Update 7/23/20 – 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 July 2020.
The three-property ABC Self Storage portfolio in Evans Mills and Watertown, N.Y., sold to a private buyer. Together, the facilities comprise 181,599 net rentable square feet in 1,389 units. They’re near Fort Drum, the largest cold-weather training base in the U.S. military. The seller was represented in the transaction by Justin Quinto, a brokerage advisor for Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
All American Storage in West Valley City, Utah, sold to a regional real estate investor making its first self-storage acquisition. Built in 1997, the facility at 3676 S. Redwood Road comprises 8,800 square feet in 45 units. The buyer was represented in the transaction by Jordan Farrer, a broker with The LeClaire Group of M&M.
A two-property All Seasons Storage portfolio sold to a private self-storage owner in a 1031 exchange. Completed in 1998, the facility at 4305 Benton Drive in Chattanooga, Tenn., comprises 48,400 net rentable square feet in 323 units. The second property was built in 1997 on 7 acres at 1060 Vista Drive in Dalton, Ga. It comprises 32,750 rentable square feet in 208 units. The seller, a private investor, was represented in the transaction by Jesse Luke of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage, and Anne Williams-Blackwell, a first vice president with the Williams Storage Group of M&M.
The Attic Self Storage in Killeen, Texas, sold to a Seattle-based investor in a 1031 exchange. Built in 1980, the 2.54-acre property at 701 N. 46th St. contains seven buildings comprising 45,100 square feet in 403 units. The seller was represented in the transaction by Joe Garrett, managing partner for commercial real estate firm Sperry Commercial Global Affiliates.
Bi-City Mini Storage in Fortson, Ga., sold to Affordable Storage, which operates nine locations across Florida, Georgia and Tennessee. The facility at 5815 Georgia Highway 219 comprises 146 units and a manager’s residence. It’s been rebranded as Fortson Affordable Storage. The deal was brokered by Jane H. Sauls and Luke Sauls of Sauls Storage Group LLC, an Argus affiliate.
Commercial real estate firm Maya Capital Partners purchased Bins & Bays Self Storage and Super Self Storage in Sussex County, N.J. Bins & Bays sits at 3.53 acres at 3210 State Route 4 in Hardyston, comprising 15,800 net rentable square feet. Located on 2.58 acres in Sparta, Super Self Storage at 19 White Lake Road offers 34,475 net rentable square feet. The buyer and the seller were represented in the transaction by Linda Cinelli, president of LC Realty, an Argus affiliate.
Store Space Self Storage, which operates 31 facilities in 13 states, acquired CubeSmart in St. Petersburg, Fla. The facility at 401 34th St. N. sits on 2.3 acres and comprises 88,996 net rentable square feet in 744 units. The seller was represented in the transaction by Ryan Clark, director of sales, and Zack Urow, senior vice president, for SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage. CubeSmart is a self-storage real estate investment trust and third-party management firm that owns or manages 1,250 facilities across the United States.
In a partnership with Baranof Holdings LLC, Invesco Real Estate acquired Morena Storage in San Diego. The facility at 908 Sherman St. comprises 108,700 rentable square feet in 1,640 units. The seller was represented in the transaction by Brant Aberg, Bryce Aberg, Zachary Harman and Greg Wells, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Invesco is the global real estate investment-management arm of Invesco Ltd. It invests on direct property and publicly traded real estate securities. Dallas-based Baranof develops, builds and acquires self-storage properties nationwide.
South Park Mini Storage in Tulsa, Okla., sold to a private buyer. The facility at 10901 S. Memorial Drive comprises 29,857 rentable square feet. The seller was represented in the transaction by Jarred Jones, an Argus broker affiliate.
StorageMart, which operates 225 properties in three countries, purchased two newly completed SurePoint Self Storage facilities in Olathe and Overland Park, Kan. The portfolio comprises a 784-unit facility at 15282 W. 134th Place in Olathe and a 908-unit facility at 12020 Glenwood St. in Overland. The seller was represented in the transaction by JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers. The team consisted of Andrew Fisher, vice president, Henry Weiler, senior associate, and managing directors Steve Mellon and Brian Somoza.
Tallahatchie Mini Storage in New Albany, Miss., sold to a private investor. The facility at 400 Park Plaza Drive comprises 86,350 rentable square feet in 649 units and 14 covered boat/RV spaces. The seller, a private investor, was represented in the transaction by Matt Porter, associate, and Williams-Blackwell of M&M. Williams-Blackwell also procured the buyer.
Valley Vista Self Storage in Bernalillo County, N.M., sold to Haggar Group LLC in a 1031 exchange. Built on 8 acres at 3901 Ervien Lane S.W., the facility comprises 48,200 square feet in 423 units. Completed in 2000, it has 13 single-story buildings. Haggar operates a 23-facility portfolio comprising 1.25 million net rentable square feet under the Storewise Self Storage brand. The seller, a private investor, was represented in the transaction by Devin Beasley, Luke Elliott and Michael Mele of Cushman & Wakefield.
Whites Creek Storage in Nashville, Tenn., sold to Chicago-based InContext Advisors LLC for $5.7 million. The facility at 2730 Whites Creek Pike comprises 369 units. It’ll be managed by Westport Properties Inc., which operates more than 120 self-storage facilities under the US Storage Centers brand. InContext specializes in family-office functions and due diligence on direct investments.
