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 June 2022.
All Seasons Storage in Chattanooga, Tennessee, sold to a private investor. Built in 1998 on 3.8 acres, the facility at 4305 Benton Drive comprises 48,275 square feet in 323 units. The seller, a Tennessee-based limited-liability company (LLC), was represented in the transaction by Anne Williams-Blackwell, first vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. She also secured the buyer.
A two-facility American Self Storage portfolio in Havelock, North Carolina, sold. The nearly 2-acre site at 603 Webb Blvd. offers 25,050 rentable square feet in 230 units, while the 1.84-acre property at 280 Shipman Road offers 29,666 rentable square feet in 227 units. The locations are 1.5 miles apart and managed
from the Shipman Road facility. The seller was represented in the transaction by Dale C. Eisenman and Hal H. Tanner III of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
StorageBlue LLC, which operates 11 self-storage facilities in New Jersey and New York, acquired a three-property American Self Storage portfolio in the New York City metro area. Together, the facilities at 268 Cliffwood Ave. in Cliffwood, New Jersey; 290 Route 36 E. in Long Branch, New Jersey; and 330 Tompkins Ave. in Staten Island, New York, comprise 317,689 rentable square feet in 4,276 storage units. The acquisition was financed through a $69 million loan from Union Labor Life Insurance Co., $14.3 million in preferred-equity investment from Solaris Capital and a $13 million investment from Neptune Capital Partners.
Nova Storage acquired Ballpark Self-Storage in Adelanto, California. The facility at 16488 Adelanto Road comprises 55,000 square feet in 370 drive-up units. Nova was represented in the transaction by Keith Phillips, senior associate for M&M. Founded in 1982 and headquartered in Mission Hills, California, Nova operates 10 facilities in Los Angeles, San Bernardino and Ventura Counties, California.
Scotland-based Kangaroo Self Storage Ltd. acquired Box Clever Storage in Carlisle, England, from Box Clever Cumbria Ltd. Kangaroo operates nine facilities in England and Scotland under the Kangaroo and Smart Storage brands. Its portfolio comprises 430,000 rentable square feet. Box Clever operates another self-storage facility in Cockermouth, England.
Burlington Self-Storage in Lake Worth, Florida, sold to real estate investment trust (REIT) Life Storage Inc. for $23.4 million. Built in 2020 on 5.7 acres, the facility at 4859 Lantana Road comprises 140,458 square feet. The seller was Burlington Self Storage of Lake Worth LLC. Based in Buffalo, New York, Life Storage operates more than 1,100 facilities in 36 states.
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., acquired CityStore Self Storage in Central London for £6 million. The facility comprises 26,909 square feet in 500 units. Shurgard operates 257 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Condev Self Storage in Orlando, Florida, sold to Morningstar Properties LLC, which operates facilities under the Morningstar Storage brand. Opened in January, the property at 4334 Edgewater Drive comprises 53,945 net rentable square feet in 469 climate-controlled units. The seller was represented in the transaction by The Hatcher Coe Group of M&M.
A St. Johns, Florida, self-storage facility managed by REIT CubeSmart sold. Built in 2017, the property at 124 St. Johns Commons Road comprises 55,335 rentable square feet in 482 climate-controlled units. It was 95% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Coe Group of M&M.
The eight-property Discount Storage portfolio in East Texas sold. The facilities range from 4,000 to 56,240 square feet and include two each in Gilmer and Mt. Pleasant, and one each in Mt. Vernon, Naples, Pittsburg and Talco. Combined, they comprise 141,366 square feet. The seller was represented in the transaction by David Montalvo, broker, for JDS Real Estate Services Inc.
Double D Storage in Turlock, California, sold. The facility at 3400 N. Golden State Blvd. comprises 87,544 rentable square feet in 579 units and 37 vehicle-storage spaces. It was 99% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Coe Group.
Crystal View Capital acquired Elite Motorcoach Storage in Sarasota, Florida, for $12.1 million. The facility at 5921 McIntosh Road spans 5.56 acres and contains nearly 14,000 square feet of vehicle-storage space. The buyer and the seller, Sarasota-based Becca Properties LLC, were represented in the transaction by Gail Bowden, senior investment advisor for real estate brokerage SVN Commercial Advisory Group. Crystal View is a private-equity firm that acquires and manages self-storage facilities and manufactured-housing communities.
A Phoenix facility managed by REIT Extra Space Storage Inc. sold to a New York-based operator. Built in February 2021, the structure at 2718 W. Glendale Ave. comprises 84,585 square feet in 886 units. The seller, Structured REA – Glendale Storage LLC, was represented in the transaction by Denise Nuñez, executive managing director, and Victoria Filice, first vice president, for the Nunez Self-Storage Group of NAI Horizon, a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms.
Andover Properties LLC, which operates the Storage King USA brand, purchased two facilities in Cypress and McKinney, Texas. Grant Road & Kathy Lane Storage at 13330 Grant Road in Cypress comprises 109,000 square feet and includes climate-controlled, drive-up and enclosed vehicle storage. McKinney Self Storage at 3920 Ridge Road offers 73,000 square feet in 594 units. Established in 2003, New-York based Andover owns and manages 138 storage properties in 16 states.
My Space Indoor Self Storage in South Bend, Indiana, sold. A recently completed conversion, the facility at 4850 W. Western Ave. comprises 39,994 rentable square feet in 380 units as well as 44,300 rentable square feet of retail space. The seller was represented in the transaction by SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.
