Update 8/20/21 – 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 August 2021.
Albuquerque Lock Storage in Albuquerque, New Mexico, sold. Built on 7.2 acres, the facility at 10130 2nd St. N.W. comprises 41,150 rentable square feet in 285 units and 177 vehicle-storage spaces. It was 82% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.
Bethany Self Storage in Bethany, Oklahoma, sold to a regional operator. The facility at 7133 N.W. 23rd St. comprises 28,650 square feet. The seller, a limited liability company (LLC), was represented in the transaction by Danny Cunningham and Brandon Karr, investment specialists for M&M. They also procured the buyer, which has a presence in surrounding states but will enter the Oklahoma market with this purchase.
Broward County Self Storage in Fort Lauderdale, Florida, sold. The facility at 601 N.E. 11th St. comprises 23,511 net rentable square feet in 242 units. The seller was represented in the transaction by The Hatcher Group of M&M.
Columbia Self Storage in Columbia, South Carolina, sold. Built on 3.2 acres, the facility at 3520 Leesburg Road comprises 14,750 rentable square feet. It was 49% occupied at the time of sale. The property includes a one-bedroom apartment available for rent. The seller was represented in the transaction by The Hatcher Group of M&M.
A Miami self-storage facility managed by real estate investment trust (REIT) CubeSmart sold. The newly built, three-story facility comprises 21,731 rentable square feet in 786 climate-controlled and 135 wine-storage units. It’s across the street from a mixed-use project under development. The seller was represented in the transaction by The Hatcher Group of M&M.
A CubeSmart-managed property in Irving, Texas, sold to Andover Properties LLC, which operates the Storage King USA brand. The facility at 3450 Willow Creek Drive comprises 66,698 net rentable square feet in 609 units. The buyer and the seller, 3450 Willow Creek LLC, were represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas. Established in 2003, New-York based Andover owns and manages 96 storage properties in 16 states, comprising 7.3 million rentable square feet across 53,650 units.
Andover also acquired a property in Phoenix managed by REIT Extra Space Storage. The facility on N. 19th Avenue comprises about 55,000 rentable square feet in 670 units. This was the company’s fourth acquisition in the Phoenix metropolitan area and ninth in the state.
Five Mile Storage, a self-storage facility managed by Extra Space Storage in Fredericksburg, Vermont, sold. The 4.58-acre property at 12220 5 Mile Road comprises 50,035 net rentable square feet in 617 units. The transaction was brokered by Cowles M. “Monty” Spencer Jr., CEO and group president of The Storage Acquisition Group (TSAG), and David Spencer, vice president and senior advisor for TSAG, which specializes in acquiring off-market self-storage facilities and portfolios nationwide.
REIT Public Storage purchased Herriman Storage in Herriman, Utah, and Parkway Storage in Orem, Utah. Together, they offer 111,013 net rentable square feet in 834 units and have room for expansion. The Herriman facility was built in 2003, while the Orem property opened in 2004 and was expanded in 2008. The buyer and the seller were represented in the transaction by Jordan Farrer, investment associate, and Adam Schlosser, senior vice president of investments of M&M.
Hwy 6 Storage in Houston, which was managed by CubeSmart, sold to Andover Properties. The multi-story facility at 5905 Highway 6 comprises 49,000 net rentable square feet in 382 units.
Lexington Storage, a CubeSmart-managed property in Lexington, Kentucky, sold. Built on 3.5 acres at 527 Angliana Ave., the facility comprises 54,140 net rentable square feet in 567 units. The seller, Ziff Lexington Storage LLC, was represented in the transaction by Dave and Monty Spencer.
Little Turtle Storage in Fort Wayne, Indiana, sold. Built in 2019 on 1.41 acres, the facility at 5212 Decatur Road comprises 27,055 square feet in 245 units. The seller was represented in the transaction by Gabriel Coe, Brett R. Hatcher and Clint Miller of M&M, who also secured the buyer.
The two-property Meier's Storage portfolio in Hammond, Indiana, sold to an LLC. The facilities at 6809 Columbia Ave. and 1258 Cherry St. comprise 66,701 square feet. The buyer and the seller, also an LLC, were represented in the transaction by Jeffrey L. Herrmann, senior associate, and Sean M. Delaney, senior vice president for M&M. They were assisted by fellow broker Josh Caruana.
