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.
4 Your Stuff Storage in Granite City, Ill., was sold for $3.7 million. The facility at 3117 W. Chain of Rocks Road comprises 64,645 square feet in 261 units. The buyer and the seller were represented in the transaction by Sean M. Delaney, senior vice president of investments, Britney Hendricks, investment associate, and Michael A. Mele, executive managing director of investments, for Marcus & Millichap (M&M).
Aero Drive Self Storage in San Diego was sold to a national operator. The property at 9645 Aero Drive comprises 88,000 rentable square feet. The buyer and the seller, Los Angeles-based Baron Equities, were represented in the transaction by Greg Wells, senior director of the Cushman & Wakefield Self Storage Practice Group.
Alliance Moving & Self-Storage Center in Alliance, Ohio, was sold to a limited liability company (LLC) for $815,000. The facility at 23649 Harrisburg Westville Road sits on 5.35 acres and comprises 14,273 square feet in 68 units. The buyer and the seller, also an LLC, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M.
Bayfront Self Storage in Daphne, Ala., was sold to an out-of-state buyer for $500,000. The facility at 6384 Bayfront Park Drive contains 10,800 rentable square feet and a 2,600-square-foot office. The seller was represented in the transaction by Bill Barnhill and Shannon Barnhill, broker affiliates with Omega Properties Inc., an affiliate of the Argus Self Storage Sales Network.
Clifton Self Storage in Clifton, N.J., was sold. The facility at 47 Main Ave. comprises 49,555 rentable square feet in 583 units. The transaction was brokered by Bill Sitar Jr., vice president, Thomas Palumbo, vice president and broker sales associate, and Cowles M. “Monty” Spencer Jr., CEO and president, of The Storage Acquisition Group (TSAG).
Two CT Self Stor properties in Hartford, Conn., were sold to a joint venture between two institutional investors. The properties at 47 Chelton Ave. and 580 New Park Ave. comprise a combined 123,600 rentable square feet in 1,015 units. The seller, CT Self Stor of Connecticut, was represented in the transaction by Aaron Swerdlin, vice chairman, Kenneth Cox, executive managing director, and Taucha Hogue, director, of Newmark Knight Frank (NKF) Self Storage Group, as well as Patrick Lemp, senior managing director for WHSA LLC.
E-Z Self Storage in Lynwood, Ill., was sold to a private, equity-backed buyer. Situated on 6 acres, the facility at 19600 Stoney Island Ave. comprises 85,825 rentable square feet in 650 units. The seller, a private owner, was represented in the transaction by Ryan Clark, director of investment sales, and Parker Sweet, business-development associate, for SkyView Advisors.
Kangaroo II Self-Storage in Loveland, Colo., was sold to an East Coast investment firm. The facility at 100 Valency Drive comprises 75,325 square feet. The seller, a private LLC, was represented in the transaction by Charles "Chico" LeClaire, executive managing director of investments, and Adam Schlosser, first vice president of investments, for The LeClaire Group of M&M.
Kitsap Lake Storage in Bremerton, Wash., was sold to an institutional buyer for $16 million. The 3.75-acre property at 6400 Kitsap Way contains six buildings comprising 77,838 square feet in 709 units and a 1,250-square-foot rental office. The buyer and the seller, an LLC, were represented in the transaction by Christopher R. Secreto, senior vice president of investments with M&M.
S&E Mini Storage in Baltimore was sold. The facility at 3464 Wilkens Ave. comprises 70,000 rentable square feet in 652 units. The transaction was brokered by Pamela K. Arms, vice president for TSAG.
StorageKeep at A Willis Storage Center in Newburgh, Ind., was sold to Iron Guard Storage. The property at 6998 Loehr Road comprises 74,562 square feet in 560 units. The buyer and the seller were represented in the transaction by Delaney, Mele and M&M associate Jeffrey L. Herrmann. Fellow broker Josh Caruana assisted.
Storage World in Stockbridge, Ga., was sold. The property at 490 Eagles Landing Parkway comprises 91,000 rentable square feet in 724 units. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc.
Washington Self Storage in Indianapolis was sold to an LLC for $6.5 million upon Certificate of Occupancy. The property at 7828 W. Washington St. comprises 77,355 rentable square feet. The buyer and the seller, an LLC, were represented in the transaction by Coe and Hatcher. They were assisted by Caruana.
A self-storage development site in Goleta, Calif., was sold for $6.7 million. The property at 10 S. Kellogg includes 2.06 acres. The seller was represented in the transaction by Argus affiliates Peter Pappageorge and Doug Shea.
A self-storage development site in Kearney, N.J., was sold to a national self-storage developer based in Solana Beach, Calif. Plans for the 3-acre property include a five-story facility comprising 150,000 square feet. The buyer and the seller were represented in the transaction by Linda Cinelli, a broker affiliate for Argus and LC Realty Team.
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.
Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions.
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.
Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.
With more than 50 years of experience, NKF has led more than $6.8 billion in transaction history across more than 770 properties.
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.
Based in Yorktown, Va., TSAG represents a private real estate investment fund that's solely focused on acquiring self-storage facilities. Sellers deal directly with the purchaser with no intermediaries and pay no sales commission.
Sources:
Digital Journal, The Storage Acquisition Group Announces the Sale of Clifton Self Storage in New Jersey
Digital Journal, The Storage Acquisition Group Announces the Sale of S&E Mini Storage in Baltimore
PR.com, Sold by Midcoast Properties, Inc. - Storage World in Stockbridge, GA
Rebusiness Online, SkyView Advisors Brokers Sale of 650-Unit Self-Storage Facility in Lynwood, Illinois
RE Journals, Granite City Self-Storage Facility Sells for $3.7M
