Update 2/23/21 – The joint venture between Cerberus and Go Store It closed on 12 self-storage properties comprising more than 850,000 rentable square feet in about 6,000 units. Since forming last July, the partnership has acquired assets in the Carolinas, Florida, Texas and Virginia.
“This joint venture is a unique opportunity to combine our market knowledge with Cerberus’ global expertise to develop a best-in-class, national portfolio of assets,” said Ryan Hanks, founder and CEO of Go Store It. “Our recent acquisitions give us immediate scale in several of our target markets, and we are excited to continue to expand our presence in both existing and new markets.”
Founded in 1992, Cerberus specializes in alternative investing. It has more than $48 billion in assets across complementary credit, private-equity and real estate strategies.
1/22/2021 – 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 January 2021.
Always Storage in Guthrie, Okla., sold. The facility at 3819 S. Division St. comprises 801 units, including 108 designated for boat/RV storage, whether fully enclosed, covered-only or open-air parking. The transaction included an annexed parcel at 724 E. Prairie Grove. The seller was represented in the transaction Luke Elliott, Trey Hammond and Michael Mele, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.
America's Best Self Storage at 7475 E. Old Vail Road in Tucson, Ariz., sold for $3.2 million. The buyer, Vault at Old Vail Road LLC, was represented in the transaction by Denise Nunez, senior vice president, and Victoria Filice, associate, for NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.
Box Self Storage in Cincinnati sold. The 1-acre property at 4725 Madison Road features a three-story building comprising 60,125 rentable square feet in 597 units. The seller, HCG Madison Road LLC, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.
Safeguard Self Storage, which operates 77 facilties in six states, purchased a two-story Nanuet, N.Y., self-storage facility for $18.3 million from DealPoint Merrill. Formerly managed by CubeSmart, the 2.2-acre property at 20 N. Middletown Road comprises 51,800 rentable square feet in 685 units. DealPoint purchased the site in 2015 for $3.6 million from a private investor. It spent a year in development and opened a year later.
Extra Space acquired one of its managed locations in Knoxville, Tenn., from real estate developers Coastal Storage Group and Miller-Valentine Group. Built in 2019 at 2072 Western Ave., the facility comprises about 80,000 rentable square feet. Coastal and Miller-Valentine are partners in eight other self-storage projects in Florida, Kentucky and Tennessee.
Handy Rentals in Wynne, Ark., sold to Florida-based private-equity investor Wynne Properties Group for $4.1 million. Built on 9 acres at 1306 S. Falls Blvd., the facility comprises 96,455 rentable square feet. The seller was represented in the transaction by Larry Goldman of Goldman Investment Advisors, an Argus affiliate.
Kangaroo RV & Boat Storage in Loveland, Colo., sold to a California-based operator that already has a presence in the area. Built on 10.6 acres at 1531 S. Lincoln Ave., the 10-year-old facility comprises 408 units. The seller, a local LLC that developed the property, was represented in the transaction by the LeClaire-Schlosser Group of M&M.
Krum Storage & More in Krum, Texas, sold to a local private investor. The facility at 1541 E. McCart St. comprises 25,030 square feet in 163 units. Built in 2010 and expanded in 2014, it also contains 4,640 square feet of retail space. The buyer and the local seller were represented in the transaction by Schlosser and Brett Jackson, investment associate, of the LeClaire-Schlosser Group.
Pioneer Stor & Lok and R&R Mini Storage in Texas City, Texas, sold as a two-property portfolio to a Houston-based private investor. The facilities at 2424 Texas Ave. and 1724 Texas Ave., respectively, comprise 36,900 square feet. Both were recently upgraded, but the buyer intends to pursue further site enhancements. The seller, a private investor, was represented in the transaction by Knobler of M&M, who also secured the buyer.
Pittsfield Self Storage in Pittsfield, N.H., sold. The facility at 55 High St. comprises 70,150 square feet in 504 units. It also contains 10 vehicle-storage spaces. Originally built in 2007, it was expanded by 30,000 net rentable square feet last year. The seller, an LLC, was represented in the transaction by Coe, Coe and Hatcher. Fellow broker James Koury assisted.
The four-property RH Rebel Storage portfolio in North Dakota sold to KO Storage. The facilities, spread across Jamestown, Minot and Valley City, comprise 142,896 rentable square feet, including portable-storage containers. The seller was represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate. Flannigan and Ihrke also procured the buyer.