7/8/20 – 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 July 2020.
Metro Mini Storage, which operates 22 facilities in five states, acquired Adding Space Self Storage in Chelsea, Ala., for $11.75 million from owner Bo Brannen. Located at 14548 U.S. 280, the facility sits on 10.5 acres and is across the street from an existing Metro Mini site. It comprises 120,000 square feet in 788 units. It also offers 108 uncovered and 25 covered vehicle-storage spaces. The Metro acquisition team included Shane Sisk and Mariah Wiggins. Brannen was represented by Eddie Greenhalgh, first vice president of investments and senior director of the national self-storage group, and Jake Payne, associate, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Oakworth Capital Bank provided a $9.4 million loan.
C-City Storage Center in Colorado City, Texas, sold. The facility at 2308 State Highway 208 comprises 37,804 square feet. The buyer and the seller were represented in the transaction by Brett Jackson, investment associate, and Adam Schlosser, senior vice president of investments, for M&M.
Liberty Investment Properties, which operates the My Neighborhood Storage Center brand, acquired two facilities in Durham and Raleigh, N.C., from separate investors for $18.1 million. Together, the sites total 131,300 net rentable square feet. Both were managed by self-storage real estate investment trust Extra Space Storage and branded under its name. The four-story facility at 112 W. Seminary Ave. in Durham comprises 58,700 net rentable square feet in 645 units. The property was purchased for $10.3 million from NitNeil Partners, a self-storage developer and owner. The seller was represented in the transaction by Ashley Compton, national director and principal of the Self Storage Group for Colliers International.
Located on 5 acres at 6401 Town Center Drive, the two-story Raleigh facility comprises 72,600 net rentable square feet in 685 units. A private investor sold the asset for $7.8 million. Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, facilitated the $11.8 million acquisition loan from Skymar Capital Corp. The five-year note has a fixed interest rate and represents 65 percent of the purchase price. The brokerage team included managing directors Saul Hoppenstein, Rebecca Van Reken and Michael Weinberg.
Leland Storage in Leland, N.C., sold to a private investor. Opened in 2018, the multi-story facility at 1218 W Gate Drive sits on nearly 2 acres and comprises 54,625 rentable square feet in 492 units. The buyer and the seller were represented in the transaction by Dale C. Eisenman, president, and Michael Morrison, broker associate, for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
A two-property Lok Safe Storage portfolio in Manitowoc, Wis., sold to an undisclosed buyer. Constructed in 2005 and subsequently renovated, the facilities comprise 61,820 square feet in 289 units. One location is on the southwest side of town near Highway 43, while the other is on the opposite side off 18th Street and Grand Avenue. The seller, a private self-storage investor and developer, was represented in the transaction by Chris Kampmeyer, investment associate, and Schlosser for M&M. The brokers also procured the buyer.
RDN Mini Storage in North Las Vegas sold to Los Angeles-based self-storage investment firm Watling Street for $4.6 million. The facility at 725 W. Washburn Road comprises 304 units. The seller was a limited liability company (LLC).
Five Star Storage, which operates 20 facilities in Minnesota and North Dakota, acquired the three-property Security Self Storage portfolio in Fargo and West Fargo, N.D. Together, they comprise more than 184,000 rentable square feet in nearly 1,300 units. Based in Fargo, Five Star owns and operates more than 1 million rentable square feet of storage.
Sno-Cap Mini Storage in Sisters, Ore., sold to Blue Elephant Storage for $3.05 million. The facility at 157 Sisters Park Drive comprises 280 units. The sellers, John and Peggy Tehan, owned the property for 14 years. The deal was brokered by Brian Frtazke, a principal with Fratzke Commercial Group. Blue Elephant operates four locations in Oregon.
Andover Properties LLC, which operates the Storage King USA brand, purchased U-Stor-All Self Storage in Denver. The transaction was made through the company’s partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The facility at 1155 S. Huron St. comprises 90,000 square feet, which includes drive-up storage, warehouse and flex space, and 33,800 square feet of commercial office space. The seller was represented in the transaction by Joan Lucas of Joan Lucas Real Estate Services, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties. New York City-based Andover owns and operates 40 facilities in 12 states.
New Sources:
Connect Texas, Killeen Storage Facility Trades in 1031 Exchange
Market Screener, Jones Lang LaSalle Incorporated : 1,692-unit self-storage portfolio trades in Kansas City
Commercial Property Executive, Cushman & Wakefield Brokers Albuquerque Storage Deal
Commercial Property Executive, EquiCap, Marcus & Millichap Complete Multi-State Storage Sale
Connect California, Invesco, Baranof JV Buys San Diego Self-Storage Facility
Previous Sources:
Benzinga, Leland Storage - Sold by Midcoast Properties, Inc.
Birmingham Business Journal, Large Self-Storage Facility Off US 280 Sells for $11.75M
Commercial Property Executive, Raleigh-Durham Storage Assets Trade for $18M
Connect California, Gantry Arranges $17M for Pair of Bay Area Assets
CoStar, Los Angeles Investor Buys North Las Vegas Self-Storage Facility
The Bulletin, Sno-Cap Mini Storage in Sisters Sold for $3 Million
