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Self-Storage Real Estate Acquisitions and Sales: May 2020

May 27, 2020

10 Min Read
Self-Storage Real Estate Acquisitions and Sales: May 2020

Update 5/27/20 – 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 May 2020.

Ameristor Self Storage in Thomson, Ga., sold to Alabama-based Copper Storage Solutions LLC for $950,000. Built on 14.6 acres, the facility at 344 E. Hill St. comprises 23,178 rentable square feet in 189 units, with plenty of room for expansion. The seller was represented in the transaction by Eisenman and Morrison of Midcoast Properties.

A two-property portfolio in Texarkana, Texas, formerly managed by self-storage REIT CubeSmart, sold. Together, the facilities at 241 Forest Lake Drive and 927 N. Robison Road comprise 85,656 net rentable square feet in 571 units. The seller, a Florida-based LLC, was represented in the transaction by Dave Knobler, first vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments, for The LeClaire Group of M&M.

A CubeSmart-managed facility in Wylie, Texas, sold to a partnership between international real estate firm Hines and Trez Capital Corp., a diversified real estate investment firm and provider of commercial real estate debt-financing solutions. The property at 570 Country Club Road comprises 101,931 square feet in 11 storage buildings and 75 RV-parking spaces. This is the second self-storage investment by the partnership. Trez has more than $3.8 billion in assets under management, and has provided more than $3.1 billion for the purchase and development of various real estate projects. Founded in 1957, Hines has $133.3 billion in assets under management, and 165 developments underway around the world.

Right Fit Self Storage in Madison, Ala., sold to a private buyer. The facility at 1689 Slaughter Road comprises 47,500 net rentable square feet in 416 units. The seller was represented in the transaction by Kidder of Meridian Storage Group, who also secured the buyer.

The three-property Security Self Storage portfolio in Fargo, N.D., sold to Five Star Storage. Together, the facilities comprise 163,720 net rentable square feet in 1,319 units. The seller, a local LLC, was represented in the transaction by Chris Kampmeyer, investment associate, and Schlosser, senior vice president, for The LeClaire Group of M&M. Five Star operates 20 self-storage facilities in Minnesota and North Dakota.

Southern Pavilion Self Storage in Mesa, Ariz., sold to Phoenix-based commercial real estate firm Wentworth Property Co. LLC. The facility at 7110 E. Southern Ave. comprises 47,895 square feet in 483 units. The seller, HCA Management Co. LLC, was represented in the transaction by James Behrmann, investment associate, and Schlosser for The LeClaire Group of M&M. Behrmann and Schlosser also procured the buyer.

WWG acquired Storage Venice in Venice, Fla., from a local private investor for $8.7 million. Completed in 2019, the facility sits on 4 acres at 5115 Englewood Road and contains three buildings comprising 66,273 rentable square feet. Skymar Capital provided the $6 million acquisition financing.

Musharaka Capital Co., the fund manager for Musharaka REIT fund, acquired The Box in Dubai for AED 46 million from The Box Self Storage Services Co. The facility is considered one of the largest in the Middle East. Founded in 2013 in Saudi Arabia, Musharaka Capital is a diversified firm that offers principal, investment-fund management, and discretionary portfolio management with a focus on real estate. Established in 2007, The Box operates more than 30 facilities in the United Arab Emirates.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., acquired four Zeitlager Self-Storage facilities in Germany for €33.3 million. The portfolio, which has a location in Landshut and three in Munich, comprises 12,500 square meters in more than 2,700 units. Shurgard now operates 25 self-storage properties in Germany, with four more under development. The company operates 240 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

5/11/20 – 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 May 2020.

Mitsukoshi Miami LLC sold 21st Century Self Storage in Miami, Fla., to affiliates of Compass Self Storage, a member of the Amsdell family of companies, for $7.23 million. The 37,242-square-foot facility at 200 N.W. 79th St. contains 636 units. The building was built in 1955 and converted to self-storage in 2003. A 26-space parking lot at 7751 N.W. 2nd Ave. was also part of the purchase. The deal was brokered by managing directors Stephen Mellon and Brian Somoza, and executive managing director Manny de Zárraga, of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928.

Moove In Self Storage, which operates 34 locations in six states, acquired A-1 Self Storage in Ledgewood, N.J. The property at 1115 US-46 contains 12 buildings and comprises 80,000 square feet of storage in 760 units. It’ll be managed by Investment Real Estate Management LLC under the Moove In Self Storage brand.

Action Mini Storage in Norwalk, Ohio, sold to an unidentified limited liability company (LLC). Built on 3 acres at 3837 Laylin Road, the facility comprises 28,850 square feet in 193 units. The buyer and seller, also an LLC, were represented in the transaction by investment specialists Gabriel Coe and Brett R. Hatcher for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

East Side Storage and RV Park in Houma, La., sold to a private self-storage investment group. The facility at 1796 Grand Caillou Road comprises 55,120 square feet. A 22-space RV park next door is also managed from the self-storage leasing office. The seller, a local LLC, was represented in the transaction by Thomas Parsons, investment associate, Adam Schlosser, senior vice president of investments, and Chris Shaheen, broker of record, for The LeClaire Group of M&M.

