Self-storage properties are constantly changed 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.
Rob Roy Hilltop Mini Storage in Aptos, Calif., sold for $3 million to a family-owned business that operates storage properties in the Bay Area. Built in 1985, the property at 10405 Soquel Drive features 277 units, the majority of which are interior.
The seller was represented by Jason “Jay” Allen, vice president, and Carl Touhey, president, of Performance Self Storage Group Inc. “This property was situated in a high-barrier to entry, coastal-community market with strong rents and a consistently high historical occupancy. We received multiple offers in a short amount of time, and the demand for a property like this was tremendous,” Allen said.
Additional Storage of Palm Bay in Palm Bay, Fla., sold for $11 million to an investment company in the Northeast. The property at 270 Malabar Road is just west of Interstate 95. It comprises 122,690 net rentable square feet of storage space in 1,100 units. Constructed in 2000 and expanded in 2006, the seven-building facility also offers RV parking.
The seller, a limited partnership, was represented by Luke Elliot, an associate in the Tampa, Fla., office of Marcus & Millichap, and Michael Mele, senior director of the firm’s National Self-Storage Group.
Eagles Nest Storage in Mont Belvieu, Texas, a suburb of Houston, recently sold to a local self-storage owner. Built in 2006, the property at 4230 N. Farm-to-Market 565 Road encompasses 42,540 rentable square feet of storage space, with additional land for expansion.
Jared Jones, director of Porthaven Partners, represented the seller in the transaction. Jones is a broker affiliate in Oklahoma for the Argus Self Storage Sales Network.
A-Secured Self & Vehicle Storage in Mesa, Ariz., and A-Secured Vehicle Storage in Gilbert, Ariz., sold to separate buyers for $5.4 million and $3.4 million, respectively. A local investor purchased the Mesa property at 550 N. Power Road. It encompasses 139,955 rentable square feet of storage space on 6.73 acres. The facility includes 356 drive-up units, 216 uncovered boat/RV-storage spots, and 139 covered boat/RV-storage spaces. The Gilbert location, which sold to an international buyer, comprises 168,330 rentable square feet of storage space on 11.26 acres. The property at 105 E. Baseline Road offers 286 covered-parking spaces and 270 uncovered spaces.
Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services and an Argus affiliate broker, represented both sellers.
Leesburg Self Storage LLC sold its 60,420-square-foot facility of the same name in Leesburg, Fla., for $3.7 million to a self-storage real estate investment trust. The company purchased the property in 2008 for $2.4 million, according to Lake County Property Appraiser’s office records. It was managed by Jesus Diaz Jr., who has also been affiliated with All American Self Storage of Longwood, Fla., and Doral Self Storage in Doral, Fla., before the latter closed, according to the source.
The property at 1435 Center St. was constructed in 1988 and expanded in 2007. It comprises 60,420 net rentable square feet storage space in 488 units on nearly 4 acres of land. The facility is just off U.S. Route 27, 10 miles north of the Florida’s Turnpike and south of The Villages, a retirement community.
“We are seeing more smaller owner/operators finding it hard to compete against the big guys in today’s market, and they are taking advantage of record prices being paid today. This sale is just another example of the consolidation of the industry by large institutional owners,” said Mele of Marcus & Millichap, who represented the buyer and seller, a private investor, in the transaction.
Blue Water Storage Center & Retail Plaza in Jacksonville, Fla., sold to a private investor for $8.6 million. The property at 9119 Merrill Road encompasses 80,734 net rentable square feet of storage space in 772 units. Constructed in 1990 and renovated in 2008, the storage facility offers drive-through and climate-controlled units as well as covered vehicle parking.
The 10.38-acre property also includes 45,135 square feet of retail space that has two tenants, Big Lots and The Salvation Army. It’s in a high-density location on a main thoroughfare about half a mile east of Interstate 295, according to a press release from Marcus & Millichap. Mele represented the buyer and the seller, a fund manager.
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. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.
Based in Redwood City, Calif., Performance Self Storage Group specializes in the brokerage of storage properties, and has completed more than $560 million in sales.
- Daily Commercial: Leesburg Storage Unit Sells for $3.7M
- PR.com: Argus Broker Affiliate Sells 2 Arizona Self Storage Facilities
- The Mele Group: Blue Water Storage Center and Retail Plaza