A two-property Mini Storage Depot portfolio sold. The Fort Wayne, Indiana, facility at 1121 N. Coliseum Blvd. comprises 72,454 rentable square feet in 604 units and includes a manager’s residence. It was 94% occupied at the time of sale. The Waterford Township, Michigan, property at 2019 Dixie Highway comprises 45,200 rentable square feet in 429 units and 29 vehicle-storage spaces. It was 92% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
Mountain Creek Storage, a CubeSmart-managed facility in Chattanooga, Tennessee, sold. The 5-acre property at 816 Mountain Creek Road comprises 59,075 net rentable square feet in 685 units and 48 vehicle-parking spaces. The seller was represented in the transaction by Dave and Monty Spencer.
Oakville Self Storage in Alexandria, Virginia, sold to a joint venture between Dahn Corp., Elevation Fund 8 LLC and Potomac Yard Mini U Storage LLC. The three-building, 934-unit facility at 405 Swann Ave. is within the Oakville Triangle, a master-planned, mixed-use development featuring healthcare, residential and retail properties. The buyer, which has rebranded the facility under the Mini U Storage name, intends to pursue significant renovations. The seller, an institutional investor, was represented in the transaction by Craig Childs, director; Steve Mellon and Brian Somoza, managing directors; and Bruce Strasburg, senior managing director with JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers. Dahn operates more than 45 Mini U locations across 11 states. Elevation Fund 8 is an investment vehicle of Elevation Capital Group, an Orlando, Florida-based real estate investment company with interests in self-storage.
Ring Road Self Storage in Elizabethtown, Kentucky, sold. The facility at 2927 Ring Road comprises 32,600 square feet of self-storage and 11,500 square feet of rentable retail space. The property includes room to add 29,200 rentable square feet in 283 units. Built on 7.3 acres in 1996, the facility was previously expanded in 2004 and 2010. It was 93% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
Tallahassee Storage, a CubeSmart-managed property in Tallahassee, Florida, sold. The 2.69-acre property offers 54,171 net rentable square feet in 550 units. The seller, Ziff Tallahassee Storage LLC, was represented in the transaction by Dave and Monty Spencer.
Timmus Storage in Ocoee, Florida, sold. Built on 2.2 acres, the newly constructed facility comprises 75,532 rentable square feet in 648 units. The property is surrounded by multi-family and retail development. The seller was represented in the transaction by The Hatcher Group of M&M.
Westside Storage in Odessa, Texas, sold. The facility at 9341 W. University Blvd. comprises 28,965 square feet. The buyer, an LLC, and the seller, a private investor, were represented in the transaction by Karr.
A three-property self-storage portfolio in the Athens, Georgia, metropolitan area sold for $11.4 million to Shoregate Partners LLC, an Easton, Maryland-based investment group. The portfolio comprises 1,130 units. The seller was represented in the transaction by Mike Patterson of Commercial Realty Services of West Georgia. The buyer was represented by Brandon Heaver of SVN-Miller Commercial Real Estate, a provider of brokerage services and property management. Shoregate is actively pursuing self-storage acquisitions in the Mid-Atlantic and Southeast.
8/4/21 – 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 August 2021.
Absolute Simpsonville LLC, a self-storage facility managed by real estate investment trust (REIT) CubeSmart in Simpsonville, South Carolina, sold. Built on 6.47 acres, the facility at 412 Scuffletown Road comprises 70,455 net rentable square feet in 629 units and 34 vehicle-storage spaces. The transaction was brokered by Cowles M. “Monty” Spencer Jr., CEO and group president of The Storage Acquisition Group (TSAG), and David Spencer, vice president and senior advisor for TSAG, which specializes in acquiring off-market self-storage facilities and portfolios nationwide.
Affordable Secure Storage in Selma, California, sold. The facility at 2118 McCall Ave. comprises 17,000 net rentable square feet in 192 units and three vehicle-storage spaces. It was 99 percent occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.
American Storage of Rockwall in Fate, Texas, sold to Compass Self Storage, a member of the Amsdell family of companies. Built on 4 acres, the facility at 4100 I-30 comprises 82,794 square feet. The seller 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. Headquartered in Cleveland, Compass operates 98 self-storage facilities nationwide.
