Update 7/22/21 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in July 2021.
7A Budget Mini Storage in Tucson, Arizona, sold to an out-of-state investment group that operates about 40 self-storage facilities nationwide. Built in 1972 on 1.74 acres, the facility at 1830 N. 7th Ave. comprises 30,208 square feet in 279 units. The seller, a partnership between three investors, was represented in the transaction by Bill Alter, managing director of the Self-Storage Specialty Group at Rein & Grossoehme Commercial Real Estate.
Red Dot Storage, which operates 190 self-storage properties in 18 states, purchased A-1 Self Storage in Stapleton, Alabama. The 5.3-acre property at 36545 AL-59 comprises 30,536 square feet in 208 units. It’s Red Dot’s second Gulf Coast acquisition this year. The company also bought the 40,000-square-foot AALCO Self Storage at 500 W. North St. in Pass Christian, Mississippi.
AAA Storage in Granbury, Texas, sold. The facility at 1301 N. Plaza Drive comprises 30,000 square feet. The buyer, an existing self-storage operator, was represented in the transaction by Chad Snyder and Tyler Trahant of Dominus Commercial, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Bridgeport Mini Warehouse Storage/RV & Boat Storage in Bridgeport, Texas, sold. The facility at 245 TX-114 includes a warehouse with shipping containers as well as adjacent land for expansion. The seller was represented in the transaction by Snyder and Trahant.
An Austin, Texas, self-storage facility managed by real estate investment trust (REIT) CubeSmart sold to PG Cactus Bulldog I LLC. Built in 2019, the property comprises 57,707 net rentable square feet in 463 units. The seller, Dallas-based Bulldog I35 South LP, was represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston. Bellomy and Johnson also procured the buyer.
D&J Storage in Madisonville, Texas, sold to a Utah-based buyer in a 1031 exchange. The facility at 1900 E. Main St. comprises 41,740 square feet. The seller, a private investor, was represented in the transaction by Dave Knobler, senior vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. The buyer was secured by Jordan Farrer, associate; Charles "Chico" LeClaire, executive managing director of investments; and Adam Schlosser, senior vice president of investments for M&M.
Econo Self Storage in Cedar Lake, Indiana, sold to a limited liability company (LLC). The facility at 10630 W. 133rd Ave. comprises 114,820 square feet and was 95% occupied at the time of sale. The buyer and the seller were represented in the transaction by Jeffrey L. Herrmann, senior associate, and Sean M. Delaney, senior vice president, for M&M.
The two-property Ennis Self Storage portfolio in Ennis, Texas, sold. Together, the facilities at 1004 S. I-45 and 4212 Ensign Road comprise 46,000 square feet. The seller was represented in the transaction by Snyder and Trahant.
Executive Mini Storage in Sacramento, California, sold for $3.55 million to Safe-Hold Storage LLC. Built on 1.53 acres, the facility at 6340 Freeport Blvd. comprises 24,520 net rentable square feet in 259 units. The buyer was represented in the transaction by Bobby Loeffler, president of the Loeffler Self-Storage Group Inc., which specializes in self-storage real estate in California and Nevada.
Extra Space Storage Inc. acquired a two-property portfolio in Corinth and Fort Worth, Texas, that the REIT already managed and had branded under its name. Together, the facilities comprise 162,960 rentable square feet in 1,321 units, with room for expansion. The 5-acre Corinth property at 3831 FM 2181 contains four three-story buildings with 557 units and vehicle storage. Located on 6 acres at 6021 North Freeway, the Fort Worth property offers 764 units in a three-story, 66,037-square-foot structure. Both were built in 2018 and are near Interstate 35. The buyer and the seller, Rearden Capital Corp., were represented in the transaction by Brandon Karr, senior vice president of investments for M&M. Headquartered in Salt Lake City, Extra Space operates 2,000 self-storage stores comprising 156 million square feet in 1.4 million units.
Get Space LLC, which operates 12 facilities in Oregon and Washington, purchased two properties in Portland, Oregon, and Vancouver, Washington, that were managed by Extra Space. Together, they offer 1,257 units. The facility at 4403 S.E. Johnson Creek Blvd. in Portland contains a three-story, 68,700-square-foot building that was renovated and expanded in 2018. Built in 2018, the property at 6907 N.E. Ward Road in Vancouver contains three buildings totaling 76,420 rentable square feet. Get Space received a $16 million non-recourse financing from EquiTrust Life Insurance Co. to fund the deal. The 10-year-term loan was arranged by Jim Davies, principal, David DiRienzo, senior associate, Erich Pryor, associate director, and Tom Sherlock, co-founder for Talonvest Capital, an Irvine, Calif.-based boutique self-storage and commercial real estate mortgage brokerage.
