-Storage Portfolio
Yahoo Finance, Mitra Investment Partners Formalizes Portfolio Expansion with Thornapple Self Storage Acquisition
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