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.
The Storage Depot II in Scotts Valley, Calif., sold to a self-storage investment group in Southern California. The facility was on a ground lease and the sale was for the leasehold interest, according to a press release from Performance Self Storage Group Inc., the real estate firm that brokered the transaction. Built in 1998-99, the property at 90 Lockhart Gulch Road comprises 74,000 net rentable square feet of storage space in more than 690 units.
Airport Discount Storage in Kissimmee, Fla., sold for $4.9 million to a New York City-based investor. The property at 1004 N. Hoagland Blvd. is less than a quarter mile south of U.S. Highway 192, a tourist stop near the Walt Disney Resort, and in the Orlando Metropolitan Statistical Area, according to a press release from Marcus & Millichap, the real estate firm that brokered the transaction. Constructed in 1981, the facility sits on 3.15 acres. It encompasses 84,030 net rentable square feet of storage space in 474 units and also offers vehicle parking.
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.
State Road 52 Storage in Hudson, Fla., sold for $5 million to a New York City-based investor. Built in 2008, the property at 11411 State Road 52 sits on just over 3 acres. It encompasses 43,928 net rentable square feet of storage space in 409 units.
Mele represented the buyer and the seller, a local investor.
My Neighborhood Storage Center in Orlando, Fla., sold for $8.5 million to a self-storage real estate investment trust. The property at 10053 Lake Underhill Road sits on nearly 10 acres and was constructed in 1997. It consists of 64,480 net rentable square feet in 572 units, and also offers RV parking.
Mele represented the buyer and the seller, a private investor.
Ace Storage in Clarksville, Tenn., sold for $2.5 million to a limited-liability company. The property at 519 Lafayette Road as well as a satellite location at 1683 Fort Campbell Road were included in the transaction. Combined, the properties are on just over 8 acres of land. They include 18 buildings and 64,692 square feet of storage space in 610 units.
Gabriel Coe and Brett R. Hatcher, investment specialists in the Marcus & Millichap Columbus, Ohio, office represented the seller, a limited-liability company, with the assistance of broker Anne Williams. The buyer was represented by Mele and Sean M. Delaney of the Chicago Oak Brook office.
A private investor purchased The Storage Shed in Brunswick, Ga., for $2 million. The property at 1238 Cate Road sits on 2.8 acres of land and includes 13 buildings. It encompasses 47,650 rentable square feet of storage space in 329 drive-up and climate-controlled units, and also offers vehicle parking. The property includes a large shop with an office and bathroom, and a two-story house.
Dale C. Eisenman, president of Hilton Head Island, S.C.-based Midcoast Properties Inc., represented the seller.
A two-property Locker Room Self Storage portfolio in Philadelphia sold to a private investment group for $10 million. The properties are less than 10 miles from each another. The Locker Room at 4391 Aramingo Avenue is just off Interstate 95 at Pennsylvania Route 90 and the Betsy Ross Bridge. Opened in 1989, the facility sits on more than 1.5 acres of land. The property at 2231 S. 62nd St. is southeast of Woodland Avenue, the primary artery in Southwest Philadelphia. Opened in 1989, it consists of more than 6 acres of land, with room to expand on a 2-acre rear parcel.
York, Pa-based real estate firm Investment Real Estate LLC (IRE) represented both parties in the transaction.
Fayette Self Storage in Fayetteville, Ga., sold for $9.2 million to a limited-liability company. The facility at 112 New Hope Road comprises 151,916 net rentable square feet of storage space in 793 units. In additional to self-storage, the property includes 18 retail and office spaces as well as approximately 2 acres of land for development.
Stacey Gorman and Mike McManus, investment specialists in the Marcus & Millichap Atlanta office, represented the buyer and the seller, a family-owned partnership.
That Storage Place in West Hurley, N.Y., sold for $3.2 million to a group of local investors. The property at 1586 Route 28 consists of 46,800 rentable square feet of drive-up self-storage and a 1,2000-square-foot office building. It sits on 9.6 acres of land, with room and approvals for an additional 32,000 rentable square feet. The buyers plan to build 13,500 rentable square feet of storage space, according to a press release from the Argus Self Storage Sales Network (ASSSN), a Denver-based brokerage firm.
The seller, That Storage Place LLC, was represented by Guy Blake, the ASSSN broker affiliate for Connecticut and New York and an associate real estate broker with the Hudson Valley, N.Y., office of Pyramid Brokerage Co.