Boyle Street Self Storage in Akron, Ohio, sold. The facility at 313 Boyle St. comprises 25,420 square feet in 148 units. The seller was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists for M&M.
Advantage Self Storage acquired Brach’s Interior Storage, Brach’s Mini Storage and Brach’s Self Storage in Grand Junction, Colorado. The three-property portfolio at 2497 Power Road, No. 20, was owned by Ann and Dave Brach, who built their first facility in 1995. The newest of the facilities, Brach’s Interior Storage, was built in 2019. The two-story, climate-controlled structure comprises about 19,000 square feet. Based in Colorado, Advantage operates 18 locations in Colorado, Florida, Maryland, Massachusetts and New York. It also provides business and property-management services nationwide.
Buncombe Storage, a CubeSmart-managed property in Greenville, South Carolina, sold. Built on 8.5 acres, the facility at 1900 Old Buncombe Road comprises 68,042 net rentable square feet in 782 units and 23 vehicle-storage spaces. The transaction was brokered by David and Monty Spencer of TSAG.
Cherryfield Self Storage in Brevard, North Carolina, sold to an out-of-state operator. The 4.61-acre property at 377 Old Rosman Road offers 37,350 rentable square feet in 377 storage units. The seller was represented in the transaction by Dale C. Eisenman, president, and Robert Moss, broker, for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
Colonnade LLC, a CubeSmart-managed self-storage facility in Central, South Carolina, sold. Built on 10.2 acres, the property at 1737 Old Central Road comprises 71,010 net rentable square in 782 units. The transaction was brokered by David and Monty Spencer of TSAG.
A Brentwood, Tennessee, self-storage location managed by CubeSmart sold to a New York-based private equity firm. Built on 1.9 acres, the four-story facility at 263 Wilson Pike Circle comprises 71,956 square feet. The seller, BBDB Investments LLC, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.
A Chattanooga, Tennessee, self-storage facility managed by CubeSmart sold. Built on 1.7 acres near an Amazon fulfillment center and a Volkswagen manufacturing plant, the multi-story facility comprises 100,980 square feet in 781 units. The buyer was represented in the transaction by Michael Morrison, a broker with Midcoast Properties.
D&J Storage in Madisonville, Texas, sold to an individual/personal trust. The facility at 1900 E. Main St. comprises 41,740 square feet in 292 units. The buyer was represented in the transaction by Jordan Farrer, Charles LeClaire and Adam Schlosser, investment specialists for M&M. The seller was represented by Dave Knobler, senior vice president of investments for M&M.
Eagle Mountain Self Storage in Azle, Texas, sold to a limited liability company (LLC). The facility at 1250 Sandy Beach Road comprises 68,200 square feet. The seller, a private investor, was represented in the transaction by Danny Cunningham, first vice president of investments, and Brandon Karr, senior vice president of investments, for M&M, who also secured the buyer.
Andover Properties LLC, which operates the Storage King USA brand, purchased HH & H Mini Storage in Fuquay-Varina, North Carolina. Built on 6.5 acres, the facility at 204 Scholl St. comprises 43,250 net rentable square feet in 331 units and has room for expansion. Andover intends to renovate the property, moving the management office to a more accessible location. This was the company’s fifth acquisition in the Raleigh, North Carolina, metropolitan area and ninth in the state. Established in 2003, New-York based Andover owns and manages 94 storage properties in 16 states, comprising more than 7.1 million square feet across 52,700 units.
The two-property Kutztown Self Storage portfolio in Kutztown, Pennsylvania, sold to Budget Store & Lock Self Storage, which operates 15 locations in the state. The facilities at 50 Apple Alley and 164 W. Walnut St. comprise 22,243 net rentable square feet. The sale included land for a third site with approval to build 56,950 net rentable square feet. The buyer and the seller were represented in the transaction by Coe, Coe and Hatcher for M&M. They were assisted by M&M Regional Manager Sean Beuche.
Lake Keowee Storage in Six Mile, South Carolina, sold to an out-of-state development company. The 10.5-acre property at 3376 Walhalla Highway contains 155 enclosed vehicle-storage spaces. The seller was represented in the transaction by Eisenman and Morrison of Midcoast Properties.
