Update 5/31/19 – 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 May 2019.
David and Janet Flessas purchased Acorn Mini Storage in Denton, Md., and branded it as Caroline Self Storage. The property at 24246 Shore Highway comprises 17,600 square feet in more than 120 units. It also includes a rental home, vehicle-storage spaces and room for expansion. The buyer and the seller were represented in the transaction by Chris Davis, a senior advisor with SVN-Miller Commercial Real Estate, a provider of brokerage services and property management.
StayLock Self Storage, which operates 60 facilities in four states, purchased Battle Creek Self Storage in Battle Creek, Mich., from Kingdom Storage Holdings. The property at 1061 E. Michigan Ave. comprises 53,480 net rentable square feet in 398 units. The seller was represented in the transaction by Jesse Luke, managing partner with the Self Storage Advisory Group for boutique brokerage firm EquiCap Commercial, and Mark Floria of Pagoda Cos., a Farmington Hills, Mich.-based self-storage operator that also provides third-party management services.
Proffitt Dixon Partners has acquired Charlotte Pike Storage in Nashville, Tenn., for $16.1 million. Completed last year, the facility at 512 26th Ave. N. was managed by real estate investment trust (REIT) CubeSmart and branded under its name. It comprises 88,175 square feet in 952 climate-controlled units. It’ll now be managed by REIT Public Storage Inc. The seller, Provident Realty Advisors, was represented in the transaction by Barbara Guffey, managing director, and Jason Nettles, senior managing director, of Holliday Fenoglio Fowler L.P. (HFF). HFF Managing Directors Travis Anderson and Brent Bowman secured $11.1 million in acquisition financing from Texas Capital Bank on behalf of the buyer.
Crows Run Self Storage in Conway, Pa., was sold. The single-story facility at 1901 Crows Run Road sits on 5.1 acres and includes six buildings containing 271 traditional storage units and 61 outdoor vehicle-parking spaces. The acquisition financing was arranged by Jon Garcia, an analyst for Fantini & Gorga, a commercial-mortgage banking firm.
Dillon Road Self Storage in Hilton Head Island, S.C., was sold to an unidentified buyer. The property at 159 Dillon Road comprises 67,250 rentable square feet in 510 units and 79 vehicle-storage spaces. The seller was represented in the transaction by Fred Paris, group vice president, and Monty Spencer of The Storage Acquisition Group.
Hilltop Mini Storage in Cambridge, Ohio, was sold to a limited-liability company. Built in 2016, the facility at 125 Market Street sits on 2.11 acres and comprises 35,000 square feet in 238 units. The buyer and the seller, a private investor, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for Marcus & Millichap, a commercial real estate investment services firm with offices throughout Canada and the United States.
KRT Affordable Self Storage, a two-property portfolio in Columbus, Minn., was sold to an unidentified buyer for $2.2 million. Combined, the facilities comprise 39,620 rentable square feet on 7.5 acres. Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate, represented the seller and procured the buyer.
Michigan Storage Centers, a self-storage property on 2.6 acres in Madison Heights, Mich., was sold to an undisclosed buyer. The facility comprises 86,730 square feet in 650 units. The seller was represented in the transaction by Ryan Clark and Cameron Vale of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage that specializes self-storage.
Westport Properties Inc., which operates more than 120 self-storage facilities under the US Storage Centers brand, acquired Planet Self Storage in North Waltham, Mass. The property at 115 Bacon St. comprises 34,116 square feet in 445 units. Built in 1900 as a manufacturing plant, the building was converted to self-storage in 1983. It’ll be the fourth US Storage Centers location in the Boston market, an area targeted for company expansion, according to Charles Byerly, president and CEO.
Riverchase Self Storage in Lexington, S.C., and Summit Self Storage in North Augusta, S.C., were sold as a two-property portfolio to an unidentified buyer. The facilities, 60 miles apart, comprise a combined 168,360 rentable square feet in 1,310 units and exterior vehicle-storage space. The deal was handled by Michael Morrison, an associate with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Scotsman Self Storage in Huntsville, Texas, was sold to an undisclosed, Texas-based buyer. The property comprises 44,500 net rentable square feet in 495 units. The facility is housed on three separate parcels totaling 4.86 acres, with one offering room for expansion. The buyer and seller were represented by Bill Bellomy and Michael Johnson of Bellomy & Co., a Texas-based commercial real estate firm focused on the self-storage industry.
5/15/19 – 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 May 2019.
All Safe Mini Storage in Macclenny, Fla., was sold. The property at 190 S. Lowder St. comprises 39,420 square feet in 306 units. The seller was represented in the transaction by Josh Koerner and Frost Weaver of Weaver Realty Group, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.
Berlin Township General Storage in West Berlin, N.J., was sold. The three-story facility at 399 Cooper Road comprises more than 50,237 rentable square feet. The seller was represented in the transaction by Linda Cinelli and John Mulholland of LC Realty, an Argus affiliate.
