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 independently due to missing information such as buyer, seller, sale price or other relevant details.
Hiway Mini Storage in Leland, Miss., sold to an out-of-state investor. The 1-acre property at 106 Highway 82 E. comprises 11,300 rentable square feet of storage space in 115 units.
The seller was represented by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc. in Mobile, Ala.. Both are broker affiliates for the Argus Self Storage Sales Network in Alabama, Louisiana and Mississippi.
Cowboy Storage in Moore, Okla., sold for $2.1 million to an investor who owns another storage property in Oklahoma City. The facility at 820 N.W. 27th St. offers 38,825 rentable square feet of storage space. It also has ample room for expansion, with pads already in place for 12,000 square feet of space, and can fully mature to more than 60,000 square feet, according to a press release.
The seller was represented by Jared Jones, who is director of Tulsa-Okla.-based Porthaven Partners and an Argus broker affiliate for Oklahoma.
Add-A-Space Self Storage in Spartanburg, S.C., sold to a national buyer for more than $60 per rentable square foot. The six-building property at 1480 Boiling Springs Road sits on 3 acres. It’s comprised of 41,990 rentable square feet in 322 drive-up and climate-controlled units, and includes vehicle-parking spaces.
Dale C. Eisenman, president of Hilton Head Island, S.C.-based Midcoast Properties Inc., represented the seller.
Albion Store and Park, a 41,000-square-foot self-storage facility in Albion, Mich., sold for $1.5 million to a limited-liability company. The property at 28996 C Drive N. has 302 units and 16 vehicle-parking spaces. It was built in 1996.
Brett Hatcher, an investment specialist in the Columbus, Ohio, office of Marcus & Millichap, represented the seller, a limited-liability company, and the buyer. He was assisted by Steven Chaben, senior vice president in the company’s Detroit office.
Big Ben's Self Storage in Clarksville, Tenn., sold for $5 million to a limited-liability company. The property at 528 Dover Road comprises 87,550 square feet of storage space in 608 units. Built in 2006, it sits on 10.2 acres of land.
Hatcher and Gabriel Coe, an investment specialist in Marcus & Millichap’s Columbus, Ohio, office, as well as Anne Williams, a senior associate in the firm’s Tennessee office, represented the seller, a partnership. Coe and Hatcher also represented the buyer.
A four-property self-storage portfolio in Georgia sold for $14.8 million to an out-of-state investment group. The properties comprise 227,825 net rentable square feet of storage space in 1,536 units. Built between 1997 and 2013, the facilities include McDonough Village Storage, 910 Hampton Road, in McDonough, Ga.; Mini Storage Fayetteville, 123 Robinson Court, in Fayetteville, Ga.; Regional Mini Storage, 1100 Highway 54 E., in Fayetteville, Ga.; and Stockbridge Storage, 7330 Hanover Parkway N., in Stockbridge, Ga.
Hatcher represented the seller, a limited-liability company, and the buyer. He was assisted by Michael Fasano, first vice president/regional manager in the Marcus & Millichap Atlanta office.
A-1 Economy Storage, a 29,670-square-foot self-storage facility in Lansing, Mich., sold to a limited-liability company. The property at 2715 N. Grand River Ave. features 191 drive-up storage units and 77 vehicle-parking spaces. It also includes a building with larger doors for boat and RV storage. The onsite rental office was constructed in 2011 and features a 24-hour rental and payment kiosk.
Tom Berlin, a self-storage investment specialist in the Marcus & Millichap Detroit office, represented the seller, a charitable trust. The buyer was represented by Dan Burkons, an investment specialist in the firm’s Cleveland office.
A private-investment group purchased a two-property self-storage portfolio in Montgomeryville, Pa., for $5.2 million. The deal included Xtra Space Self Storage at 947 Bethlehem Pike and Montgomeryville Mini Storage at 1070 Bethlehem Pike. The properties are about two miles apart on the heavily traveled Bethlehem Pike highway, according to a press release from Investment Real Estate LLC (IRE), the firm that represented the seller in the transaction.
Xtra Space consists of four buildings totaling 44,775 square feet of drive-up and climate-controlled storage. Opened in 1989, it’s on roughly 4 acres of land.
Montgomeryville Mini Storage has two buildings totaling 22,400 square feet of drive-up and climate-controlled storage space as well as 66 vehicle-parking spaces. The facility opened in 1988 and is situated on more than 2 acres of land, with the potential for expansion on a 3-acre adjacent site.
“These properties have operated successfully for many years, but are now ready for cosmetic and management upgrades. The buyer realized this upside and was willing to meet the seller in the middle on the pricing,” said John Gilliland, president of IRE.
Shoreline Self Storage in Lakeport, Calif., sold for $3.8 million to a San Francisco Bay Area investor. The property at 100 Kimberly Lane encompasses 68,304 net rentable square feet on just over 9 acres of land. Built in 1982 and expanded in 2002, it includes 536 units.
Bobby Loeffler and Tyler Skelly, self-storage specialists with El Dorado Hills, Calif.-based The Loeffler Self-Storage Group (LSSG), represented the seller, Shoreline Center Ltd.
Naples Boat and Self Storage in Naples, Fla., sold to a local private investor. The property at 5725 Collier Blvd. sits on nearly 4 acres. Built in 1975 and renovated in 2013-2014, it encompasses 81,095 net rentable square feet of storage space in nearly 200 units. It also features 217 vehicle-parking spaces.
Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, of BayView Advisors represented the buyer and the seller, TMG Storage LLC.
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.
Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Its agents have completed more than $1 billion in transactions in their careers, officials said in a press release.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors. Its construction arm was founded in 2000 and has built more than 2 million square feet of self-storage space in eight states.
LSSG is a commercial real estate brokerage firm specializing in self-storage properties throughout the West. It has closed more than 75 self-storage transactions in California and Nevada.
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.
Midcoast Properties offers brokerage services to self-storage owners and investors in Georgia, North Carolina and South Carolina.
