Merit Hill Capital acquired a handful of new properties, on opposite coasts.
To the west, Merit Hill purchased two properties in the San Francisco Bay Area: Cal Self Storage at 26869 Mission Blvd. in Hayward and San Pablo Mini Storage at 5310 Riverside Ave. in San Pablo. To the east, the firm acquired A Plus Storage in Kingston, MA.
The California properties were both sold by The Reeves Family Trust. The Hayward site offers 42,490 square feet of storage space across 404 units. The property was 95.8% at time of sale with rental rates of $1.73 per square foot. The San Pablo property offers 522 units totaling 50,503 square feet. The Massachusetts facility is located about 35 miles from Boston and offers 303 units totaling 36,350 square feet. The facilities are now managed by Extra Space Storage.
All three transactions were arranged by the the de Jong I Becher Self-Storage Team of Colliers.
Source: Colliers
Michael Morrison of Midcoast Properties Inc. represented the seller in the sale of Storage on 101 in Greer, SC. The facility has 388 acres at 3131 SC-101, climate-controlled units and enclosed RV parking with 52,580 RSF. Greer is about 75 miles south of Asheville, NC. Source: Midcoast Properties Inc.
Norris & Stevens arranged the sale of a mini-storage warehouse at 5620-5622 S. Kelly Ave. in Portland, OR. Ronald A. Buss and Teresa McCurdy sold the facility to Macadam Moving LLE for $1.6 million. The 17,332-square-foot property offers 168 storage units, four office retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller. Jason Kennedy of Re/Max Equity Group represented the buyer. Source: REBusiness Online
Marcus & Millichap
Marcus & Millichap sold All City Self Storage, a 441-unit property located at 296 Walmart Drive, which is 16 miles north of Chattanooga, TN. It has 56,979 square feet, spread across 133 climate-controlled units and 283 non-climate-controlled ones. An out-of-state buyer made the purchase. Gabriel Coe, Nathan Coe and Brett Hatcher had the listing. The seller is an LLC. Jody McKibben, broker of record in Tennessee, helped close the transaction. The property originally was sold in 1999 and sits on 29.93 acres, with room for an additional 15,000 square-foot expansion.
Marcus & Millichap brokered the sale of Advantage Storage, a 432-unit self-storage facility in Amarillo, Texas. It was built in 2019 and has 84,475 NRSF across 226 climate-controlled units, 181 non-climate-controlled units, 13 enclosed parking spaces and 12 warehouse units. Gabriel Coe, Nathan Coe, Brett Hatcher and Garret Nelson had the listing. The buyer was an out-of-state REIT that was not disclosed.
Marcus & Millichap arranged the sale of a 42,020-square-foot self-storage facility, called Gordon’s Mini Storage, in Kelso, WA.
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.