Cool Spaces Storage in St. Petersburg, Fla., was sold. The facility at 7470 30th Ave. N. St. was managed by self-storage real estate investment trust CubeSmart. It was converted to self-storage in 2016 and comprises 46,422 gross square feet in 345 units. The seller was represented in the transaction by Koerner and Weaver.
An Extra Space Storage facility in Ballston Spa, N.Y., was sold for $7 million to a Philadelphia-based private-equity firm. The 14-building property at 75 Brookline Road comprises 85,375 square feet in 691 units. The seller, an Extra Space subsidiary, was represented in the transaction by Hans Hardisty and Nick Malagisi of SVN Commercial Real Estate Advisors, which specializes in the valuation, purchase and disposition of self-storage properties within the Northeast.
Hialeah Drive Self Storage in Hialeah, Fla., was sold. The facility at 1000 Hialeah Drive comprises 96,507 rentable square feet in 1,007 units. The seller was represented in the transaction by David Spencer, vice president, and Cowles M. ‘Monty’ Spencer Jr., CEO and president, of The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.
Lions Den Mini-Storage in Chesterfield, Mich., was sold. The facility at 28170 23 Mile Road comprises 49,290 square feet in 261 units. The seller, MP Assets LLC, was represented in the transaction by Mark Floria, a broker with Pogoda Cos., a Farmington Hills, Mich.-based self-storage operator that also provides third-party management services.
Moove In Self Storage, which operates 28 locations in Connecticut, Maryland, New Jersey, New York and Pennsylvania, has acquired the two-property Locker Room Self Storage portfolio in Bridgeton, N.J., and Collegeville, Pa. Together, the sites comprise 136,075 square feet in 1,200 units. Founded in 1998, Moove In is a part of Investment Real Estate Group Cos., which also includes Investment Real Estate LLC and Investment Real Estate Construction LLC.
Metro Mini Storage in Baker, La., was sold to Colorado-based Red Dot Storage, which operates more than 140 self-storage properties in 16 states. The property at 12770 Plank Road was acquired for $2 million. It’s Red Dot’s second property in the Baton Rouge market and 17th in Louisiana. The sellers were George Moore Jr. and Linda Davis Moore.
Midway Storage, a two-property portfolio in Harrisburg, Pa., was sold to a private investor. Combined, the properties at 2610 Brookwood St. and 2246 Susquehanna St. comprise seven storage buildings and more than 95 units. The Brookwood facility was renovated in 2004. Both properties have been operated remotely with office hours by appointment only. Physical occupancy for the portfolio was below 50 percent at the time of sale. The deal was brokered by Yevgeni Kaniayev, an agent with Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
Mini-West Storage in Corsicana, Texas, was sold. The facility at 1400 N. 45th St. sits on 8.45 acres and comprises 81,050 square feet in 735 units. The site has solar panels and room for expansion. The sale included Charlie’s Laser Wash, an adjacent five-bay self-service car wash built in 2004. The seller, a private investor, was represented in the transaction by Danny Cunningham and Brandon Karr of the Karr Self-Storage team for Marcus & Millichap, a commercial real estate investment services firm with offices throughout Canada and the United States.
Premier Storage in Burford, Ga., was acquired by Compass Self Storage, a member of the Amsdell family of companies. The property at 2240 Sparta Way comprises more than 165,000 net rentable square feet. Planned upgrades include automatic gates, individual access control, high-definition video and smart locks. Headquartered in Cleveland, the Amsdell Cos. has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It operates 89 locations, including 17 in the Atlanta metro area.
Andover Properties LLC, which operates the Storage King USA brand, has acquired RoboVault Self Storage in Fort Lauderdale, Fla., through its partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The fully automated robotic container-retrieval facility at 3340 S.E. 6th Ave. comprises 82,000 square feet. Founded in 2003 and based in New York City, Andover owns and operates 33 self-storage facilities in nine states, totaling more than 2.3 million rentable square feet of storage space in 16,500 units.
Salem Glen Self Storage in Murfreesboro, Tenn., was sold to an unidentified limited liability company. The property at 3450 Glenside Court sits on 5.24 acres. It comprises 88,050 square feet in 14 buildings containing 663 units. Built in 2005, it was renovated in 2008 and 2016. The buyer and the seller were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M.
Storage Place in Katy, Texas, was sold to an unidentified buyer. The facility sits on 8.58 acres. It comprises 131,003 net rentable square feet in 19 single-story buildings containing 500 units, along with 25 covered and four uncovered vehicle-storage spaces. The deal included .4 acres of vacant land that fronts 5th Street. The seller was represented by Dave Knobler, first vice president of investments in M&M’s Houston office, and Charles “Chico” LeClaire, M&M’s executive managing director of investments in Denver and head of the LeClaire Group.
5/2/19 – 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 May 2019.
A-1 Mini Storage in Forest Lake, Minn., was sold for $2.7 million. The property at 24060 Greenway Road contains 10 buildings comprising 38,450 rentable square feet. The 15.5-acre property also has room for expansion. The seller was represented in the transaction by Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial Minneapolis, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.
