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Self-Storage Real Estate Acquisitions and Sales: November 2024
ISS Staff
November 12, 2024
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 November 2024.
UMH Properties, a public-equity real estate investment trust that owns and operates self-storage facilities and manufactured-home communities, acquired Anderson Lock-Up in Anderson, Indiana. The property at 1809 W. 38th St. offers 246 drive-up units. Founded in 1986, UMH operates seven storage locations in Florida, Indiana, Ohio and Pennsylvania.
Phoenix-based U-Haul International Inc. purchased a five-property KO Storage portfolio in Cass and Crow Wing County, Minnesota. Together, they offer 790 drive-up units. They include 15237 Edgewood Drive in Brainerd, 6897 Foley Road in Baxter, 4745 County Road 77 in Nisswa, 3118 MN-210 in Pillager and 1768 Alfalfa Trail S.W. KO Storage operates 225 locations nationwide.
A Life Storage facility in Mequon, Wisconsin, sold for $16.4 million. The building at 10448 N. Port Washington Road comprises 64,430 square feet in 702 units. The property was sold by an affiliate of Milwaukee-based Blue Ribbon Management LLC, a real estate development and investment company that purchased it in 2021 for $3.35 million. At that time, it was a vacant industrial flex building. Life Storage is an operating brand of real estate investment trust (REIT) Extra Space, which owns or operates more than 3,714 self-storage facilities nationwide.
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., acquired Lok'nStore in Aldershot, England, a facility it was already managing. The company paid £17.7 million for the property at 255 Ash Road, which comprises 55,972 square feet in 700 units. Shurgard operates 335 self-storage properties comprising 1.6 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Lucas Storage in Lucas, Texas, was sold to Baranof Holdings LLC, a Dallas-based self-storage developer and owner. The facility at 575 S. Angel Parkway comprises 69,520 net rentable square feet in 719 units. The buyer and the seller, Dallas-based Dahlia ARR LLC, were represented in the transaction by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson of Versal, a commercial real estate firm with offices in Austin, Texas, and Los Angeles that specializes in self-storage.
A six-property Metro Self Storage portfolio in Florida and Pennsylvania was sold to Andover Properties, which operates the Storage King USA brand. Together, they comprise 468,266 rentable square feet. The Philadelphia properties are 1354 Hook Road in Sharon Hill, 3952 N. Providence Road in Newtown Square, and 4440 E. Bristol Road in Trevose. The Florida sites are 3501 Gandy Boulevard in Pinellas Park, 619 Cattlemen Road in Sarasota, and 17625 Tamiami Trail in Fort Myers. The buyer and the seller, a partnership between Metro and real estate investment management firm Heitman, were represented by JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers. Founded in 2003 by Brian and William Cohen, Andover operates 14 million square feet across 169 facilities in 19 states. Metro Self Storage is the operating brand for Metro Storage LLC, a privately owned company with self-storage facilities in Central America and the United States.
The two-property Nextstor Storage in Candler, North Carolina, comprises 33,055 net rentable square feet in 236 units and seven outdoor vehicle-storage spaces. The facilities at 1952 Smokey Park Highway and 2528 Smokey Park Highway were constructed between 1993 and 2004. The seller, Philadelphia-based private-investment firm Belrose Storage Group, was represented in the transaction by Frank DeSalvo, Joe Lombardo and David Perlleshi, investment specialists with Franklin Street, a provider of real estate brokerage, insurance, and property and project management.
West Coast Super Storage in Sooke, British Columbia, Canada, was sold to Make Space Storage, which operates more than 45 properties across Canada. The 17.5-acre property at 7450 Butler Road #31 comprises 120,000 square feet in 160 units. It also offers 860 container-storage units and 300 vehicle-storage spaces.
StorHub Group, which operates self-storage facilities in Australia and Asia, acquired three Wilson Storage facilities in Sydney for A$110 million from Norman Property Partners, a Sydney-based firm specializing in the development of self-storage and other asset types, and Trumen, a privately owned property development and investment company, also based in Sydney. The sites are 201 Parramatta Road in Homebush, comprising 60,794 net rentable square feet in 689 units; 11 Cook St. in Forestville, which offers 55,649 net rentable square feet in 667 units; and 128 Milperra Road in Revesby, encompassing 68,393 net rentable square feet in 621 units. StorHub now offers more than 1.1 million square feet of self-storage in Australia. Launched in 2019, the company owns and manages 490 facilities spanning 7 million square feet in 70,000 units. Its Asia properties are in China, Japan, Malaysia, Singapore and South Korea.