Premier Boat & RV Storage in St. Augustine, Florida, sold to Compass Self Storage, a member of the Amsdell family of companies that operates nearly 100 facilities nationwide. The facility at 3316 Agricultural Center Drive comprises 91,098 square feet in 204 vehicle-storage spaces, 54 of which are covered. The buyer and the seller were represented in the transaction by Coe, Coe and Hatcher of M&M. They were assisted by M&M Division Manager Ryan Nee.
A joint venture between private investment company Centerbridge Partners, Singapore sovereign wealth fund GIC Private Ltd. and self-storage real estate firm Merit Hill Capital has purchased 57 self-storage facilities from Prime Storage Holdings LLC for $636 million. The properties will be managed by self-storage real estate investment trust (REIT) Extra Space Storage and branded under its name. Built between 1960 and 2014, the facilities comprise 4 million square feet in 26,700 units. They’re in or near 23 metro areas across more than a dozen states, including Maine, New Jersey, South Carolina and Virginia.
Andover Properties acquired Space Self Storage in Corpus Christi, Texas. The facility at 2902 S. Padre Island Drive comprises 41,000 net rentable square feet in 300 drive-up units. The buyer and the seller, Divisidero Property LLC, were represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate firm with offices in Austin and Houston, Texas.
Starpoint Storage, a self-storage facility managed by REIT Public Storage Inc., in Chapel Hill, North Carolina, sold. Built on 8.5 acres, the facility at 2000 Ashley Wade Lane comprises 64,788 net rentable square feet in 781 units and six vehicle-storage spaces. The transaction was brokered by David and Monty Spencer of TSAG.
Storage Partners-Greenville, a CubeSmart-managed self-storage property in Greenville, South Carolina, sold. Built on 3.1 acres, the facility at 450 Haywood Road comprises 61,163 net rentable square feet in 774 units and eight vehicle-storage spaces. The transaction was brokered by David and Monty Spencer of TSAG.
Australia-based REIT Abacus Property Group is purchasing a five-property portfolio in Sydney from Storage King Funds Management Limited for AUD 160 million. The facilities are in the suburbs of Artarmon, Chatswood, Dee Why, Pymble and St Leonards. Together, they comprise 269,097 square feet. The transaction is expected to be complete this week. Abacus is a diversified property-investment group with interests in office, residential and retail in addition to self-storage.
A fund sponsored by CBRE Global Investors acquired four recently constructed StorQuest Self Storage facilities in Bothell and Lake Stevens, Washington; Boulder, Colorado; and Vista, California. Together, the properties comprise 296,286 square feet in 3,746 units. The Bothell location at 21008 Bothell Everett Highway comprises 74,805 square feet in 1,155 units. The Boulder facility at 4790 Pearl St. offers 69,115 square feet in 772 units. The Vista property at 943 S. Melrose Drive is 74,416 square feet in 899 units. The Lake Stevens asset at 1113 WA-204 comprises 77,950 square feet in 920 units. It was purchased by Lake Stevens Storage Owner LLC, an affiliate of StorQuest parent company William Warren Group (WWG), a privately held real estate company. The seller was WWG affiliate 1113 State Highway 204 SP LLC. WWG is expected to continue managing at least the Lake Stevens property. Founded in 1994 and based in Santa Monica, California, WWG acquires, develops and manages more than 200 self-storage facilities in 16 states. The CBRE fund now owns 19 self-storage facilities nationwide.
FollettUSA, which operates the 32 Storage Star brand, acquired a StorQuest facility in Tomball, Texas. The 5.49-acre property at 11133 Spring Cypress Road contains two buildings comprising 70,100 net rentable square feet in 597 units and 71 vehicle-storage spaces. The seller, a family trust, was represented in the transaction by Dave Knobler, senior vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments for M&M. Founded in 1989 and based in California, FollettUSA is a boutique real estate firm that acquires, develops and manages residential, self-storage and other investment properties. Its facilities comprise 3 million rentable square feet in more than 18,500 units.
Team Storage in Green Bay, Wisconsin, sold. The facility at 114 N. Military Ave. comprises 116,038 net rentable square feet in 472 units. The seller was represented in the transaction by Bruce Bahrmasel, Jesse Luke and Scott Rihm of EquiCap Commercial, an Argus affiliate.
