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.
Alief Westwood Storage in Houston was sold to an Austin, Texas-based buyer. The 5.3-acre property at 9219 Boone Road comprises 64,000 rentable square feet in 246 units and boat/RV-parking spaces. The buyer and the seller, a family partnership, were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co.
All-Preferred Mini-Storage in Redding, Calif., was sold for $4.5 million to a local investor. The 3.91-acre property at 5632 Westside Road contains 13 single-story buildings comprising 78,095 rentable square feet of storage space in 530 units. It also includes a manager’s office and residence. The buyer and the seller, The Raudman Family, were represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group (LSSG).
Bear Storage in Orange, Texas, was sold to a partnership with six storage sites in Houston. The property at 7808 Highway 87 comprises 35,830 rentable square feet of storage space in 321 units. The buyer and the seller, a limited liability company (LLC), were represented in the transaction by Dave Knobler, first vice president of investments, for Marcus & Millichap (M&M).
The three-property Decatur Storage portfolio in Decatur, Ill., was sold to an out-of-state LLC. The sites are within six miles of each other and comprise 259,965 square feet of storage space. The buyer and the seller, a local owner, were represented in the transaction by Gabriel Coe, Brett R. Hatcher and Brian Kelly, investment specialists with M&M.
A Philadelphia facility operating under the Devon Self Storage brand was sold. The property comprises 71,614 square feet of space in 759 units, two flex spaces and one vehicle-parking spot. The seller, an LLC, was represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, first vice president investments for M&M.
Extra Space Storage in San Antonio was sold. The 3.37-acre property at 12211 I-35 comprises 88,875 rentable square feet in 784 units. The seller was represented in the transaction by Ryan Clark, director of investment sales for SkyView Advisors.
Gleannloch Storage in Spring, Texas, was sold to an out-of-state operator. The property at 9337 Spring Cypress Road comprises 202,500 rentable square feet in 601 units. It also contains boat/RV storage and office-warehouse units. The seller, Gleannloch Storage LLC, was represented in the transaction by Bellomy and Johnson.
Mount Shasta Mini Storage in Mount Shasta, Calif., was sold for $1.59 million to MC Ventures & Associates Inc. of Tracy, Calif. The 3.06-acre property at 5815 Truck Village Drive contains 12 single-story buildings comprising 40,700 rentable square feet in 287 units. The property also includes a manager’s office and residence. The seller, DC Investors LLC of California, was represented in the transaction by Loeffler and Skelly.
Rochester Mini Storage in Rochester Hills, Mich., was sold to an out-of-state buyer. The facility at 1790 S. Livernois comprises 94,115 square feet of storage space. The buyer and the seller, a local owner, were represented in the transaction by Coe, Hatcher and Kelly. M&M Regional Manager Steven R. Chaben assisted.
Rodeo City Self Storage in Ellensburg, Wash., was sold for $1.7 million to a local operator. Built in 2004, the 1.24-acre facility at 1304 W. University Way comprises 18,108 square feet of storage space in 189 units. The buyer and the seller, a local self-storage operator and developer, were represented in the transaction by Christopher R. Secreto and Timothy Wardell, investment specialists with M&M.
SecureHold Storage, a two-property portfolio in Auburn and Fort Wayne, Ind., was sold to a multi-state self-storage owner. The properties at 2909 Lower Huntington Road and 470 North St. comprise 55,800 rentable square feet in 503 units. The buyer and the seller, a private owner/operator, were represented in the transaction by Jesse Luke, managing partner of EquiCap Commercial Self Storage Advisory Group.
Security Mini Storage in Gainesville, Fla., was sold. The 4.75-acre property at 4101 S.W. 13th St. comprises 44,471 rentable square feet in 434 units. The seller was represented in the transaction by Clark.
State Self Storage in Toledo, Ohio, was sold to a group of out-of-state private owners. The property at 6115 Telegraph Road was recently converted from a lumberyard to self-storage. It comprises 39,566 rentable square feet in 392 units, which includes 69 vehicle-parking units. The buyers were represented in the transaction by Luke. The seller, State Self Storage LLC, was represented by Mark Floria, an investment broker with Pogoda Cos.
The two-property Stor’ It Los Gatos portfolio in Los Gatos, Calif., was sold to a private family for $25 million. Constructed in 1999 and 2005, the properties at 688 University Ave. and 17443 Farley Road W. comprise 45,287 square feet of storage space in 785 units. The buyer and the seller, an individual, were represented in the transaction by Jacob Beecher and Adam Levin of M&M.
Sure-Safe Storage in Denver, N.C., was sold. The 4.73-acre property at 1675 N. NC 16 Business Highway comprises 79,105 rentable square feet in 459 units. The seller was represented in the transaction by Clark.
Texas Bear Creek Storage in New Braunfels, Texas, was sold to an Austin, Texas-based buyer. The property at 1936 FM 2722 contains 210 units and 55 RV/boat-parking spaces. The sale includes acreage for expansion. The seller, a private investor, was represented in the transaction by Harry Botkin, managing partner, with HLB Investments LLC. The buyer was represented by Bellomy and Johnson.
With offices in Atlanta, Houston, and Austin, Texas, Bellomy & Co. focuses on the sale of self-storage, industrial, office and retail properties nationwide.
Headquartered in Saint Charles, Ill., EquiCap is a boutique brokerage firm specializing in the self-storage industry. Its primary focus is in the mid-west and mid-south markets.
Founded in 1994, HLB Investments is real estate and management firm that represents self-storage and multi-family properties.
LSSG 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.
SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, Fla., the firm also has offices in Cleveland and Milwaukee.
Sources:
REBusiness Online: Levin Johnston Arranges $25M Sale of Two Self-Storage Facilities in Silicon Valley
REBusiness Online: SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio
REBusiness Online, Levin Johnston Arranges $25M Sale of Two Self-Storage Facilities in Silicon Valley