Glacier West Self Storage in Kent, Washington, sold for $10.7 million. The facility at 1407 Central Ave. S. contains 10 single-story structures comprising 45,400 square feet in 317 units. The purchase included an adjacent, 6,000-square-foot Napa Auto Parts store. The seller, an LLC, was represented in the transaction by Christopher R. Secreto, senior managing director for M&M.
Hawk Self Storage in Sheridan, Indiana, sold to an LLC. Built in 2017, the facility at 521 W. 7th St. comprises 27,000 square feet with room for expansion. The seller, also an LLC, was represented in the transaction by Delaney; Herrmann; Scott D. Harris, senior managing director; and Samuel McCarthy, senior associate; for M&M. Herrmann and Delaney secured and represented the buyer.
Just Store It in Wichita Falls, Texas, sold in an off-market transaction to a national self-storage operator. The facility at 3801 Old Jacksboro Highway comprises 48,000 square feet. The buyer was represented in the transaction by Snyder and Trahant.
Leadbetter Mini-Max Storage in Ashland, Virginia, sold for $3.15 million to an investment group that includes attorney Thomas Voekler as well as his wife, Jill, and brother Chris. Built on 6 acres, the facility at 9991 Lickinghole Road comprises six storage buildings and two structures reserved for flex-office space. It’ll be rebranded as Ashland Office and Mini-Storage. The Voeklers have invested in residential real estate for several years, but this is their first self-storage acquisition. Thomas is a partner with law firm Kaplan Voekler Cunningham & Frank.
An affiliate of Merit Hill Capital LP acquired two self-storage facilities in Winston-Salem, North Carolina, from affiliates of Prime Group Holdings LLC. BFG NC SC LLC purchased Moore Self Storage at 2589 W. Clemmonsville Road for $6.5 million. Built on 5.5 acres, the property comprises 82,160 square feet. That same affiliate also acquired Prime Self Storage at 3935 Westpoint Blvd. for $7.28 million. Built on 7.8 acres, the site comprises 72,859 square feet. Merit Hill is a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. It operates 130 self-storage properties in 30 states.
Andover Properties LLC, which operates the Storage King USA brand, purchased Move It Storage in Sherman, Texas. Built in 2006, the facility at 2111 S. Heritage Parkway comprises 55,675 net rentable square feet in 366 units. It’s next to residences and the site of a future high school. This was the company’s 10th acquisition in the Dallas-Fort Worth metropolitan area and 19th in Texas. Established in 2003, New-York based Andover owns and manages 93 storage properties in 16 states, comprising more than 7 million square feet across 51,900 units.
Valley Storage acquired two facilities in Hickory, North Carolina, and one in Strongsville, Ohio. The Hickory properties are New Carolina Self Storage at 1506 26th St. Blvd. S.E. and Outbox Self Storage at 1900 Clement Blvd. N.W. They’re near Lenoir-Rhyne University. The Strongsville property was Secure Indoor Storage at 12878 Pearl Road. The properties will be managed by Storage Asset Management, a property management and consulting company. Based in Hagerstown, Maryland, Valley owns 36 self-storage facilities in six states comprising 2 million net rentable square feet.
Old Mill Storage in Concord, North Carolina, sold. The facility at 455 Spring St. N.W. comprises 46,170 square feet in 327 units. It also offers 40 outdoor vehicle-storage spaces. The buyer and the seller were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M. They were assisted by Ben Yelm, the North Carolina regional manager for M&M.
Premier Boat & R.V. Storage in St. Augustine, Florida, sold. Built in phases in 2016 and 2018, the facility at 3316 Agricultural Center Drive comprises 91,098 net rentable square feet in 204 vehicle-storage spaces. The property was 98% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
South Collins Mini & RV Storage in Arlington, Texas, sold. Built last year, the facility at 4500 S. Collins St. comprises 129,000 square feet. The seller was represented in the transaction by Snyder and Trahant.
Twin City Storage in Nash Texas, sold. The facility at 106 Industrial Ave. comprises 24,000 square feet in 172 units. The buyer was represented in the transaction by Snyder and Trahant.
Willow Lake Self Storage in Addison, Michigan, sold. The facility at 17124 US-223 comprises 25,515 net rentable square feet and has room for expansion. The seller was represented in the transaction by The Hatcher Group.
SpareBox Storage, which operates 57 facilities in five states, acquired seven properties in the Waco, Texas, metropolitan area. Combined, they comprise more than 700,000 net rentable square feet. The purchases come on the heels of the company’s nine-property acquisition last month. Launched last year, SpareBox Storage is sponsored by Rizk Ventures, an operating and investment platform with a focus on healthcare, real estate and technology. The company’s self-storage portfolio comprises more than 3 million rentable square feet.
7/9/21 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in July 2021.