Texas Moving & Storage in Lufkin, Texas, sold to a local investor who also owns another self-storage facility in the market. Built in 2008, the property at 2425 Brentwood Drive comprises 22,630 square feet in 223 units. The seller, a private investor, was represented in the transaction by Knobler of M&M, who also procured the buyer.
Three Rivers Self Storage in Cleves, Ohio, sold to iStorage, which operates more than 240 locations nationwide. The facility at 4015 E. Miami River Road comprises 56,100 net rentable square feet in 278 units. Built in 1998, it’s been expanded several times, most recently in 2016. The seller was represented in the transaction by The Hatcher Group. iStorage is a participating regional operator of National Storage Affiliates Trust, a Maryland REIT specializing in self-storage.
Cinch Self Storage, which operates six locations in England, acquired a facility in Brighton, England. The property at The Depository, South Road comprises 12,500 square feet. Financing was provided by Lloyds Bank. Cinch operates locations in Bicester, Chippenham, Huntingdon, Letchworth and Leighton Buzzard.
Global investment firm KKR entered the self-storage market with the purchase of three properties in Austin, Texas, and Nashville, Tennessee, from two sellers for $36 million. Built in 2019 and 2020, the facilities offer 1,800 storage units. KKR has $28 billion in real estate assets across Asia-Pacific, Europe and the United States.
SpareBox Storage, which operates 62 locations, acquired five facilities in Arkansas and Texas, adding more than 500,000 net rentable square feet to its portfolio. Launched in 2020, SpareBox is sponsored by Rizk Ventures, which owns and operates commercial and healthcare properties in eight states as well as Colombia, South America.
Pogoda Cos., which operates 58 locations in Michigan, acquired five facilities in the state from different owners. All have been rebranded as National Storage Centers. The purchase included two sites in Comstock Park. The property at 4000 Alpine Ave N.W., which the company had managed since 2106, comprises 48,760 square feet in 314 units. The three-story property at 4150 Alpine Ave N.W. was formerly managed by REIT CubeSmart. Built in 2020, it offers 79,225 square feet in 754 units. America’s Budget Storage at 40671 Joy Road in Canton comprises 59,400 square feet in 460 units. Eight Mile Self Storage at 31465 Eight Mile Road in Livonia, the company’s third in the city, contains 26,161 square feet in 236 units, with room for expansion. Ironwood Self Storage at 1140 Wilson Ave N.W. in Grand Rapids offers 72,695 square feet in 538 units. Based in Farmington Hills, Michigan, Pogoda manages more than 3.7 million square feet of storage.
New Sources:
MarketScreener, Jones Lang LaSalle Incorporated: Self-Storage Facility Near Washington, D.C. Sells
Multi-Housing News, JV Acquires 934-Unit Metro DC Self Storage
StreetInsider.com, SVN-Miller Commercial Real Estate Represents Buyer in Multi-Property Self-Storage Acquisition Outside Athens, GA
Previous Sources:
Business Wire, SpareBox Storage Acquires Five Stabilized Self Storage Properties in Arkansas and Texas
Business Wire, KKR Acquires Three Self-Storage Facilities in Austin and Nashville
Commercial Observer, Citi, JPMorgan, Goldman Sachs Lend $468M for Self-Storage Portfolio
Daily Journal of Commerce, Self-Storage Properties Trade for Over $64M
Global Legal Chronicle, Abacus Property’s $160 Million Acquisition of Five Storage King Sites
Insider Media Limited, Self Storage Firm Secures Bank Backing for Expansion
Marcus & Millichap, Marcus & Millichap Arranges Sale Of 91,098sf Self-Storage Facility
Multi-Housing News, KKR Enters Self Storage Market With $36M Buy
PR Urgent, Self Storage in Six Mile, SC Sold By Midcoast Properties Inc.
REBusiness Online, CBRE Global Investors Buys Four Self-Storage Facilities in Colorado, California, Washington Totaling 3,746 Units
REBusiness Online, Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Madisonville, Texas
RE Journals, Pogoda Companies Adds Five Properties to its Self-Storage Portfolio
The Business Times, Colorado Firm Purchases Brach’s Storage