InSite acquired a three-story Certificate-of-Occupancy project in Palm Harbor, Fla., that it intends to brand under the SecureSpace name. Built on 6.4 acres at 265 Palm Harbor Blvd., the facility comprises 71,900 square feet of storage space and 67 covered parking spots.
Security Self Storage in Pace, Fla., sold to Andover Properties. The facility at 3619 Ave. H comprises 72,290 square feet. It’s near a dense residential area and new developments. It’ll be rebranded under the Storage King USA name. The location is Andover’s fourth in the Pensacola market and 22nd statewide.
Stop and Store in Penticton, British Columbia, Canada, sold for $3.2 million. Built on 1.84 acres at 1264 Carmi Ave., the facility contains 318 container-storage units and has room for expansion. The seller was represented in the transaction by Ken Kiers, a broker with NAI Commercial Vancouver Investment and Sales.
B&C Storage, which operates 18 facilities in New York, acquired Stor-Haus in Liverpool, N.Y. The facility at 1124 Vine St. contains two self-storage buildings and several commercial structures. Founded in 1995 and headquartered in Syracuse, N.Y., B&C is locally owned.
National Storage Affiliates Trust, a Maryland REIT specializing in self-storage, acquired a 14-property portfolio in Minnesota, Missouri and Texas from The Jenkins Organization, a storage operator and third-party management company. Totaling 8,517 units, the purchase consists of six properties in Houston and three in Austin, Texas; two in the Minneapolis-St. Paul markets; and one each in Dallas, San Antonio and St. Louis, Mo. The seller was represented in the transaction by Steve Mellon and Brian Somoza, managing directors; David Berglund, senior managing director; and Blaise Tomazic, vice president, of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
In a partnership with Bluebird Self Storage, NYX Capital Corp. acquired three facilities in Ontario, Canada, from WP Carey Inc. for $81 million. Together, they total more than 300,000 net rentable square feet in 3,242 units on 7.98 acres. Newly built facilities at 19 Esandar Drive in Toronto and 411 Cityview Blvd. in Woodbridge comprise 112,000 net rentable square feet each. The third facility, 1230 Lakeshore Road E. in Mississauga, was converted from a former industrial building. It offers 84,000 net rentable square feet. NYX is a Toronto-based private equity real estate investment firm with $620 million in assets under management. Bluebird Self Storage operates facilities in six Canadian provinces. It recently formed a third-party property-management firm, Bluebird Storage Management ULC.
1/8/2021 – 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 January 2021.
A 12-property 603 Self Storage portfolio in New Hampshire sold to SpareBox Storage. Together, the facilities comprise 325,914 net rentable square feet in 2,453 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Richard Riddle, senior vice president, of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. Launched last year, SpareBox is sponsored by Rizk Ventures LLC, an investment platform specializing in healthcare, real estate and technology. The company intends to create a national operating brand by amassing $1 billion in assets. Rizk’s portfolio of commercial and healthcare properties across six states and Colombia comprise more than 11 million square feet.
A-1 Storage in Willis, Texas, sold to Houston-based Willis East Storage LLC. The facility at 14210 Longstreet Road comprises 52,680 net rentable square feet in 242 units. The Hermosa Beach, Calif.-based seller, Pacific View Investments LLC, 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, Texas. The buyer was represented by Craig Rice and Cole Rice of CSD Realty Co.
A&G Mini Storage in Flagstaff, Ariz., sold to a California-based buyer for $1.6 million. The facility at 2718 E. Lakin Drive offers more than 20,000 square feet of rentable space. The Arizona-based seller was represented in the transaction by Jeff Gorden of The Gorden Cos./Keller Williams East Valley, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
A&W Storage in Oklahoma City, Okla., sold. Built on 5.16 acres, the facility at 4800 and 4900 S. Sunnylane Road comprises 88,0202 net rentable square feet in 467 units. The seller was represented in the transaction by Clark, Riddle and Zack Urow, senior vice president, of SkyView Advisors.
ABC Self Storage in Franklin, Va., sold. The facility at 1440 Armory Drive comprises 70,750 square feet in 551 units. The 6.34-acre parcel also contains two offices and room for expansion. The buyer and the seller were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Fellow M&M Broker Dawson Rinder assisted.
Advantage Storage in Arlington, Texas, sold. The facility at 1040 W. Sublett Road comprises 95,825 square feet in 771 units. The property also contains four warehouses. The seller was represented in the deal by Coe and Hatcher. They were assisted by M&M Division Manager Tim Speck.
