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.
Affordable Self Storage in Princeton, Minn., was sold for $295,000 to a local operator. The 0.69-acre property at 31503 125 1/2 St. N.W. comprises 6,625 rentable square feet of storage space. The seller was represented in the transaction by Tom Flannigan of KW Commercial, who’s a broker affiliate for the Argus Self Storage Sales Network.
American Self Storage in Gainesville, Fla., was sold to a private investor. The 5.49-acre property at 3728 N. Main St. comprises 77,220 rentable square feet of storage space in 462 units. The seller was represented in the transaction by Ryan Clark, director of investment sales for Skyview Advisors.
Ammex Mini Storage in Houston was sold to an out-of-state investment firm. The facility at 7723 Long Point Road comprises 48,810 square feet of storage space in 353 units. It also contains an office and manager’s residence. The buyer and the seller were represented in the transaction by Dave Knobler, first vice president of investments, and Charles LeClaire, executive managing director of investments, for Marcus & Millichap (M&M).
Budget Self Storage in Lansing, Mich., was sold for $3.8 million to an out-of-state buyer. The property at 6140 Pleasant Grove Road comprises 48,350 rentable square feet of storage space in 396 units, with room for expansion. The seller, Logan I-96 Self Storage, was represented in the transaction by Mark Floria, an investment broker with Pogoda Cos.
Crown Point Self Storage in Crown Point, Ind., was sold to a real estate investment and management company. The 2.8-acre property at 700 Madison St. comprises 28,100 rentable square feet of storage space in 239 units. The seller, an owner-operator, was represented in the transaction by Jesse Luke, managing partner of EquiCap Commercial.
Cubbyhole Mini Storage in Hattiesburg, Miss., was sold to a local buyer for $265,000. The 1.4-acre property at 21 Rawls Springs Road comprises 11,350 rentable square feet of storage space in 83 units. It also has two buildings containing office space. The seller was represented in the transaction by Argus broker affiliates Bill Barnhill and Shannon Barnhill of Omega Properties Inc. They also assisted the buyer.
A CubeSmart facility in Missouri City, Texas, was sold to a Houston-based buyer. The property at 6400 Highway 6 comprises 54,400 square feet of storage space in 434 units, with room for expansion. The buyer and the seller, Yellowstone Investments LLC, were represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson, brokers with Bellomy & Co. CubeSmart will continue to manage the property.
The seven-property Lisotta’s Self Storage portfolio in Southeast Texas was sold to a limited liability company (LLC). The properties are at 6045 College St. and 210 Interstate 10 S. in Beaumont, 110 Tenney St. in Bridge City, 6111 Gulfway Drive in Groves, 2214 Spurlock and 2839 Highway 69 N. in Nederland, and 603 Foreman Road in Orange. Together, they comprise 389,386 rentable square feet of storage space in 2,627 units. The seller, an individual/personal trust, was represented in the transaction by Knobler and LeClaire.
Mason Mini Storage in Mason, Mich., was sold for $3.27 million to an out-of-state buyer. The mixed-use property at 566 N. Cedar St. comprises 52,160 rentable square feet of storage space in 353 units. The seller, N. Cedar LLC, was represented in the transaction by Floria.
MidAmerica Self Storage in Edmond, Okla., was sold to Merit Hill Capital. The 4.5-acre property at 3900 S. Broadway comprises 68,427 rentable square feet of storage space in 613 units. It also contains 70 vehicle-parking spaces. The seller was represented in the transaction by Clark.
MoreSpace Mesa in Mesa, Ariz., was sold for $7.25 million to a partnership. The property at 4550 E. Southern Ave. comprises 57,475 rentable square feet of storage space in 722 units, with room for expansion. The buyer and the seller, a partnership, were represented in the transaction by Devin Beasley, Luke Elliot and Michael A. Mele, investment specialists with M&M.