A Gold Mine Storage in Sonora, California, sold for $10.3 million to a regional investor as part of a 1031 exchange. The facility at 18600 Eagle Ridge Drive comprises 105,568 square feet in 478 units, with room to expand. The property was built in phases between 2011 and 2017. It was 85% physically occupied at the time of sale. The seller, a limited liability company, was represented in the transaction by Christopher R. Secreto, senior managing director of investments and an executive director of the National Self-Storage Group for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Secreto also procured the buyer.
NCWA Storage 3 LLC acquired Aspen Mini Storage in Centerton, Arkansas, from 3B Storage LLC for $7.7 million. The property at 901 E. Centerton Blvd. includes 9 acres. The facility has been rebranded as Superior Storage, which has more than 20 locations in Arkansas, North Carolina and Wisconsin.
Brookside Mini Storage in Kingsport, Tennessee, sold to an out-of-state private investor who owns multiple self-storage facilities along the East Coast. The facility at 1925 Brookside Drive comprises 61,325 net rentable square feet in 483 units. The property was 73% physically occupied at the time of sale. The seller, a local owner/operator, was represented in the transaction by Matthews Real Estate Investment Services. The buyer was represented by Anne Williams-Blackwell, first vice president of investments for The Williams Storage Group of M&M.
Brunswick Self Storage in Brunswick, Maryland, sold. The facility at 602 W. Potomac St. comprises 24,761 net rentable square feet in 247 units. The seller has approval for an additional 43,725 square feet in 521 units. The seller was represented in the transaction by The Hatcher Group of M&M.
Andover Properties LLC, which operates the Storage King USA brand, acquired Capital Boulevard Storage in Raleigh, North Carolina. Built in 2017, the multi-story facility at 8740 Wadford Drive comprises nearly 88,000 net rentable square feet in climate-controlled, drive-up and covered vehicle storage. Established in 2003, New-York based Andover owns and manages 89 storage properties in 16 states, comprising 6.8 million square feet across 48,800 units.
Cornerstone Self Storage in Westerly, Rhode Island, sold to The Storage Investment Group LLC (SIG), a Philadelphia-based private-equity development and investment firm. Built on 1.8 acres at 234-236 Post Road, the facility comprises 48,025 square feet in 359 units. The property, constructed in phases between 1982 and 2015, also has 28 vehicle-storage spaces and a 1,000-kilowatt solar-panel system. JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers, secured a five-year, fixed-rate loan from The Washington Trust Co. on behalf of SIG.
A self-storage facility managed by real estate investment trust (REIT) CubeSmart sold in the Providence, Rhode Island, metropolitan area. Built in 2018, the property comprises 62,000 net rentable square feet in 616 units and has room for expansion. The seller was represented in the transaction by The Hatcher Group of M&M.
A CubeSmart-managed facility in Charlestown, Massachusetts, sold to The Related Cos. as part of three-property, $74.5 million Town Industrial Portfolio that also includes two commercial buildings. The buildings are on 4.3 acres near Interstates 90 and 93. The self-storage facility comprises 645 units. The seller, Center Court, was represented in the transaction by Scott Dragos, Doug Jacoby, Tony Hayes, Dan Hines, Tim Mulhall, Roy Sandeman and Chris Skeffington of CBRE Group Inc., a commercial real estate services and investment firm.
Easy Self Storage in Royal Palm Beach, Florida, sold for $13.7 million to MHC 127 LLC, an affiliate of Merit Hill Capital LP, a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. Built in 2009 on a 6.2-acre lot at 10200 Fox Trail Road S., the facility comprises 77,863 square feet. The seller was SS Development LLC. Merit Hill operates 130 self-storage properties in 30 states.
Grays Lake Self Storage in Des Moines, Iowa, sold for $475,000. The facility at 2232 George Flagg Parkway comprises 9,600 net rentable square feet. The seller was represented in the transaction by Tom Flannigan, Matt Haugen and Alex Ihrke, investment specialists with KW Commercial, a real estate investment services firm with offices throughout the United States. It’s an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties. Flannigan, Haugen and Ihrke also procured the buyer.
Make Space Capital Partners I LP acquired HWY1 Storage Inc. in Regina, Saskatchewan, Canada, for $4.4 million. The facility at Highway 1 East comprises 57,300 square feet in 290 units. Make Space operates 13 locations across Canada.
Compass Self Storage, a member of the Amsdell family of companies, acquired I-30 Self Storage in Fate, Texas. The facility at 4100 E. Interstate 30 comprises more than 48,500 net rentable square feet and 70 vehicle-storage spaces. Amsdell intends to renovate the rental office and retail space at the property, which is Compass’ eighth in Texas. Headquartered in Cleveland, the company operates 98 self-storage facilities nationwide.