A four-property Ashley’s Storage portfolio in Texas sold to a California-based limited liability company (LLC). The facilities at 229 Dell Dale St. and 232 Grand St. in Channelview, Texas, offer traditional self-storage, while the properties at 7114 Belgold St. and 10018 Edwards St. in Houston specialize in boat/RV storage. Together they comprise 96,338 square feet of storage space. The seller, a Texas-based LLC, was represented by Dave Knobler, first vice president of investments, for the LeClaire-Schlosser Group of M&M. Knobler also secured the buyer.
Black Canyon Storage in Black Canyon City, Ariz., and Rimrock Super Storage in Rimrock, Ariz., sold for $4.6 million to an out-of-state buyer. The properties are at 34655 Mud Springs Road and 3706 E Beaver Creek Road, respectively. The California-based seller was represented in the transaction by Gorden.
Hats Boat & RV Storage LLC acquired Boat & RV Storage of Sugarland in Stafford, Texas. The facility at 4403 Ludwig Lane comprises 17,388 net rentable square feet in 46 units. The sellers, Danny and Lorraine Blumrick, were represented in the transaction by Bellomy and Johnson.
Cajun Self Storage in Fresno, Texas, sold. Built on 8.3 acres in 2005, the facility at 2935 FM 521 Road comprises 104,823 net rentable square feet in 619 units. It was expanded in 2015 and 2017. The seller was represented in the transaction by Coe, Hatcher, Brian Kelly and Jack Newman of The Hatcher Group of M&M.
Padlock Partners UK Fund I, which operates six facilities in England, acquired Cinch Self Storage in Bicester, a market town northwest of London, for £3,200,000. The three-story facility at 1 Arkwright Road opened in 2018 and comprises 25,000 square feet. Padlock operates facilities in Bicester, Chippenham, Letchworth, Leighton Buzzard, Newmarket and Wimbledon, England.
The William Warren Group, a privately held real estate company that operates the StorQuest Self Storage brand, acquired a property in Gilbert, Ariz., that was managed by self-storage real estate investment trust (REIT) CubeSmart. The facility at 4700 S. Val Vista Drive opened in 2019 and comprises 59,675 rentable square feet in 502 units. The buyer and the seller, Hines Interests, were represented in the transaction by Norman Herd, president of Quantum Property Advisors, a Phoenix-based real estate services firm that specializes in self-storage brokerage.
Edgewater Boat & General Storage in Angleton, Texas, sold to a private investor. The facility at 12126 FM 523 comprises 61,060 square feet. The seller, also a private investor, was represented in the transaction by Knobler of M&M, who also secured the buyer.
All Storage, which operates more than 50 facilities in Oklahoma and Texas, acquired a property managed by REIT Extra Space Storage. The multi-story facility at 2435 Presidio Vista Drive comprises 139,500 square feet. The seller, private real estate firm The Davis Group, was represented in the transaction by Adam Alexander, Nate Holash and Nick Walker, investment specialists with CBRE Group Inc., a commercial real estate services and investment firm.
Affiliates of SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone self-storage brands, acquired an eight-property EZ Self Storage portfolio in Wisconsin for $36.7 million. The acquisitions span seven cities and mark the company’s entry into the Greater Milwaukee market. The facilities include 5133 S. Pennsylvania Ave. in Cudahy, 10535 W. College Ave. in Franklin, 3645 W. Loomis Road in Green field, N60 W14944 Bobolink Ave. in Menomonee Falls, 1201 W. Canal St. in Milwaukee, 1019 W. Rawson Ave. in Oak Creek, and 11108 W. Lapham St. in West Allis. The sellers were affiliates of Franklin, Wis.-based real estate firm Sunset Investors and LLCs registered to Peter Williams. Based in West Palm Beach, Fla., SROA is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide. It owns and operates more than 7 million rentable square across 140 properties.
Goodview Storage in Gallatin, Tenn., sold to Hotel Foxtrot Corp. The 6.51-acre property at 149 Goodview Way houses five single-story buildings and a two-story management office. It comprises 40,150 rentable square feet in 295 units. The seller, Goodview Properties LLC, was represented in the transaction by James Ashley Compton, national director of the Self Storage Group for Colliers International.
Security Self Storage in Pace, Fla., sold. The facility at 4391 US-90 comprises 73,734 net rentable square feet in 667 units. The buyer and the seller were represented in the transaction by Coe, Hatcher, Nathan Coe and Meir Perlmuter of The Hatcher Group. They were assisted by Ryan Nee, district manager for M&M.
Strack Road Storage in Houston sold to real estate firm Merit Hill Capital LP. The facility at 4717 Strack Road comprises 198,005 square feet. The seller, a local partnership, was represented in the transaction by Knobler of M&M, who also secured the buyer. New York-based Merit Hill acquires, owns and manages self-storage facilities nationwide. It operates 130 properties in 30 states.