Oak Cliff Bargain Storage in Dallas was sold to a private investor. The five-building facility at 3316 Hansboro Ave. comprises 38,800 square feet of storage space in 297 units. It also has a manager’s residence. The property was built in 1973 and last renovated in 2015. The buyer and the seller, a national storage operator headquartered in the Pacific Northwest, were represented in the transaction by Brandon Karr, first vice president of investments, and Danny Cunningham, senior associate, with M&M.
The two property S&J Self Storage portfolio in Jackson and Jerome, Mich., was sold to a local LLC. The properties at 2537 Shirley Drive and 11793 E. Chicago Road respectively comprise 45,420 square feet of storage space in 305 units. The buyer and the seller, also an LLC, were represented in the transaction by Tom Berlin and Zach Munce, investment specialists with M&M.
Space Shop Self Storage in Roswell, Ga., was sold for $19.4 million to a regional self-storage operator. Constructed in 1995, the 6-acre property at 1240 Alpharetta St. contains four buildings with 1,174 storage units. The buyer and the seller, Stein Investment Group, were represented in the transaction by Stacey Gorman, first vice president of investments for M&M.
Store-All America RV & Self-Storage in Buckeye, Ariz., was sold for $10.8 million to a California-based buyer. The 9.1-acre property at 24901 W. Yuma Road comprises 107,130 rentable square feet of storage space in 638 drive-up units and 240 outdoor parking spaces. The buyer and the seller, Storage American, were represented in the transaction by Denise Nunez, senior vice president of NAI Horizon.
The Storage Place in Danville, Va., was sold to a Roanoke, Va.-based buyer. The facility at 465 Mt. Cross Road contains nine buildings comprising 29,055 rentable square feet of storage space in 232 units. The local seller was represented in the transaction by Arnold, Bellomy, Johnson and Albert Muller, associate director of real estate firm Stan Johnson Co. The buyer was represented in the transaction by Anne Williams, first vice president of investments for M&M.
Tombstone RV & Mini Storage in Tombstone, Ariz., was sold for $585,000 to a Minnesota-based buyer. The 1-acre property at 66 S. 11th St. contains 338 drive-up units. The buyer was represented by Jeff Gorden, vice president, and Kyle Topper, associate, for Eagle Commercial Realty Services. Both are also Argus broker affiliates.
A five-property self-storage portfolio in Atkinson and Kewanee, Ill., was sold for $1.27 million to a regional operator. The properties at 1313 W. 6th St., 817 Lake St., 604 N. Tremont St., 514 N. Spring St. and 1103 N. Main St. comprise 47,000 square feet of storage space in 300 units. The seller was represented in the transaction by David Coupe, senior advisor for SVN Commercial Realty.
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.
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 1971, M&M is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
A member of NAI Global, NAI Horizon is a managed network of independently owned commercial real estate brokerage firms. It assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.
Based in Farmington Hills, Mich., Pogoda is a self-storage operator with approximately 2 million square feet of self-storage space 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.
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.
SVN has broker representation in more than 100 markets across the United States. Its team specializes in the marketing, sale and disposition of self-storage properties nationwide.
Sources:
AZ Big Media, NAI Horizon sells Buckeye storage facility for $10.755M
Commercial Property Executive, Atlanta-Area Storage Facility Sells for $19M
Commercial Property Executive, EquiCap Facilitates IN Self-Storage Asset
Commercial Property Executive, Marcus & Millichap Arranges Sale of Texas Facility
Rebusiness Online, Karr Self-Storage Arranges Sale of 297-Unit Facility in South Dallas
Rebusiness Online, LeClaire Group Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas
Rebusiness Online, Marcus & Millichap Arranges $19.4M Sale of Self-Storage Property in Metro Atlanta
Rebusiness Online, NAI Horizon Negotiates $10.8M Sale of Self-Storage Facility in Metro Phoenix
The Real Deal, Madison Development Picks Up Pair of East New York Dev Sites
