SmartStop Self Storage paid $12 million for a 92,000 self-storage facility in Richmond, VA as part of a two-property portfolio deal with Morningstar Storage. The other property, located in Asheville, NC, sold for $12.5 million. The Richmond self-storage facility is located inside an early 1900s brick tobacco warehouse in the historic Shockoe Bottom district. The sales price was more than double the local assessed value of $5.5 million, and clocked in as the third largest dollar value commercial real estate deal in the city so far this year.
Source: Richmond BizSense
The Storage Acquisition Group (TSAG), based in Yorktown, VA, has arranged the closing of a large self-storage portfolio, led by David Spencer of eXp, who is a TSAG advisor and broker of record, along with Monty Spencer, CEO and president. The transaction includes six facilities in Florida. The portfolio in total has 346,901 NRSF, with 3,433 storage units. Source: Access Wire
The Argus Broker team of Nathan Gottlieb, Alex Ihrke, Matt Haugen and Tom Flanagan sold the Lucky 7 Storage facility in Cambridge, MN. It has 19,326 rentable square feet plus 97 units of self-storage and a 500-square-foot office. Lucky 7 also has 30 spaces for outdoor parking and storage. Source: PR.com
Coastal Storage Group, formerly Weaver Realty Group, sold a self-storage development site in Arcadia, FL at 2114 SW Highway 17. The site includes more than 4 acres of land zoned for self-storage that was being entitled for about 75,000 GS of mixed climate and drive-storage. Carrie Stowell of Coastal Storage Group represented the seller in the deal. The organization is part of the Denver, CO-based Argus Self Storage Advisors organization. Source: Business News This Week
Bruce Goldberg
Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.