Real Estate Roundup: Self-Storage Transactions July 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.

I-30 Self Storage in Mesquite, Texas, was sold to a Dallas-based buyer. Built in 1984, the property at 4018 Interstate 30 is nine miles east of Downtown Dallas. The buyer and the Provo, Utah-based seller were represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson of Bellomy & Co.

A&C Storage in Lakeside, Ariz., was sold for $760,000 to an out-of-state buyer. The property at 5028 Highway 260 contains more than 100 storage units as well as 50 vehicle-parking spaces. The seller was represented in the transaction by Jeff Gorden, vice president, and Seth Hodges, associate, of Eagle Commercial Realty Services, who are both Arizona broker affiliates for the Argus Self Storage Sales Network.

Baton Rouge Mini Storage in Baton Rouge, La., was sold to a Salt Lake City-based buyer. The portfolio includes two sites that are just over a mile apart. Together, they comprise 58,340 net rentable square feet of storage space. The buyer and the Los Angeles-based seller were represented in the transaction by Arnold, Bellomy and Johnson.

Discount Self Storage in Shreveport, La., was sold to a Salt Lake City-based investor. The property at 900 E. 70th St. comprises 70,057 square feet of storage space in 578 units. The buyer and the seller, a firm based in Marshall, Texas, were represented in the transaction by Arnold, Bellomy and Johnson.

Dungan Storage Warehouses in Austin, Texas, was sold to a limited-liability company (LLC). The property at 1605 Dungan Lane comprises 19,453 square feet of storage space. The buyer and the seller, also an LLC, were represented in the transaction by Jon Danklefs and Mark V. Diebold, senior associates in the Marcus & Millichap San Antonio office.

Real estate developer Gorman & Co. purchased a commercial building in a Philadelphia suburb for $3.7 million for self-storage development. The property at 212 Church Road in Upper Gwynedd Township comprises 94,000 square feet of space. The seller, Patriarch VIII, was represented in the transaction by Justin Bell, managing director, and Neil Shupak, senior managing director, for Newmark Grubb Knight Frank (NGKF).

Hull Street Storage LLC purchased a former Strange’s floral shop in Richmond, Va., for $675,000. The buyer, Don Smith, plans to develop a self-storage facility on the 3-acre parcel at 6710 Hull Street Road. The seller was represented in the transaction by David Smith, senior vice president of Cushman & Wakefield.

Mariposa Self Storage in Nogales, Ariz., was sold for $3.3 million to an out-of-state buyer. The property at 1200 Mariposa Road contains more than 500 drive-up units as well as 400 rentable mailboxes. The seller was represented in the transaction by Gorden and Hodges.

Phoenix Self Storage in Phoenix was sold to a limited-partnership investment firm based on the East Coast. The 8.6-acre property at 3650 W. Broadway Road comprises 128,240 square feet of storage space in 1,031 units. The buyer and the seller, a private investor, were represented in the transaction by Devin Beasley, Luke Elliott and Michael Mele, investment specialists with The Mele Group of Marcus & Millichap. They were assisted by Ryan Sarbinoff, regional manager in the firm’s Phoenix office.

Powell Self Storage in Powell, Ohio, was sold to an LLC. The property at 72 Industrial Park Place comprises 45,920 net rentable square feet of storage space. The buyer and the seller, also an LLC, were represented in the transaction by Brett R. Hatcher, first vice president of investments and director of the National Self Storage Group in the Marcus & Millichap Columbus, Ohio, office.

Carpenter Storage purchased Rock Solid Self Storage Inc. in Dallas, Ga., for $2.5 million. The property at 137 Amberhill Drive comprises 22,000 rentable square feet of storage space and 140 vehicle-parking spaces. The buyer plans to expand the facility. The seller was represented in the transaction by Mike Patterson, a realtor with Commercial Realty Services of West Georgia and an Argus broker affiliate for the state.

Upton Self Storage in Upton, Mass., was sold to a Delaware-based LLC for $4.6 million. The property at 226 Milford St. comprises 43,250 square feet of rentable storage space in 287 units. The buyer and the seller, Upton Self Storage LLC, were represented in the transaction by Joseph Mendola, senior advisor for NAI Norwood Group and the Argus broker affiliate for New England.

U-Store It in East Bridgewater, Mass., was sold for $900,000 in all all-cash transaction between a local buyer and seller. The property at 15 Whitman St. opened in 1985 as an adaptive reuse project within an old, multi-story mill building. The 8.17-acre site features an 80,000-square-foot building containing 19,085 net rentable square feet of storage space in 246 units. The buyer and the seller were represented in the transaction by Nick Malagisi, national director of self-storage, and Connie Neville, managing director, of SVN National Self Storage Product Council.

West Seneca Self-Storage in West Seneca, N.Y., was sold for $1.4 million to West Seneca Self Storage LLC, which is owned by Charles W. Haring. The property at 1711 Union Road features nine buildings comprising 21,600 square feet of space in 167 units and 84 vehicle-parking spaces. The site also has an additional acre of land for development. The property was owned by Tzetzo Cos., a real estate investment firm that specializes in apartment buildings and nursing homes. The company is owned by attorneys Dimitri and Nicholas Tzetzo.

Winston-Salem Self-Storage in Winston-Salem, N.C., was sold to a first-time self-storage owner. The property at 401 Jonestown Road comprises 70,962 rentable square feet of storage space in 558 units across two floors. The 1.22-acre property opened in 2015. The buyer and the seller were represented in the transaction by Elliott and Mele. They were assisted by Raj Ravi, a broker in the firm’s North Carolina office.

A global-investment group purchased 3 acres of vacant land in the Travis neighborhood of Staten Island, N.Y., for $4 million on which it plans to build a self-storage facility. The property at 260 and 266 Wild Ave. will comprise 200,000 square feet of storage space. Once complete, it will be the largest storage facility in the area, according to Michael Schneider, owner of Schneider Realty Services and the broker in the transaction.

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.

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, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.

NGKF offers investment sales, transaction management, debt placement, proprietary lending, and appraisal and valuation advisory services.

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.