Real Estate Roundup: Self-Storage Transactions February 2016

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered independently due to missing information such as buyer, seller, sale price or other relevant details.

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered independently due to missing information such as buyer, seller, sale price or other relevant details.

520 Self Storage, a 53,635-square-foot facility in Cocoa, Fla., was sold to a limited-liability company. The five-building property at 3855 W. King St. includes 498 storage units and eight vehicle-parking spaces. Built in 1990, it was expanded in 2000. The buyer and the seller, a private investor, were represented in the transaction by Michael A. Mele, senior vice president investments in the Marcus & Millichap Tampa, Fla., office and senior director of the firm’s National Self Storage Group, as well as Luke Elliott, senior associate, and Brian Baldwin, associate, also from the Tampa office.

The two-property Acme Self Storage portfolio in Carrollton, Ga., was sold for $1.19 million. The portfolio comprises 41,500 square feet of self-storage space as well as flex space at both locations, which are about two blocks apart. The seller was represented by Mike Patterson of Commercial Realty Services of West Georgia, who is also the Argus Self Storage Sales Network broker affiliate for Georgia.

Andover Properties LLC, which operates the Storage King USA brand, has acquired the Triangle Self Storage portfolio, which consists of two properties in Raleigh, N.C., and one in Roanoke, Va. The facilities comprise more than 200,000 square feet of storage space in 1,447 units as well as outdoor vehicle parking.

Available Self Storage, a 33,414-square-foot property in Corpus Christi, Texas, has changed hands. The property at 9337 S Padre Island Drive was built in 1973 and contains 212 units. Jon Danklefs, an investment specialist in the Marcus & Millichap San Antonio office, represented the buyer and seller.

Avondale Self Storage in Avondale, La., was sold to a national operator. The property at 3701 Highway 90 comprises 59,380 rentable square feet of storage space in 540 units. Situated on 4.1 acres, it has visibility along U.S. Route 90, a major east-west highway that passes through the South. The seller was represented by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc. Both are broker affiliates for Argus in Alabama, Louisiana and Mississippi.

Grand Oaks Self Storage in Summerville, S.C., was sold to an out-of-state buyer for $1.7 million. The price included land that has been approved for the addition of more than 55,000 square feet of self-storage space. The buyer intends to expand the facility soon, according to a press release from Midcoast Properties Inc., the real estate firm that represented the seller in the transaction. This existing facility comprises 24,705 rentable square feet of storage space in 152 units on more than 5 acres. The broker was Midcoast President Dale C. Eisenman.

Simply Self Storage (SSS), a Florida-based limited-liability company that owns or manages 187 facilities nationwide, has acquired Surelock Self Storage in Orlando, Fla. The property at 7628 Narcoossee Road encompasses 61,000 square feet of storage space in 402 non-climate-controlled and 120 climate-controlled units. Constructed in 2006, it also has two development pad-ready sites. Mele and Elliott represented the buyer and the sellers, Bouik and Dana Koshmer.

Space Place Storage, a 51,750-square-foot facility in Columbia, S.C., was sold to an out-of-state investment firm. Prior to the sale, the property at 110 Newland Road was managed by AAAA Self Storage Management Group, a third-party management company and affiliate of Nicholson Cos. Situated on 3.65 acres, the facility includes 403 units and an office. Eisenman represented the seller in the transaction.

U-Haul International Inc. purchased Allstate Self Storage in Phoenix for $6.7 million. The property at 4110 E. Bell Road was constructed in 1999 and consists of 68,250 square feet of storage space in 785 units. It also has a 7,600-square-foot, two-tenant retail building. The seller, a Phoenix-based investor and developer, was represented by Bill Alter, a broker for Arizona-based Rein & Grossoehme Commercial Real Estate.

New York City-based Andover is a private real estate investment firm that owns and operates 22 storage facilities in seven states.

Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.

Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada.

Midcoast Properties offers brokerage services to self-storage owners and investors in Georgia, North Carolina and South Carolina.

Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail as well as office and industrial leasing.

Headquartered in Orlando, Fla., SSS owns or manages facilities in 18 states and Puerto Rico. Its properties comprise 14.9 million square feet of storage space.

Established in 1945 and based in Phoenix, U-Haul has more than 44 million square feet of storage space at more than 1,200 owned facilities throughout North America.

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