Real Estate Roundup: Self-Storage Transactions March 2017

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 “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered.

The two-facility Advanced Self Storage portfolio in Hardyston and Vernon, N.J., was sold for a combined $6.8 million. The Hardyston property, purchased by Ohio-based Five Star Store It, comprises 24,227 rentable square feet of storage space in 287 units. It also contains 5,400 square feet of office and retail space. New Jersey-based Grand Storage purchased the Vernon site, which encompasses 37,556 rentable square feet of storage space. The seller was represented in the transactions by Linda Cinelli, the broker affiliate in New Jersey and New York for the Argus Self Storage Sales Network.

Alliance Gateway Self Storage in Fort Worth, Texas, was sold to a private, Ohio-based operator. The property at 4209 Alliance Gateway Freeway comprises 49,085 rentable square feet of storage space. Built in 2002 and expanded in 2008, it consists of eight single-story buildings as well as a two-story management office and residence. The buyer and the seller, a partnership, were represented in the transaction by Brandon Karr, first vice president of investments, and Danny Cunningham, senior associate, in the Fort Worth office of Marcus & Millichap.

Cedar Brook Mini Storage in Bakersfield, Calif., was sold for $1 million to Los Angeles-based Lions Storage LLC. The nearly 2-acre property at 3201 S Chester Ave. features seven single-story buildings comprising 29,085 net rentable square feet of storage space in 295 units. It also includes an office and residence. The seller, Cedar Brook Mini Storage LLC, was represented in the transaction by Bobby Loeffler and Tyler Skelly, storage specialists for The Loeffler Self-Storage Group (LSSG).

Central Valley Mini-Storage in Madera, Calif., was sold for $2 million to a self-storage investor from the San Francisco Bay area. The 3-acre property at 25962 Ave. 17 1/2 features six single-story buildings comprising 31,275 net rentable square feet of storage space in 344 units. It also includes an office and residence. The seller, a Los Angeles-based investment group, was represented in the transaction by Loeffler and Skelly.

Chestnut Mill Storage in Souderton, Pa., was sold for $1.3 million to a private investor who owns a moving company. The nearly 1-acre property at 113 E. Chestnut St. was formerly a textile mill that was converted to self-storage in 2003. It consists of one building containing more than 180 interior, temperature-controlled units as well as a rental office. The seller was represented in the transaction by Investment Real Estate LLC (IRE).

Evergreen Mini Storage in Monroe, Wash., was sold for $15.2 million to a local investment group. The 6.6-acre property at 17600 147th St. S.E. comprises 122,000 net rentable square feet of storage space in 927 units. Built in 1985 and expanded between 1987 and 1993, it also contains two apartments, 36 private mailboxes and vehicle-parking spaces. The buyer and the seller were represented in the transaction by Christopher Secreto, first vice president of investments, and Jacob Becher, a senior associate, in the Seattle office of Marcus & Millichap.

Longhorn Self Storage in Katy, Texas, was sold to a Houston-based limited-liability company (LLC). The property at 22223 Kingsland contains 334 storage units. The buyer and the seller, also an LLC, were represented in the transaction by David Knobler, first vice president of investments, in the Houston office of Marcus & Millichap.

Magnolia Self Storage in Sanford, Fla., was sold. The 2.5-acre property at 2530 S. Magnolia Ave. comprises 32,725 square feet of storage space in 265 climate-controlled units. It also contains 25 vehicle-parking spaces and a manager’s residence. The buyer and the seller were represented in the transaction by Brian Baldwin, associate, Luke Elliott, vice president of investments, and Michael A. Mele, senior managing director of investments, for the Tampa, Fla., office of Marcus & Millichap.

Premier Storage in Commerce, Ga., was sold to an out-of-state buyer. The 5-acre property at 95 Homer St. comprises more than 65,000 rentable square feet of storage space in 441 units. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc.

Premier Storage Investors LLC purchased a 3.7-acre property at 395 Woburn St. in Tewksbury, Mass., for $1.4 million. The company has obtained the required permits to build a self-storage facility on the site. The buyer and the seller, CC & Sons Builders, were represented in the transaction by David Stubblebine, president, and James Stubblebine, vice president, of The Stubblebine Co./CORFAC International.

Self Storage Depot in Bixby, Okla., was sold to a private investor. The property at 13455 S. Memorial Drive comprises 76,050 square feet of storage space. The buyer and the seller, an LLC, were represented in the transaction by Mele and Trey Hammond, an investment specialist in Tulsa, Okla., office of Marcus & Millichap.

Snapbox Self Storage purchased Mill Creek Self Storage in Noblesville, Ind. The 6-acre property at 120 N. Mill Creek Road comprises 88,600 net rentable square feet of storage space in 650 climate-controlled and drive-up units. It was built in 1995 and expanded through 2014. The seller, About Storage LLC, was represented in the transaction by Ryan Clark, senior vice president of SkyView Advisors.

U-Haul Co. Ltd. purchased an industrial building in Winnipeg, Manitoba, Canada, for $3.6 million from Hi-Tech Energy Windows Ltd. The 2.7-acre property at 1675 Inkster Blvd. comprises 49,461 square feet of space, which includes 4,469 square feet of office space. The seller was represented in the transaction by Shindico, a Canadian commercial real estate firm.

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.

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

LSSG specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.

Founded in 1971, Marcus & Millichap 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.

Premier Storage Investors is a real estate investment and development company with offices in Memphis, Tenn., and Los Angeles.

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.

The Stubblebine Co. specializes in the lease and sale of large industrial and commercial properties throughout New England.