Fireproof Storage in Knoxville, Tenn., sold to Store Space Self Storage. Built in 1923, the six-story property at 201 Randolph St. comprises 133,200 square feet. The seller was represented in the transaction by John Lyle, senior advisor for Coldwell Banker Commercial. Store Space operates 32 facilities in 13 states. Its portfolio comprises 2.6 million square feet.

The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, acquired Garfield Storage in of Phoenix for $11.9 million from Hibernia Capital Advisors. Located in a historic neighborhood, the facility at 1616 E. Portland St. sits on 3 acres and comprises 83,710 rentable square feet in 740 units. Skymar Capital Corp. provided the $6.5 million acquisition financing. WWG was represented in the transaction by Paul Boyle, executive director, and Greg Wells, senior managing director, of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

General Storage in Valdosta, Ga., sold to an out-of-state buyer. The facility at 1804 E. Park Ave. comprises 48,000 rentable square feet. The seller was represented in the transaction by Jane H. Sauls, owner of Sauls Storage Group, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

StorageMart, which operates more than 200 self-storage properties across Canada, the United Kingdom and the United States, acquired Go Storage in Kansas City, Mo. The facility at 1015 E. 8th St. offers 310 climate-controlled units and was recently renovated. Based in Columbia, Mo., StorageMart was founded in 1999. Its portfolio consists of more than 12 million square feet of storage.

Koan Mini Storage in Deland, Fla., sold to a private investment firm. The facility at 499 N. Spring Garden Ave. comprises 52,491 net rentable square feet in 524 units. It’ll be managed by self-storage real estate investment trust Extra Space Storage and branded under its name. The buyer and the seller were represented in the transaction by Patrick Kidder, president of Meridian Storage Group, a self-storage brokerage and advisory firm based in Petersburg, Fla.

Lavon Storage in Wylie, Texas, sold to Bargain Storage. The facility at 3151 Parker Road comprises 138,820 square feet in 443 units and 198 vehicle spaces. The property is the fifth Bargain location in the Dallas-Fort Worth metropolitan area. It’ll be branded Wylie Bargain Storage. Bargain operates 10 self-storage facilities in Arizona and Texas. It’s a division of Business Property Trust, a real estate investment firm.

Live Oak Mini Storage in Moncks Corner, S.C., sold to a local buyer. The self-storage facility at 3520 S. Live Oak Drive comprises 139 units in three buildings. The seller was represented in the transaction by Dale C. Eisenman and Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Secur-It Personal Storage in Columbus, Ohio, sold to an LLC for $1.6 million. The facility at 435 Georgesville Road sits on just over 4 acres and comprises 51,100 net rentable square feet in 446 units. The buyer and the seller, a personal trust, were represented in the transaction by Coe and Hatcher.

Space Management in Crystal Lake, Ill., sold to a private investor. The facility at 920 Cog Circle comprises 33,840 square feet. The seller, also a private investor, was represented in the transaction by Sean M. Delaney, senior vice president, and Jeffrey L. Herrmann, associate, for M&M. The buyer was represented by Andrean Angelov, first vice president, Ryan D. Engle, senior managing director, and Timothy B. Stephenson, associate, for M&M

StoreSmart Self-Storage at 3180 Marginal Road in Charleston, S.C., sold to CubeSmart, a real estate investment trust (REIT) and third-party management firm, for $11.5 million. The property is in the West Ashley area of the city. StoreSmart operates 10 locations in the Southeast, including one in South Carolina. CubeSmart owns or manages 1,235 self-storage facilities across the United States. Its operating portfolio comprises about 80 million square feet.

Andover Properties LLC, which operates the Storage King USA brand, acquired West Side Storage in Copley, Ohio, through its partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. Built on 12.39 acres at 1252 Mina Ave., the facility comprises 57,016 net rentable square feet in 478 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Zack Urow, senior vice president, for SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.

Andover Properties also acquired two facilities in Phoenix as part of a joint venture. Combined, they total nearly 111,000 square feet of rentable space. New York City-based Andover owns and operates facilities in 10 states.

New Sources:
Commercial Property Executive, The William Warren Group Expands StorQuest Portfolio
MarketScreener, Shurgard Self Storage SA Strengthens Its Presence in Germany, Acquires Four Properties from ZeitLager in Munich
REBusiness Online, SkyView Advisors Brokers Sale of 478-Unit Self-Storage Facility in Copley, Ohio
REBusiness Online, Trez Capital, Hines Acquire 760-Unit Self-Storage Facility in Metro Dallas
Zawya, Musharaka REIT Fund to Acquire Property With $12.5mln

Previous Sources:
CP Executive, The William Warren Group Acquires Phoenix Storage Asset
REBusiness Online, StorageMart Acquires 310-Unit Self-Storage Facility in Downtown Kansas City
RE Journals, Marcus & Millichap Sells 51,000-Square-Foot Self-Storage Facility in Columbus
RE Journals, Marcus & Millichap arranges sale of self-storage facility in Crystal Lake
Yahoo Finance, StorQuest Opens Modern Self Storage Facility Near Downtown Phoenix, AZ
RE Journals, Coldwell Banker Commercial Closes Self-Storage Sale in Knoxville
The Real Deal, Self-Storage Facility in Little River Sells for $7M
The Post and Courier, Charleston’s South of Broad Residential Area Now Features New Real Estate Office

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