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Self-Storage Real Estate Acquisitions and Sales: September 2024
September 24, 2024
6 Min Read
Updated 9/24/24 – 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 September 2024.
A Millstone, New Jersey, self-storage facility formerly managed by real estate investment trust CubeSmart sold for $10.3 million. The 10-acre property at 550 Monmouth Road was built out in phases between 2021 and 2023. It comprises 59,605 square feet in 488 units. It’ll now operate as Extra Space Storage. The seller was represented by Milton Braasch II, vice president, and Ben Tracy, associate market leader and senior associate, of Matthews Real Estate Investment Services, a Nashville, Tennessee-based commercial real estate firm. Headquartered in Salt Lake City, Extra Space owns or operates more than 3,714 self-storage facilities nationwide under the Extra Space, Life Storage and Storage Express brand names. The company’s properties comprise approximately 2.6 million units and 283 million square feet of rentable space.
Strategic Storage Growth Trust III Inc. (SSGT III), a private company sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired Smart Guard Self Storage in St. Albert, Alberta, Canada. The facility at 8 Inglewood Drive comprises 36,900 net square feet in 310 units. An expansion is planned for the first half of 2025, with completion expected in early 2026. It’ll add seven drive-up buildings containing 640 units, increasing the total combined net-rentable square feet to 70,500. The SSGT III portfolio encompasses 675,100 rentable square feet across seven U.S. properties and two in Canada. SmartStop owns or manages 201 facilities comprising 16 million rentable square feet in 22 states and Canada.
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 five-property Bearcat Self Storage portfolio in Long Beach, Mississippi, comprises 61,350 square feet in 480 units. The facilities are located at 20225 28th St., 19020 Commission Road, 603 Gardendale Ave., 190 E. Old Pass Road and 500 E. Railroad St. The seller was represented by Matt Porter, senior associate. Fellow broker Mickey Davis assisted.
The three-property Monster Self Storage portfolio in Evans, Georgia, comprise a combined 187,399 net-rentable square feet in 1,116 total units. The facilities are located at 216 S. Belair Road, 852 Blanchard Road and 4731 Washington Road. The seller was represented by The Hatcher Coe Group.
Premium Storage in Tuttle, Oklahoma, sold to a Dallas-based investment group. The 7-acre property at 4945 Acam Drive contains multiple single-story buildings comprising 107,330 square feet in 375 units. The buyer and the seller were represented by Danny Cunningham and Brandon Karr, investment specialists, and Bryan Quaschnick, senior associate, of The Karr-Cunningham Storage Team. They were assisted by fellow broker Tim Speck.
The two-property Rockport Boat & RV Storage portfolio in Rockport, Texas, sold to a Texas-based limited-liability company. Together, the facilities contain five single-story buildings comprising 86,650 square feet in 240 units. The seller was represented by Dave Knobler, senior managing director of investments; Charles "Chico" LeClaire, executive managing director of investments; and Mixson Staffel, investment associate, for The LeClaire-Schlosser Group.
Sources:
REBusiness Online, Matthews Negotiates $10.3M Sale of Central New Jersey Self-Storage Facility
Yahoo! Finance, Strategic Storage Growth Trust III, Inc. Announces Opening of New Facility in Alberta, Canada
Posted 9/12/24: 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 September 2024.
Spartan Investment Group LLC, a self-storage development, property-management and real estate firm that operates the FreeUp Storage brand, acquired Go Self Storage in Beaufort, South Carolina. Built in 2021, the facility at 240 SC-128 comprises 60,890 square feet of net rentable square feet in 543 units. Founded in 2014 and based in Golden, Colorado, Spartan syndicates investor capital to develop real estate. The company also has interests in luxury condos and RV parks.
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., purchased Grepu Vastgoed (Opslagman.NL Self Storage) in Sloterdijk, Amsterdam, for €20 million. The facility at Donauweg 5, 1043 AJ comprises 107,639 square feet in 1,600 units. It’ll be managed remotely from nearby Shurgard properties.
Shurgard also acquired a five-property Prime Self-Storage portfolio in Germany, for €100 million. The three facilities in Frankfurt offer 158,229 square feet, while the two in Hamburg comprise 101,180 square feet. Shurgard operates 328 self-storage properties comprising 1.6 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Moove In Self Storage, which operates 80 locations in six states, acquired Posh Storage in Allentown, Pennsylvania. Opened in October, the multi-story building at 4344 Charcoal Drive comprises 80,716 net rentable square feet in 850 temperature-controlled units. Founded in 1998, Moove In has locations in the Mid-Atlantic, Midwest and Northeast.
StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, purchased Superior Self Storage in Canton, Georgia, from SMV Hudson LLC. The multi-story building at 4843 Holly Springs Parkway comprises 95,429 net rentable square feet in 865 units. StorageMart was represented in the transaction by Stephen Lapierre, David Paulson and Wyatt Whitaker of Ackerman Co., and Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates. Founded in 1999 and based in Columbia, Missouri, the self-storage operator is privately owned and operated by the Burnam Family, which has been in the industry for three generations. Its portfolio consists 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:
Garrett County Self Storage in McHenry, Maryland, sold to Valley Storage Maryland LLC. Built in 1988, the facility at 1206 Mosser Road comprises 49,675 square feet in 305 units. The buyer was represented by Chris Cynkar, while Kevin Bledsoe, Jared Houck and Matthew Junkin brokered the deal for the seller. They were assisted by Brian Hosey.
Pego Self Storage in Mabank, Texas, sold to a local real estate investor. The facility at 11951 State Highway 198 contains 12 buildings comprising 72,262 rentable square feet in 568 climate-controlled and drive-up units. The buyer and the local seller were represented by Danny Cunningham and Brandon Karr, investment specialists for The Karr-Cunningham Storage Team.
The Hatcher Coe Group of M&M brokered the following transactions:
Callaway Self Storage at 315 N. Tyndall Parkway in Panama City, Florida, comprises 34,773 net rentable square feet in 307 climate-controlled units. The seller was represented by Gabriel Coe, Nathan Coe and Brett Hatcher.
Harvest Self Storage at 2543 Old Railroad Bed Road in Harvest, Alabama, comprises 19,422 net rentable square feet in 135 climate-controlled and drive-up units. It also has room for expansion. The seller was represented by Coe, Coe and Hatcher.
Sentry Self-Service Storage in Tallahassee, Florida, sold to Vault Ventures. The facility at 3116 W. Tharpe St. comprises 24,350 net rentable square feet in 223 units. The buyer and the seller, Sentry Self Storage, were represented by Coe, Coe, Jonathan Fawley and Hatcher. They were assisted by Ryan Nee.
Sources:
Shurgard, Shurgard Self Storage Ltd.
PR Newswire, StorageMart Acquires New Self Storage Facility in Canton, GA
The Garrett County Republican, Marcus & Millichap Arranges Sale of Garrett County Self Storage
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