Built by the seller in 1999, Canyon Security Storage in Canyon, Texas, was sold as a long-term investment. The rural property is two miles outside of Canyon, a small community in the Texas Panhandle and south of Amarillo. The facility received the “Reader’s Choice Award” for five years in the row, including this year, as the area’s favorite storage facility by readers of the “Canyon News,” according to a press release.
The seller was represented by David Etzold, owner of Etzold & Co. and the West Texas representative for ASSSN.
GNG Storage in Elgin, Okla., sold for $695,000 in an off-market transaction to a self-storage owner who operates one other facility. Built in 2006, the property at 6164 U.S.-277 encompasses 28,375 rentable square feet of storage space in 210 units.
Jared Jones, director of Porthaven Partners and an ASSSN broker affiliate, represented the buyer.
SRM Development LLC purchased Moss Bay Self Storage in Kirkland, Wash., for $10 million. The property at 333 Fifth Place S. sits on 2.4 acres of land. The seller is an entity related to John Pietromonaco of HRP Properties, according to a source.
StorageBlue acquired American Self Storage in Newark, N.J. The property at 200 Mount Pleasant Ave. is near New Jersey Route 21 in the city’s North Ward. StorageBlue now owns three self-storage facilities in the community.
Westland Park Self Storage in Lansing, Mich., sold to Storage Pros Acquisition LLC for $3.9 million. The seller, Westland Storage LLC, had owned the property for 30 years, according to a press release from Pogoda Cos., the real estate firm that represented the seller in the transaction. The property at 4742 Creyts Road comprises 71,900 square feet of storage space in 534 units. Built in 1988, it has nine buildings and sits on just over 5 acres. The facility is in the Delta Township on the west side of Lansing. The buyer plans to upgrade the property.
The broker representing Pogoda was Mark Floria, who also brokered the following transactions:
- The sale of ToyBox Storage in Portage, Mich., from Portage Self Storage LLC to Manhattan Management LLC for $3.7 million. The property at 6741 S. Sprinkle Road sits on 5.5 acres and includes eight buildings. Built in 2003, it comprises 82,694 square feet of storage space in 463 units. Portage acquired the property from receivership in 2013. The buyer plans to add more climate-controlled units as well as truck rental.
- The sale of Minges Creek Storage Plaza in Battle Creek, Mich., from Storage Plaza Co. LLC to BF Self Storage LLC for $2.4 million. The property at 8 Minges Creek Place sits on 3.5 acres and includes seven buildings. Built in 1990, it comprises 58,742 square feet of storage space in 396 units. The facility is near retail stores off Interstate 94.
- The sale of Safety Lock Storage in Flushing, Mich., from Pierson Properties LLC to Norco Dev LLC for $2.7 million. The property at 6025 Pierson Road includes 13 buildings on 13.2 acres. Built in 1990, it comprises 98,718 square feet of storage space in 745 units. The buyer plans to update the office and add climate-controlled units.
- The sale of Bristol Storage in Bristol, Mich., from SJ Properties LLC to Dewlar Storage LLC for $895,000. The property at 4070 E. Bristol Road includes seven buildings on 2.6 acres. Built in 1987, it comprises 34,015 square feet of storage space in 233 units. The buyer plans to update and expand the property.
- The sale Added Room Self Storage in New Haven, Mich., from Samcor Investments LLC to Macomb Storage New Haven LLC for $600,000. The property at 58089 Main Road is on nearly 2 acres and includes four buildings. Built in 2006, it has 19,490 square feet of storage space in 120 units.
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.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors. Its construction arm was founded in 2000 and has built more than 2 million square feet of self-storage space in eight states.
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.
Midcoast Properties offers brokerage services to self-storage investors and owners in Georgia, North Carolina and South Carolina.
Based in Redwood City, Calif., Performance Self Storage Group Inc. specializes in the brokerage of self- storage properties. The company has more than $560 million in completed sales.
Based in Farmington Hills, Mich., Pogoda Cos. is a self-storage operator with facilities in Michigan and Ohio. The firm also provides brokerage, consulting, investment and management services to the self-storage industry through Pogoda Group Inc. and Pogoda Management Co.
StorageBlue’s portfolio serves the New Jersey communities of Hoboken, Jersey City, Newark and Union City.
SRM is a privately owned acquisition, construction, development and property-management company specializing in mixed-use, multi-family and senior-housing developments across the western United States.