U-Haul acquired the two-property Wolf Bay Storage portfolio in Robertsdale and Elbert, Alabama. The facility at 20121 Baldwin Beach Express contains four buildings comprising 266,000 square feet in 229 units and 58 vehicle-storage spaces. The site at 9901 County Road 83 contains 11 buildings comprising 224,000 square feet in 317 units and 95 vehicle-storage spaces. Established in 1945, Phoenix-based U-Haul owns and manages more than 86.8 million square feet of storage space in North America.
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:
Fargo Space Center in Fargo, North Dakota, was sold to a regional group focused on growing its presence in the Midwest. The facility at 233 41st St. S. comprises 22,000 rentable square feet in 141 drive-up units. The seller was represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke.
Kwiklock Storage at 2057 4th Ave. in Windom, Minnesota, comprises 12,900 rentable square feet in 77 drive-up units. The seller was represented by Flannigan, Gottlieb, Haugen and Ihrke.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
1314 Mini Storage in Porter, Texas, was sold to a Dallas-based limited-liability company (LLC). The 2.9-acre property at 23602 FM 1314 contains seven single-story buildings comprising 33,620 square feet. It was constructed in phases between 1985 and 1992. The seller was represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments, for The LeClaire-Schlosser Group. They also secured the buyer.
Airline Storage in Victoria, Texas, was sold to a Pennsylvania-based LLC. The facility at 1709 Beauvoir St. contains six single-story buildings comprising 48,775 square feet in 377 climate-controlled and drive-up units. The 5.7-acre parcel includes 2.5 acres of undeveloped land. The seller, a Texas-based LLC, was represented by Knobler, LeClaire and Mixson Staffel, investment associate.
An Allen, Texas, self-storage facility branded as Extra Space Storage was sold to an undisclosed buyer. The three-story building at 820 S. Greenville Ave. comprises 80,421 square feet in 769 climate-controlled units. Jon Danklefs, first vice president of investments, represented the seller.
Gateway Storage in Rolla, Missouri, was built in 2015. It sits on 3.1 acres at 11295 Old Highway 66, offering 33,978 square feet in 242 units. The buyer and the seller were represented by Marla Čolić, first vice president of investments.
Guard Drive Self Storage in Dallas was sold to Sage Property Co., a Plymouth Meeting, Pennsylvania-based real estate investment company. The facility at 1332 Guard Drive comprises 38,295 square feet in 332 units. The buyer and the seller were represented by investment specialists Danny Cunningham and Brandon Karr of The Karr-Cunningham Storage Team.
North Texas Star Storage in Azle, Texas, was sold to KO Storage. Opened this year, the 4.2-acre property at 7604 Veal Station Road comprises 49,950 square feet in 191 units. The buyer and the seller were represented by Cunningham and Karr.
iStorage at 1007 U.S. Highway 206 in Bordentown, New Jersey, comprises 29,475 net rentable square feet in 286 units. The seller was represented by investment specialists with The Hatcher Coe Group.
Sentry Storage in Athens, Texas, was sold to a Dallas-based private investor. Built in 1981 on 9.2 acres at 6187 State Highway 19, it offers 47,356 square feet in 316 units. The buyer and the seller were represented by Cunningham and Karr.
Sources:
Accesswire, Make Space Storage Expands Presence in British Columbia with Vancouver Island Acquisition
BizTimes, Self-Storage Facility on Port Washington Road in Mequon Sold For $16.4 million
BusinessWire, U-Haul Acquires 2 Self-Storage Facilities in Baldwin County to Meet Customer Needs
Business Wire, U-Haul Acquires 5 Self-Storage Properties in Northern Minnesota
Financial Review, Sydney Deals Lift Self-Storage Operator’s Aussie Portfolio to $420mv
Global Newswire, UMH Properties Inc. Surpasses 1,000 Self-Storage Units
REBusiness Online, Marcus & Millichap Brokers Sale of 769-Unit Self-Storage Facility in Allen, Texas
RE Journals, Versal Brokers Sale of 719-Unit Self-Storage Facility in Texas
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