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.
Day Heights Self Storage in Milford, Ohio, sold for $1.7 million to a local self-storage operator. The property at 1360 State Route 131 encompasses 64,896 square feet of storage space in 470 units. Brett Hatcher, an investment specialist in the Columbus, Ohio, office of Marcus & Millichap, represented the seller, a limited-liability company.
Emerald Hills Closet Self Storage in Hollywood, Fla., was sold for $18.8 million to Safe Guard Self Storage, which operates more than 60 facilities in six states. The property at 3090 Sheridan St. is comprised of 128,797 net rentable square feet of storage space in 1,970 units. Situated on just over 7 acres, it was constructed in 1991, expanded in 1998, and has additional land for further development.
“The sales price is the highest paid for a single self-storage property in Florida to date. The seller did a phenomenal job maintaining the facility, and it will make a tremendous addition to the buyer’s portfolio,” said Luke Elliot, an associate in the Marcus & Millichap Tampa, Fla., office. Elliot and Michael Mele, senior director of the firm’s National Self-Storage Group, represented the seller in the transaction.
Next Door Self Storage in Crystal Lake, Ill., was sold to a limited-liability company. The property at 7209 Teckler Blvd. is about half a mile south of U.S. Highway 14. It encompasses 58,100 square feet of storage space in 579 units. Constructed in 1977, expanded in 1985, and renovated in 2013 and 2014, the facility is on approximately 4.19 acres.
Mele and Sean M. Delaney, investment specialist in the Marcus & Millichap Chicago Oak Brook office, represented the buyer and the seller, a limited-liability company. “Even though this was an older facility on the fringe of the [metropolitan statistical area], this sale showcased the buyer’s appetite to expand [its] presence within a primary market. We expect this trend to continue as demand continues to outpace supply,” Delaney said.
Add More Storage in Sandusky, Ohio, sold for $1.2 million to a limited-liability company. The property at 2908 Venice Road is on 5.69 acres and includes 401 storage units. Hatcher and Joseph Holloway, investment specialists in the Marcus & Millichap Columbus, Ohio, office, represented the buyer and the seller, a limited-liability company.
All Star Self-Storage in Fort Worth, Texas, was sold to a private investor. The property at 7400 N. Blue Mound Road is on two parcels totaling 4.95 acres. Built in 2008, the facility consists of eight single-story buildings comprising 72,775 square feet of storage space, and a two-story management office and residence. It’s near a U.S. Postal Service Center and 217 residential lots under development on an adjacent property. Brandon Karr, vice president of investments in the Marcus & Millichap Fort Worth, Texas, office, represented the buyer and the seller, also a private investor.
U Store, a 45,285-square-foot self-storage facility in DeSoto, Texas, was sold to a California-based private investor. The property at 1209 E. Belt Line Road is on two adjacent parcels of land totaling 3.6 acres. The facility was built in stages in 1974, 1982, 1985 and 2001, and features 365 units, 51 of which are climate-controlled. Karr and Danny Cunningham, an associate in the Marcus & Millichap Fort Worth, Texas, office, represented the buyer and the seller, a private investor.
Jodeco Storage, an 81,025-square-foot facility in McDonough, Ga., was sold for $6.1 million. The property at 2140 Jodeco Road was built in 2008 and has 525 units. Hatcher represented the seller, a limited-liability company, and the buyer, also a limited-liability company. He was assisted by broker Michael Fasano.
VIP Self Storage, a two-property portfolio in Fort Worth, Texas, was sold. The facilities at 9220 Oak Grove Drive and 6129 Vega Drive total 37,305 square feet of storage space in 367 units and outdoor parking space. John Arnold, Bill Bellomy, Michael Johnson and John Owens of Bellomy & Co. represented the Austin, Texas-based seller.
B.A. Emmons Self Storage in Killeen, Texas, was sold. The property at 1300 W. Stan Schlueter Loop contains 50 buildings situated on 8.8 acres. It’s comprised of more 100,000 net rentable square feet of storage space in 755 units, vehicle parking and seven retail spaces. Arnold, Bellomy, Johnson and Owens represented the Killeen, Texas-based seller in the transaction.
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.
Bellomy & Co. is a commercial real estate brokerage company focusing on the sale of self-storage, industrial, office and retail properties nationwide. It has offices in Austin, Houston and Lubbock, Texas.
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 Crest Hill, Ill., Next Door Self Storage is owned by the Murphy Family. The company operates 13 facilities in Illinois and developing a new storage site in Algonquin, Ill.
Headquartered in Atlanta, Safeguard Self Storage was founded in 1989 and operates facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. The company is owned and operated by Morgan Stanley’s Prime Property Fund.
- RE Journals.com: Marcus & Millichap Sells 64,000-Square-Foot Self-Storage facility in Ohio
- RE Journals: Marcus & Millichap Sells 401-Unit Self-Storage Property in Ohio
- The Mele Group: Record Breaking Price for South Florida Self-Storage Facility
- The Mele Group: Marcus & Millichap Arranges the Sale of a Self-Storage Facility in Chicago MSA