Mayflower Properties LLC, a Minnesota-based self-storage operator, has acquired Dot Mini Storage in Coon Rapids, Minn., for $2 million. The property at 9900 Vale St. N.W. comprises 40,000 square feet in 240 storage units. The facility was built in 1984 on 6.7 acres and has room for additional development, according to a source.
The property features a manager’s office and apartment, coded gate access, heated warehouse space, and perimeter fencing. It will be the 10th location in Mayflower’s portfolio, a source reported.
Real estate firm Marcus & Millichap brokered the deal. Adam Haydon, an investment specialist in the company’s Minneapolis office, and Adam Schlosser, an investment specialist in the Denver office, represented Mayflower owner Sheldon Badzin in the transaction. Haydon also represented the seller, a private investor.
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.
Badzin started Mayflower in 2002. The company operates self-storage facilities under several brand names in Coon Rapids, Eagan, Lakeville, Long Lake, New Hope and St. Louis Park, Minn. Badzin recently sold Maypak Products, a distributor of boxes, locks and moving supplies, which he originally launched to complement the storage business, a source reported.
Sources:
- Finance & Commerce: Just Sold: Mayflower Properties Expands Self-Storage Network
- Minneapolis/St. Paul Business Journal: Self-Storage Chain Mayflower Buys 10th Location
- REJournals.com: Marcus & Millichap Sells 240-Unit Self-Storage Facility in Minnesota