The two-property Kutztown Self Storage portfolio in Kutztown, Pennsylvania, sold. The facilities at 50 Apple Valley and 16 W. Walnut St. are less than a half-mile apart. Combined, they comprise 22,243 net rentable square feet. The seller was represented in the transaction by The Hatcher Group of M&M.
Andover purchased Liberty Hill Storage in Liberty Hill, Texas. The facility at 14774 W. Highway 29 comprises 91,500 net rentable square feet. It was built in 2016 and expanded in 2018.
Longview Climate Storage in Longview, Texas, sold to a limited-liability company (LLC). The facility at 2000 Jahan Trail comprises 11,108 square feet. The buyer and the seller, a Houston-based private investor, were represented in the transaction by Danny Cunningham, first vice president of investments, Brandon Karr, senior vice president of investments, Dave Knobler, senior vice president of investments, and Mixson Staffel, associate, for M&M.
A two-property MVP Storage portfolio in Sheboygan, Wisconsin, sold to an LLC. The facilities at 1939 N. 18th St. and 3838 Enterprise Drive comprise 22,515 square feet in 116 units. They’re within two miles of each other. The buyer and seller, a private investor, were represented in the transaction by Sean M. Delaney, senior vice president, and Paul Robertson, associate, for M&M.
Old Mill Storage in Concord, North Carolina, sold. The facility at 455 Spring St. N.W. comprises 43,170 net rentable square feet in 326 units and 40 vehicle-storage spaces. The building was converted to self-storage in June 2017. The seller was represented in the transaction by The Hatcher Group of M&M
Abacus Property Group, an Australia-based, publicly traded REIT that owns the Storage King brand, acquired five facilities that had been under its management in the Sydney, Australia, metropolitan area for $160 million. Combined, the properties comprise 25,000 square meters of rentable space. Abacus acquired Storage King last year as part of increased investment in self-storage. It also holds interests in office, residential and retail properties.
The Storage Spot in Sunnyvale, California, sold to a local private investor for $18 million. The facility at 220 W. Ahwanee Ave. comprises 65,805 square feet in 508 units. The seller was represented in the transaction by Robert Johnston, senior managing director of investments, and Adam Levin, executive managing director of investments, for M&M group Levin Johnston.
Storage World in Jonesboro, Georgia, sold to a self-storage REIT. The facility at 9887 Tara Blvd. comprises 54,650 rentable square feet in 421 storage units. The 4.24-acre property also offers outdoor vehicle storage. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Andover acquired a five-property portfolio in the Dallas-Fort Worth, Texas, area in an off-market transaction. Together, the facilities comprise more than 372,500 net rentable square feet in 2,045 climate-controlled, drive-up and vehicle-storage units. One site was built in 2004 and expanded this year, while the others were constructed between 2014 and 2017. Included in the purchase is a 7.2-acre parcel behind one of the properties on which Andover plans to build vehicle storage.
New Sources:
Fort Worth Business, Marcus & Millichap Brokers 1,321-Unit Self-Storage Sale
Multi-Housing News, Extra Space Storage Buys Dallas-Fort Worth Self Storage Portfolio
Multi-Housing News, Get Space LLC Lands $16M Loan for Pacific Northwest Portfolio
REBusiness Online, Marcus & Millichap Brokers Sale of 1,321-Unit Self-Storage Portfolio in Dallas-Fort Worth
REBusiness Online, Marcus & Millichap Arranges $10.7M Sale of Self-Storage Facility, Retail Building in Kent, Washington
Business Wire, SpareBox Storage Acquires Seven Stabilized Self Storage Properties in Waco, Texas
Richmond BizSense, Voekler Family Buys Commercial Land With Self-Storage Business
Winston-Salem Journal, Local Self-Storage Sites Sell for Combined $13.7 Million
Previous Sources:
Arkansas Business, Arkansas' Largest Commercial Real Estate Transactions
EIN Presswire, Make Space Capital Partners I LP Acquires Storage Facility in Regina, Saskatchewan
Globe Newswire, Compass Self Storage Expands Footprint in Dallas-Fort Worth With Acquisition of Self Storage Center
JLL, Rhode Island Self-Storage Facility Acquisition Financed
PR.com, Argus Broker Affiliates Announce Sale of Iowa Self Storage Facility
PR Urgent, Storage World, Jonesboro, Georgia, Sold
REBusiness Online, CBRE Negotiates $74.5M Sale of Industrial, Self-Storage Portfolio Near Boston
REBusiness Online, Levin Johnston Brokers Three Bay Area Acquisitions Totaling $68.2M
South Florida Business Journal, Royal Palm Beach Self-Storage Complex Sold
The Urban Developer, Abacus Lands Five Self-Storage Properties for $160M
