Silver Star REIT wrapped up its fourth self-storage property acquisition, a 907-unit, 81,370-square-foot space in Delray Beach, FL. The facility was purchased from an unrelated third party for $26.5 million and it was part of a 1031 exchange. The seller was a joint venture between People’s Trust Insurance and JWR Construction Services, which built the Public Storage operated facility after buying the undeveloped parcel in 2020. The facility is located at 14810 Hagen Ranch Road. Silver Star has 20 remaining legacy assets, which it intends to sell as soon as possible as it repositions its holdings, giving the firm about a $350 million arsenal in its quest to accumulate self-storage properties.
Source: The Real Deal
Oakside Companies brokered RealtyLink’s sale of a three-story, 7.49-acre building at 2119 E. Main St. in Spartanburg, SC. It has 962 units spread across 109,590 square feet. SmartStop Self Storage REIT purchased the facility for $13.2 million, according to local property records. The facility was previously managed by Extra Space Storage. Source: Oakside Companies
New York-based Merit Hill Capital bought Bear Valley RV Park and Self Storage (above), at 18435 Bear Valley Road in Hesperia, inside the Inland Empire region of California. Brian Somoza from JLL Capital Markets’ Self Storage team, which represented the seller, secured the buyer. Right Move Storage manages the property. Source: JLL
Go Store It Self Storage purchased a 54,565-square-foot facility (below) at 500 Scarboro Lane in Oak Ridge, TN, making it its 97th location. Go Store It, an affiliate of Madison Capital Group. The 4-acre site has 515 units and is 91 percent leased. Go Store It is based in Charlotte, NC.
J. Kris Knowles of Midcoast Properties Inc. represented the seller in the sale of Barnes Storage, a four-property portfolio in Carrollton, GA. Knowles is a self-storage associate for the firm, representing both buyers and sellers in Alabama. The portfolio locations are at 3015 Highway 61, 3439 and 3549 Carrollton Village Rica Highway, and 2537 Highway 166 in Carollton. A warehouse has 78,274 combined RSF. Source: Midcoast Properties Inc.
Marcus & Millichap
Marcus & Millichap worked the sale of Gordon’s Mini Storage, a 42,020-square-foot self-storage facility at 1712 Westside Highway in Kelso, WA. It has 320 units. The price was not revealed. Christopher Secreto in Marcus & Millichap’s Seatle office, had the listing on behalf of the seller, an LLC. Secreto also found and represented the buyer.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Stallion Storage, a 49,635-square-foot in New Caney, TX, a fast-growing area of Greater Houston. Dave Knobler, Maxson Staffel and Charles (Chico) LeClair marketed the property for the seller, a local LLC, and also found the buyer, a Michigan-based LLC. Stallion Storage has 178 units spread across 46 acres. There are seven single-story self-storage buildings plus 28 outdoor parking spaces.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Morningstar Storage Portfolio, a two-property self-storage portfolio with locations in Richmond, VA and Asheville, NC. The assets include 1,033 units across 112,707 NRSF. Charles (Chico) LeClair and Adam Schlosser marketing the property for Morningstar Properties. The buyer is a non-publicly traded REIT from Southern California and secured by Schlosser and LeClaire. Brian Hosey, Mid-Atlantic division manager. Benjamin Yelm, regional manager of the Carolinas, helped close the transaction and served as brokers of record.
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.