Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.
Self-Storage Real Estate Acquisitions and Sales: May 2024
May 9, 2024
4 Min Read
Posted 5/9/24 – 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 May 2024.
A four-property self-storage portfolio in Fort Morgan, Colorado, was sold to a national operator for $4.8 million. The acquisition included A-1 Storage at 1127 E. Burlington Ave., Morgan County Storage at 17669 County Road 20 and unnamed self-storage facilities at 318 E. Railroad Ave. and 16308 County Road 19. Together, the properties comprise 88,302 square feet in 503 units. The sale also included developable land on County Road 19. The seller was represented by Jackson Shanley, associate, and Ben Tracy, senior associate of Matthews Real Estate Investment Services, a commercial real estate firm.
Assured Storage in Decatur, Alabama, was sold to U-Haul International Inc. The 2-acre property at 2214 Beltline Road S.W. offers 246 units. Established in 1945, U-Haul owns and manages 83.3 million square feet of self-storage space nationwide.
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., purchased Box à la Carte in Combs-la-Ville, Sénart, France, for €9.3 million. The building at 9 Rue Pierre et Marie Curie comprises 44,132 square feet in 570 units. Shurgard operates 282 self-storage properties comprising 1.4 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
A CubeSmart Self Storage facility in Providence, Rhode Island, was sold to Prime Group Holdings, which operates 358 storage locations nationwide. The three-story building at 80 Dupont Drive comprises 65,642 square feet in 749 units. The sale was brokered by Yorktown, Virginia-based The Storage Acquisition Group, which is an affiliate of Mid-Atlantic Commercial Real Estate. Prime Group now operates eight facilities in Providence, comprising more than 700,000 square feet.
Four Life Storage properties in Brooklyn and Queens, New York, were sold to The Carlyle Group for $110.4 million. The facilities at 145 18th St., 651 Utica Ave. and 1690 E. New York Ave. in Brooklyn, and 87-16 121st St. in Queens range from 35,589 to 154,782 square feet. The deal was brokered by Mike Mele, vice chairman for Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Carlyle is a global investment firm with $425 billion of assets under management including $20 billion in real estate. The Life Storage brand, with more than 1,100 self-storage facilities in 37 states, is owned by REIT Extra Space Storage.
Stop-N-Go Storage in Jacksonville, Florida, was sold to VanWest Partners, a Denver-based investment firm that operates the ClearHome Self Storage brand. The facility at 6664 Firestone Road comprises 39,570 square feet, with plans to add 28,800 square feet in 176 units. VanWest specializes in residential and commercial real estate acquisitions, management and sales, and operates nearly 40 self-storage facilities nationwide.
MooveIn Self Storage acquired Storage World in Mickleton, New Jersey. The facility at 350 Swedesboro Ave. sits on 11 acres. It offers 454 climate-controlled and drive-up units. Moove In owns more than 80 locations in nine Midwest states.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
Affordable Mini Storage in Refugio, Texas, was sold to Kingcrest Communities. The 2.55-acre property at 908 Bayou St. offers 126 units. The seller was represented by Jon Danklefs, investment specialist.
A CubeSmart-branded facility in Kenosha, Wisconsin, was sold to Inland Real Estate Acquisitions LLC. The two-story building comprises 90,900 square feet in 900 climate-controlled units. The seller was represented by Adam Schlosser, senior managing director, Charles “Chico” LeClaire, executive managing director, and Jack Sullivan, investment associate.
Lakeridge Self Storage in Midlothian, Texas, was sold to an Austin, Texas-based investment group. The property at 5191 U.S. Highway 67 comprises 59,517 square feet in 564 units. The buyer and the seller were represented by Danny Cunningham, senior vice president of investments, and Brandon Karr, senior managing director of investments.
StoreEase in Middleburg, Florida, was sold to U-Haul International. The facility at 2752 Blanding Blvd. comprises 63,280 square feet in 534 units. The buyer and the seller were represented by Ian Lindahl, investment associate, and Schlosser.
The following sales were brokered by The Hatcher Coe Group of M&M:
Goldenrod Self Storage at 1710 N. Goldenrod Road in Orlando, Florida, comprises 72,975 square feet in 686 units.
Hideaway Self Storage at 3579 Blue Ridge Blvd. in Blue Ridge, Virginia, comprises 31,600 square feet in 139 units. It also offers 21 commercial offices for rent
Sources:
Commercial Observer, Carlyle Group Picks Up Four Self-Storage Properties in Brooklyn and Queens for $110M
Connect CRE, JV Secures $18M Loan for Hialeah Self-Storage Build
EIN News, The Storage Acquisition Group Facilitates Acquisition of True Storage in Providence, RI
Jacksonville Daily Record, U-Haul Moving & Storage at Black Creek opens in Clay County
PR Newswire, Investment Firm VanWest Partners Acquires Ninth Self Storage Facility in Florida
PR Newswire, U-Haul Acquires 3rd Self-Storage Center in Decatur to Meet Demand
REBusiness Online, Marcus & Millichap Brokers Sale of 564-Unit Self-Storage Facility in Midlothian, Texas
You May Also Like
Self-Storage TV
Apr 17 - May 17, 2024
Apr 17 - May 17, 2024
NEW PODCAST! In this latest episode of “Sounds of Storage,” we talk with StoragePug's Tommy Nguyen about grassroots marketing, including what it entails for self-storage operators, why it’s making a “comeback,” and how to do it effectively.
LISTEN NOW