Andover Properties LLC, which operates the Storage King USA brand, acquired Texas Storage in Rosenburg, Texas. The facility at 3619 Ave. H comprises 45,000 square feet in 335 drive-up and vehicle-storage units. The seller, Diehl Investments II LP, was represented in the transaction by Bellomy and Johnson, who also procured the buyer. Founded in 2003 and based in New York City, Andover owns and operates 38 self-storage facilities in 12 states, totaling more than 2.7 million rentable square feet.
TK Secure Storage in Termonton, Utah, sold. The 1.34-acre property at 976 W. 600 N. comprises 24,276 square feet. The buyer and the seller, a local limited-liability company, were represented in the transaction by Jordan Farrer, investment associate, and Adam Schlosser, senior vice president of investments, for M&M.
Total Storage in Lakesite, Tenn., sold to Southeast Storage for $5 million. Built in 1975 on 4.9 acres, the facility at 8810 Dallas Hollow Road comprises 80,902 square feet in 622 units. It’s original size was 7,850 square feet, but it was expanded over time to a footprint of 101,293 square feet. The acquisition marks Southeast’s entry into the Chattanooga, Tenn., market. The company operates six facilities across Alabama, Georgia and South Carolina. It’s affiliated with Lumpkin Development Co., which owns more than 2 million square feet of commercial space in Alabama and Georgia.
Insite Property Group, the parent company of SecureSpace Self Storage, acquired two facilities in Portland, Ore., from the same seller. The purchase includes a three-story Certificate-of-Occupancy project at 16017 S.E. that comprises more than 110,000 square feet. The three-story facility at 3737 N.E. Columbia Blvd. opened recently under the Extra Space Storage brand. It contains more than 140,000 square feet. Based in Redondo Beach, Calif., InSite has 30 facilities operating or under development.
Odd Molly International AB has signed a letter of intent to acquire a two-property self-storage portfolio and a warehouse in Båstad and Laholm, Sweden, for SEK 45 million. Together, they comprise 29,527 square feet in 400 units, and are valued at SEK 52.5 million. The deal is expected to close in March. Odd Molly is a Swedish company that designs, markets and sells clothes in addition to holding real estate.
A joint venture between Cerberus Capital Management and Go Store It acquired nine self-storage facilities in Asheville, N.C.; Charleston, S.C.; Dallas; Houston; and Wilmington, N.C., for more than $85 million. The purchase marks the brand’s entry to the Dallas market. Based in Charlotte, N.C., and affiliated with Madison Capital Group LLC, Go Store It specializes in the acquisition, development and management of self-storage nationwide. Its portfolio comprises more than 3.3 million square feet.
New Source:
Valdosta Daily Times, Go Store It and Cerberus Joint Venture Expands Portfolio of Self-Storage Assets
Previous Sources:
AZ Big Media, NAI Horizon Sells 8.605 Acres in Gilbert for $7.5 Million
PR Newswire, B&C Storage Acquires Self Storage Facility In Liverpool, New York
Real Estate News Exchange, NYX Acquires 3 Bluebird Self Storage Facilities for $81M
Infotel, Penticton Self Storage Facility Sells for More Than $3M
Multi-Housing News, New York Storage Asset Trades for $18M
REBusiness Online, Goldman Investment Advisors Brokers $4.1M Sale of Self-Storage Property Near Memphis
Business Wire, SpareBox Storage Announces Acquisition of Stabilized Storage Portfolio in New Hampshire
Chattanooga Times Free Press, Southeast Storage Buys Hixson Self-Storage Units
Market Screener, Odd Molly International: Signs Letter of Intent to Acquire Three Warehouse and Logistics Properties, Including Fast-Growing Self-Storage Business
Milwaukee Business Journal, Buyer in Local $36.7 Million Self-Storage Deal Co-Founded by Kohl Family Member
PR Newswire, Go Store It Finishes the Year with Nine Storage Acquisitions in the Month of December
PR Newswire, Padlock Partners UK Fund I Continues UK Growth with Acquisition of Existing Self-Storage Business in Bicester, England
REJournals, Boat and RV Storage Sells in Sugar Land Submarket
REJournals, Columbus office of Marcus & Millichap Sells 95,000-Square-Foot Self-Storage Facility in Texas
The Blue Mountain Eagle, InSite Property Group Announces the Acquisition of 2 Self Storage Facilities in Portland, Oregon
