Hines bought Extra Space Storage in Cerritos, CA, for $91 million, which is considered the largest single-property self-storage sale in history, according to CBRE. The facility has 2,460 storage units and the facility was 88 percent populated at the time of sale. The 260,273-square-foot, three-story facility is at 17900 Crusader Ave. on a 4.95-acre site adjacent to Interstate 605. More than 634,000 residents live within a five-mile radius of the property, with an average household income of approximately $117,000. Nick Walker and Trevor Roberts of SBRE’s advisory group represented the seller, a joint venture between Capital 360 and Barings.
Source: CBRE
BlueGate Boat and RV Storage, an affiliate company of Madison Capital Group, purchased a three-property portfolio in Winston-Salem, NC. The transaction includes 281 parking spaces, with 159 covered, across 7.51 acres. The company will be marketing to such areas as Winston-Salem, Bermuda Run, Clemmons and Advance, which BlueGate says faces HOA restrictions on RV storage. The portfolio has 88 percent occupancy. The properties are along Highway 158, which sees more than 12,500 vehicles daily. BlueGate focuses on developing institutional-quality covered parking facilities throughout the Southest. Source: BlueGate Boat and RV Storage
Marcus & Millichap arranged the sale of two self-storage facilities totaling 2,473 units in Central Texas. They are part of a portfolio of self-storage assets that includes a 907-unit in Glendale, AZ. The San Antonio property has 88,325 NRSF across 940 units, and the Austin property has 147,200 NRSF across 1,533 units. All three properties were built between 2020 and 2023. Jon Danklefs of Marcus & Millichap represented the seller and original developer, Brookwood Properties, in the transaction and found the buyer, UTEX Storage Partners. Source: RE Business Online
Checketts Development of Provo, UT, which works under the name of Rochester Storage Partners, paid $5.79 million to purchase the former A & A Mini Storage on Sept. 20. Checketts bought 20 buildings with 613 storage units at 2301 US Highway 14 West Frontage Road. Checketts also made a down payment of $1.8 million. The same family has owned and operated the facility since it was developed in the late 1990s. Checketts has acquired or developed 19 facilities in seven states, with more than 1.6 million square feet of self-storage and 9,265 units. Source: Yahoo!Finance
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.