An Irondale, Alabama, facility managed by Public Storage sold to Rosewood Property Co., a real estate firm with interests in self-storage. The 8.82-acre property at 5600 Oport Madrid Blvd. contains a two-story building and a split-level structure, with a total of 102,292 square feet in 834 units and 31 covered vehicle-storage spaces. The buyer and the seller, Warden Storage Madrid LLC, were represented in the transaction by Ashley Compton, national director of the Self Storage Group for Colliers International, an investment-management company. Rosewood owns 75 self-storage facilities in 21 states, totaling more than 5.9 million square feet.
Secure Storage in Richfield, North Carolina, sold. The facility at 505 E. Church St. was built on 6.24 acres in phases between 2018 and 2021. It offers 37,800 net rentable square feet in 262 units. The seller was represented in the transaction by The Hatcher Coe Group of M&M.
Three Self Storage Solutions facilities sold in Hopkinsville, Kentucky, and Greenbrier and Springfield, Tennessee. The properties at 130 E. 25th St. in Hopkinsville, 1942 Highway 41 S. in Greenbrier and 5177 Highway 41 in Springfield comprise 55,600 square feet in 424 units. The seller, a Tennessee-based partnership, was represented in the transaction by Andy Beeckman, associate, and Williams-Blackwell for M&M.
A four-property Simply Self Storage portfolio in Central Ohio sold. The facilities are within 25 miles of each other and total more than 345,000 square feet in 2,321 units. The buyer and the seller were represented in the transaction by Gabriel Coe, Nathan Coe and Brett Hatcher of The Hatcher Coe Group. Founded in 2003, Simply operates facilities nationwide.
Starpoint Self Storage & Business Park in Mesquite, Texas, sold to a publicly traded REIT. The facility at 502 W. Kearney St. comprises 70,590 rentable square feet in 327 units. The seller, a private partnership, was represented in the transaction by Brandon Karr, investment specialist, for M&M. Karr also procured the buyer.
Storage Sense in Winston-Salem, North Carolina, sold for $5.3 million to SROA 2690 E. Sprague NC LLC, an affiliate of SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone brands. The 2.99-acre property at 2690 Sprague St. comprises 41,239 square feet. The seller was CLC WSNC III LLC of Bala Cynwyd, Pennsylvania.
A three-property StowAway Storage portfolio in South Carolina sold to an out-of-state investment company. Combined, the facilities at 1864 Dutch Fork Road in Ballentine, 2116 Wessinger Road in Chapin and 1824 Rauch Metz Road in Irmo offer more than 174,000 square feet of self-storage, plus vehicle-storage spaces. The seller was represented in the transaction by Michael Morrison of Midcoast Properties.
Value Store It Self Storage in Worcester, Massachusetts sold. The facility at 3 Chestnut St. comprises 30,393 rentable square feet in 440 units. It was expanded last year. The seller was represented in the transaction by The Hatcher Coe Group.
Vault Storage and RV in Chandler, Arizona, sold to a national operator for $25.5 million. The facility at 12220 E. Riggs Road comprises 150,260 rentable square feet in 702 self-storage units, plus covered and uncovered vehicle-storage spaces. The property recently underwent a phase-two expansion. The seller, Vault at Riggs Road LLC, was represented in the transaction by Nunez and Filice.
Watts-N-Storage in Jasper, Tennessee, sold. The facility at 5496 US-41 comprises 29,303 net rentable square feet in 239 units. The seller was represented in the transaction by The Hatcher Coe Group.
Woodbury Storage in Woodbury, Connecticut, sold to a private buyer in an off-market deal. Built in 2022, the facility at 194 Old Town Farm Road comprises 24,000 square feet in 273 units and offers outdoor vehicle-storage spaces. The seller was represented in the transaction by Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.
A three-property portfolio in Christiansburg and Moneta, Virginia, sold. Together, the facilities offer 67,372 net rentable square feet in 517 units. The seller was represented in the transaction by The Hatcher Coe Group.
Trojan Storage, which operates more than 60 facilities in three states, has acquired six facilities for $130 million. They’re in Commerce, Glendale and San Jose, California; Portland and Salinas, Oregon; and Vancouver, Washington. Together, they comprise 600,000 rentable square feet.
Sources: Commercial Observer, ULLICO Lends $69M Loan on NYC, NJ Self-Storage Portfolio Buy Los Angeles Business Journal, $130M Loan Given for Self-Storage Portfolio Multi-Housing News, Trojan Lands $130M Financing for Self Storage Portfolio Newswire, Nova Storage Acquires Self-Storage Facility in Adelanto, CA PR Urgent, Sale of American Self Storage, Havelock, NC Sold by Midcoast Properties, Inc. PR Urgent, StowAway Storage Sold By Midcoast Properties, Inc. REBusiness Online, Marcus & Millichap Brokers Sale of 327-Unit Self-Storage Facility in Metro Dallas South Florida Business Journal, Public Company Buys Facility Near Lake Worth Beach for $23M SRQ Magazine, Huge Motorcoach Storage Facility Sells for $12.1 Million in Sarasota The Chattanoogan, Marcus & Millichap Arranges Sale of All Seasons Storage Winston-Salem Journal, Local Self-Storage Campus Sells for $5.3 Million