Everett I-5 Mini Storage in Everett, Wash., was sold for $10.2 million to an out-of-state regional investment group. The property at 13100 Fourth Ave. sits on 5.4 acres. Built in 1986, the facility comprises 83,315 square feet in 782 units, as well as 14 covered and 13 uncovered vehicle-storage spaces. The buyer and the seller, a local partnership, were represented in the transaction by Christopher Secreto, 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.
Fort Locks Self Storage in Louisville, Ky., was sold to Public Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm. The property at 7650 Dixie Highway comprises 51,900 rentable square feet in 310 units. The buyer and the seller, a local investor, were represented in the transaction by Brent Dolan, Sam English and Greg Wells of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.
Longhorn Self Storage in Rowlett, Texas, was sold for $3.52 million to a national self-storage owner and management company. The property at 5250 Grisham Drive comprises 49,000 rentable square feet in 345 units. The seller was represented in the transaction by Harold Kolbe, president of Southeastern Business Intermediaries LLC, an Atlanta-based commercial real estate firm specializing in off-market self-storage transactions. He was assisted by Darren Schiff of Jeremiah Baron & Co. Commercial Real Estate LLC and Craig Rice of CSD Realty Co.
Mini West Self Storage in Corsicana, Texas, was sold to Denver-based Spartan Investment Group LLC. The 9.11-acre property at 1400 N. 45th St. is near the redevelopment of a 95-acre mixed-use complex. The 81,000-square-foot facility contains 735 units. The new owners plan to add 40,000 square feet of storage. Co-located with the facility is Charlie’s Laser Wash, a self-service carwash. The seller was represented in the transaction by Danny Cunningham, senior associate of Karr Self Storage Group, an M&M affiliate.
Landmark Self Storage in Louisville, Colo., was sold to Red Dot Storage, which operates more than 140 self-storage properties in 16 states. Red Dot plans to automate operations at 3335 Landmark Lane with kiosks and a point-of-sale software platform. The company’s portfolio comprises more than 5.4 million net rentable square feet. The seller, Landmark Self Storage LLC, was represented in the transaction by Larry Goldman, an Argus affiliate.
FlatRate Storage in Newark, N.J., was sold for $30 million to SmartStop Asset Management LLC, a diversified real estate company that manages 129 self-storage facilities in Canada and the United States under the SmartStop Self Storage brand. The three-building facility at 856-882 Frelinghuysen Ave. sits on 6.25 acres and comprises 101,161 rentable square feet in 1,777 traditional and 118 portable-storage units. It also offers an in-house moving company. The buyer and the seller, a private investor, were represented in the transaction by Adam Levin, senior managing director of the Levin Johnston Group of M&M. Founded in 1991, FlatRate operates self-storage facilities in six major cities, and moving services from nine branches, including one in London.
Storage Express, which operates more than 100 self-storage facilities in five states, has acquired three properties in Bloomington and Normal, Ill. Together, they total more than 77,000 square feet of storage. The company now operates 19 facilities in the state. Storage Express was represented in the transaction by M&M.
New Sources:
Boston Real Estate Times, Fantini & Gorga Arranges Financing for Crows Run Self Storage
CP Executive, Proffitt Dixon Partners Buys Nashville Storage for $16M
Digital Journal, The Storage Acquisition Group Announces the Sale of Dillon Road Self Storage on Hilton Head Island
Nashville Post, Self-Storage Property Sells for $16.1M
PR Newswire, Scott Meyers of Kingdom Storage Holdings and Self Storage Investing Sells Storage Facility in Battle Creek, MI
PR Urgent, Midcoast Properties Inc. Sells 2 Property Portfolio in South Carolina
REBusiness Online, SkyView Advisors Arranges Sale of 650-Unit Self-Storage Facility in Madison Heights, Michigan
RE Journals, EquiCap, Pagoda sell self-storage facility in Battle Creek
The Star Democrat, Denton Self Storage Facility Has New Owners
Previous Sources:
Business Report, Roundup: House Rejects Ticket Idea/Self-storage Facility Sold/Chevron Cedes to Occidental
Commercial Property Executive, Marcus & Millichap Brokers Sale of East Texas Storage
NYREJ, Malagisi and Hardisty of SVN Collaborate in Sale Of 85,375 S/F Self-Storage Facility For $7 Million
PR Newswire, Compass Self Storage Grows Their Footprint With Purchase of Self Storage Center in Atlanta
MENAFN, The Storage Acquisition Group Announces the Sale of Hialeah Drive Self Storage in Florida
PR.com, Argus Self Storage Sales Network Broker Affiliate Sells New Jersey Self Storage Facility
Commercial Property Executive, SmartStop Acquires NJ Storage Facility in $30M Deal
REBusiness Online, Marcus & Millichap Arranges $10.2M Sale of Self-Storage Facility in Everett, Washington
RE Journals, Cushman & Wakefield Sells 310-Unit Self-Storage Facility in Louisville
