Real Estate Roundup: Self-Storage Transactions October 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 “Investing and Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered.

All American Self Storage in Jackson, Tenn., was sold to an out-of-state buyer. The 8.5-acre property at 1654 N. Parkway comprises 58,825 square feet of storage space in 16 single-story buildings. The sellers, Brian and Korrie Hood, were represented in the transaction by James Ashley Compton, national director of The Colliers International Self Storage Group.

Bisbee Storage in Bisbee, Ariz., was sold for $248,000 to a Minnesota-based buyer. The property sits on just over an acre and contains 90 traditional and boat/RV-storage units. The seller was represented in the transaction by Jeff Gorden, vice president, and Kyle Topper, associate, of Eagle Commercial Realty Services, both broker affiliates for the Argus Self Storage Sales Network.

Cambridge Valley Self Storage in Cambridge, N.Y., was sold for $910,000 to a private investor. The 4.5-acre property at State Route 22 includes five buildings containing 95 drive-up units, a warehouse/shop area, and a 610-square-foot office. The sale also included land and approvals for an additional 49,500 square feet of storage. The seller was represented in the transaction by Investment Real Estate LLC (IRE).

Hartland Self Storage in Hartland, Wis., was sold to a private investor. The 4.3-acre property at 470 E. Industrial Drive comprises 59,680 square feet of storage space in 337 units. The buyer and the seller, also a private investor, were represented in the transaction by Michael Mele and Sean M. Delaney, investment specialists for real estate firm Marcus & Millichap (M&M). They were assisted by Todd Lindblom, regional manager for M&M.

Lawhorne Storage in Sylvester, Ga., was sold to an out-of-state buyer. Opened in 1983 and expanded in 2010, the 6-acre property at 101 Thompson St. includes eight buildings comprising more than 26,000 rentable square feet of space in 261 units, a manager’s residence, and two management offices. It also has room for expansion. The seller was represented in the transaction by Michael Morrison, an associate broker for Midcoast Properties Inc.

Mac-Andy Boat & RV Storage in Novato, Calif., was sold for $5.8 million to a local RV-rental and storage operator. The 5.82-acre property at 310 Deer Island Lane contains one multi-level building as well as open vehicle-storage parking. It comprises 166,399 net rentable square feet of space in more than 242 parking stalls. The sellers, Charles and Michael McCabe, were represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of The Loeffler Self-Storage Group (LSSG).

The four-property Mini Storage Depot portfolio in Indiana was sold to a St. Louis-based investment and management firm. It includes three locations in Elkhart, Ind., and one in Fort Wayne, Ind., comprising 230,000 rentable square feet of storage space in 1,873 units. The buyer and the seller, an Indiana-based real estate company, were represented in the transaction by Jesse Luke, managing partner of the Self-Storage Advisory Group at EquiCap Commercial.

Private Storage in Orlando, Fla., was sold to an investment firm. The property at 4601 S. Orange Blossom Trail was managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name. It comprises 51,375 rentable square feet of storage space in 443 drive-up units as well as vehicle-parking spaces. The buyer and the seller, a private investor, were represented in the transaction by Luke Elliot and Mele of M&M.

Shasta Economy Storage in Redding, Calif., was sold for $1.7 million to Tops Industries Inc., a local company that operates grocery stores. The 3.21-acre property at 4531 Caterpillar Road contains five single-story buildings comprising 30,934 net rentable square feet of space in 298 units. The sale also included 3.79 acres for expansion. The buyer and the seller, Marian Beith, were represented in the transaction by Loeffler and Skelly.

Stor-House Self Storage in Richland, Wash., was sold for $5.65 million to a local buyer. Built in 2004, the 3.7-acre property at 3869 Kennedy Road comprises 49,795 rentable square feet of space in 308 units. The buyer and the seller, a local investor, were represented in the transaction by Chris Secreto, vice president of investments for M&M.

The two-property Ten Oaks Self Storage portfolio in Boerne and Helotes, Texas, was sold. Together, the facilities comprise 186,859 rentable square feet of space in 1,223 units. The 7.5-acre facility at 131 Old San Antonio Road in Boerne contains 756 units, while the Helotes facility at 16304 Bandera Road offers 467 units. The Boerne-based seller was represented in the transaction by John Arnold, Bill Bellomy and Michael Johnson of Bellomy & Co.

A US Storage Centers facility in Hallandale Beach, Fla., was sold for $13.54 million to CLC HBFL I LLC, which is managed by New York-based investment bank CSG Partners. Built in 1978, the 8.4-acre property at 450 Ansin Blvd. comprises 136,591 square feet of storage space. Ladder Capital Finance provided a $13.54 million loan to the buyer, according to a source. The seller was Westport Hallandale, an affiliate of Irvine, Calif.-based Westport Properties Inc., which operates the US Storage Centers brand.

Wells Branch Self Storage in Austin, Texas, was sold to California-based Wells Branch Mini U Storage LLC. Built in 1997, the facility at 1763 Wells Branch Parkway comprises 64,412 square feet of space in 587 units. The buyer and the seller, a family trust based in New Jersey, were represented in the transaction by Dave Knobler, first vice president of investments, and Charles LeClaire, executive managing director of investments, for M&M.

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.

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

Colliers is a global commercial real estate services firm employing more than 16,000 professionals who operate out of 554 offices in 66 countries. The company offers a variety of services for investors, business owners and developers.

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

Founded in 1971, M&M 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.

Headquartered in Saint Charles, Ill., EquiCap is a boutique brokerage firm specializing in the self-storage industry. Its primary focus is in the midwest and mid-south markets.