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 “Acquisitions and Buying” topics page. Following are additional acquisitions and sales that weren’t covered.
Bargain Storage in Glendale, Ariz., was sold for $3.13 million. The property at 4616 W. Grand Ave. comprises 45,146 square feet of storage space in 325 units. The buyer and the seller were represented in the transaction by Bill Alter, managing director for Rein & Grossoehme Commercial Real Estate.
Big & Safe Self Storage in Leander, Texas, was sold to Montfort Capital Partners LLC, a Dallas-based real estate investment and brokerage firm. Built in 2004 and renovated in 2014, the 4.6-acre property at 11800 Hero Way W. comprises 60,475 square feet of rentable space in 482 units. The buyer and the Vermont-based seller were represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson, brokers with Bellomy & Co.
Drexel Hill Storage in Drexel Hill, Pa., was sold for $465,000 to a private investor. The 0.3-acre property at 690 Burmont Road features three buildings. The buyer and the seller were represented in the transaction by Investment Real Estate LLC (IRE).
An Extra Space Storage facility in Totowa, N.J., was sold for $19.5 million to a public company. The property at 930 Riverview Drive comprises 91,000 square feet of storage space in 1,500 units. The transaction was brokered by The Hampshire Real Estate Cos. and Tulfra Real Estate.
Fairfield Self Storage in Fairfield, Calif., was sold. The facility at 606 Parker Road comprises 66,720 rentable square feet of storage space in 515 units. The buyer and the seller, a private investor, were represented in the transaction by Devin Beasley, investment advisor, Luke Elliot, director, Daniel Kuchugurny, associate, and Michael Mele, investment specialist, with Marcus & Millichap (M&M).
Fenton Road Mini Storage in Grand Blanc, Mich., was sold. The property at 7298 Fenton Road contains 260 units as well as an office/warehouse building. The buyer and the seller, a limited liability (LLC) company, were represented in the transaction by Tom Berlin and Zach Munce, investment specialists with M&M.
Kennedale Self Storage in Kennedale, Texas, was sold to a Dallas-based owner/operator. The 2.29-acre property at 813 E. Kennedale Parkway comprises 36,810 square feet of storage space in 324 drive-up units. The buyer and the seller, a local private investor, were represented in the transaction by Danny Cunningham, senior vice president, and Brandon Karr, first vice president of investments, for M&M.
Midway Storage & Rentals Inc. in Augusta, Ga., was sold to a private investor. The facility at 1735 Barton Chapel Road comprises 21,664 rentable square feet in 175 units. The buyer and the seller, a private investor, were represented in the transaction by Mele and Brian Fulton, an investment specialist, with M&M. Fellow broker Michael J. Fasano assisted.
Rita Ranch Self Storage & Car Wash in Tucson, Ariz., was sold for $4.2 million to a Phoenix-based LLC. The 5.6-acre property at 7850 S. Rita Road comprises 23,350 square feet in 230 units. It also contains 161 vehicle-parking spaces, and a carwash. The storage units and the self-service portion of the carwash were built in 2000. An automated carwash and other services added in 2009. The seller, a Tucson-based LLC, was represented in the transaction by Cameron Glinton and Christopher R. Secreto, investment specialists with M&M.
Secured Self Storage in Waterford, Mich., was sold to an out-of-state buyer. Built in 1982, the facility at 4303 Highland Road comprises 72,125 square feet of storage space in 555 units. The buyer and the seller, an LLC, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists with M&M. Fellow M&M broker Steve Chaben assisted.
Sierra’s Glen Self Storage in Harrisburg, Pa., sold for $2.25 million to a private investment group. The 4.6-acre property at 5407 Locust Lane is comprised of two buildings, a rental home and an office. The facility contains more than 235 drive-up storage units. The buyer and the seller were represented in the transaction by IRE.
SpaceMax Storage in Greenville, S.C., was sold to an out-of-state buyer. The three-story property at 305 McAlister Road comprises 74,360 rentable square feet of storage space in 702 units. The seller, Childress Klein Properties Inc., was represented in the transaction by Ashley Compton, national director with Collier’s International.
Springfield Storage Depot in Springfield, Ohio, was sold to an out-of-state buyer. The 6.4-acre property at 1215 N. Belmont Ave. contains 12 buildings comprising 69,275 rentable square feet of storage space in 509 units. The buyer and the seller, an LLC, were represented in the transaction by Coe and Hatcher.
Stor-U-Self in Peabody, Mass., was sold to Utah-based Wasatch Storage Partners LLC, a private-equity group. The 1.6-acre property at 119 Foster St. contains a three-story building comprising 39,600 rentable square feet of storage space in 488 units. The seller was represented in the transaction by Kenneth Cox, executive managing director, Geoffrey Millerd, vice chairman, and Aaron Swerdlin, vice chairman, for NKF Capital Markets.
Storage Depot in Beaumont, Texas, was sold to a West Texas investor. The 3.1-acre property at 6320 College St. comprises 58,970 rentable square feet of storage space in 506 indoor, climate-controlled units. The seller, a local developer, was represented in the transaction by Loeffler Self-Storage Group.
StorageVault Canada Inc. has agreed to acquire three facilities in Ontario, Canada, from separate sellers for $68.7 million. The purchase price is subject to adjustments, and is payable by the issuance of $12 million of StorageVault common shares, with the remainder paid with funds on hand and first mortgage financing. The acquisitions are subject to initial conditions.
With offices in Atlanta as well as Austin and Houston, Texas, Bellomy & Co. focuses on the sale of self-storage, industrial, office and retail properties nationwide.
Colliers is a global commercial real estate services firm employing more than 16,000 professionals who operate out of 554 offices in 66 countries. The company offers a variety of services for investors, business owners and developers.
Hampshire is a privately held real estate firm and real estate investment-fund manager with more than 60 years of experience.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.
Loeffler specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.
Founded in 1971, M&M is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
NKF provides brokerage transaction and financial services to the self-storage industry. The group has completed more than $6 billion in transactions across more than 540 properties.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail as well as office and industrial leasing.
Based in Rochelle Park, N.J., Tulfra is a real estate firm specializing in commercial and municipality properties.
Sources:
PR Web, NKF Capital Markets Self Storage Group Announces Sale in Boston Suburb of Peabody, MA
Nasdaq, StorageVault Enters Into Agreements to Acquire Three Self Storage Stores in Ontario for $68.7 Million
Rebusiness Online, Tulfra Real Estate, Hampshire Companies Complete Sale of 91,000 SF Self-Storage Facility in New Jersey for $19.5M
Rejournals, Marcus & Millichap Sells 260-Unit Self-Storage Facility in Michigan
Commercial Property Executive, Hatcher Storage Group Brokers Sale of OH Facility
