NitNeil Partners, a self-storage developer based in Atlanta, GA, has closed out one portfolio and made plans for a new one. In August, the company sold a 22-property folio to Life Storage Inc.
NitNeil is at work building a new portfolio that is currently spread around six states and has a total of about 700,000 square feet. It has operating or under construction facilities in North Carolina, Texas, Tennessee, Alabama, and Georgia. Source: NitNeil Partners
InSite Property Group, based in Torrance, CA, purchased A Storage Center at 220 112th Street East, Tacoma, WA. It has 66,773 square feet and more than 500 units, and will be called SecureSpace Parkland Tacoma; InSite owns SecureSpace. There are seven two-story buildings on 2.3 acres, climate-controlled units, and RV and boat parking. Upcoming renovations include new signage, upgraded exterior, enhanced security, fresh paint and asphalt, and updated landscaping. In March, InSite received a $140 million loan from ACORE Capital for self-storage acquisitions. JLL arranged the deal, which included a $215 million expansion option. Sources: InSite Property Group and Multi-Housing News
Bruce Bahrmasel, the Argus broker affiliate for Northern Illinois and Wisconsin, and who’s based in Chicago, IL, announced the sale of Northway Storage, located in Merrill, WI. The seller sold it in order to retire. It has more than 27,000 rentable square feet and there is space for expansion, as it has 24 acres of land. Source: PR.com
Andover Properties LLC (dba Storage King USA) has purchased the Green Light Storage Portfolio in Seguin, TX. It now has three buys in the San Antonio MSA and 30 overall in Texas. The portfolio has 97,175 square feet, and 740 climate-controlled and drive-up units. The properties are just five minutes from each other. One of the properties is slated to add 65,000 square feet of storage. Source: Andover Properties
Midcoast Properties Inc. announced the sale of Carrollton Self Storage at 595 Columbia Drive, Carrollton, GA, 50 miles north of Atlanta and across from Southwire North Campus, one of Carroll County’s largest employers. Midcoast’s J. Kris Knowles represented the seller; the buyer is from outside the state. The facility sits on about 4.4 acres, and has 186 standard and climate-controlled units, plus parking. Source: Midcoast Properties Inc.
Boardwalk Development Group of Suwanee, GA, closed its first three purchases under its Boardwalk Storage Fund IV. The first is a 61,000-square-foot site with climate-controlled and non-climate-controlled units, plus open parking, in Chattanooga, TN. It’s been rebranded as Boardwalk Storage – Brown’s Ferry. The company plans to expand the facility. Fund IV also bought a 36,000-square-foot facility with covered and open parking, and climate-controlled and non-climate-controlled units, in Dahlonega, GA. It’s now called Boardwalk Storage – Auraria Road. The company plans to add 27,000 square feet for new units. Finally, Fund IV purchased a 31,000-square-foot facility with non-climate-controlled units and open parking in Opelika, AL. It’s now called Boardwalk Storage – Opelika, and expansion is planned. Source: Boardwalk Development Group
SpareBox Storage acquired 28 stabilized properties in Michigan and Ohio, adding a total of 1.9 million net rentable square feet to its portfolio. The acquisition enables the company to open seven new markets in the Midwest. Newmark’s Aaron Swerdlin and Kenneth Cox, co-heads of the Newmark Self Storage Group, represented the seller. Nationally, Denver, CO-based SpareBox has 91 stores and 5.6 million square feet of rentable space. Steve Treadwell, Chuck James and Kate Matheny head up the company, which Rizk Ventures sponsored and launched in 2020. Source: BusinessWire
Berkshire Hathaway CRE closed a purchase of Terminal Storage in Myrtle Beach, SC. The buyer is an institutional buyer from Charlotte, NC, and the seller is undisclosed. The facility has 372 units and 78,067 NRSF. Parker Sweet, president, and Cameron Vale, senior vice president, represented the seller and secured the buyer.
Berkshire Hathaway also announced the sale of Pocomoke Mini Storage in Pocomoke City, MD. It has 324 units and 39,671 NRSF, plus a 3,000-square-foot home. The buyer and seller were not disclosed. Berkshire Hathaway President Parker Sweet, Senior Vice President Cameron Vale and Senior Associate Matthew Brandal represented the seller and found the buyer. Source: Berkshire Hathaway CRE
Marcus & Millichap announced the sale of SafeKeeping Self Storage, a 68,715-square-foot facility at 445 Ric Williamson Memorial Highway in Weatherford, TX. Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s office in Fort Worth, TX, had the exclusive listing. The seller was a private partnership. They also found the buyer, a long-time storage owner/operation in the Dallas-Fort Worth area.
Marcus & Millichap also arranged the sale of Chapel Creek Storage, a 56,650-square-foot facility at 10113 First Chapel Drive in Fort Worth, TX. Karr and Cunningham had the listing. The seller is a private Dallas-Fort-Worth-based partnership. They also secured the buyer, Montfort Capital of Dallas, which purchased its ninth Texas asset.
The company also arranged the sale of Advance Self Storage Center, a 61,560-square-foot self-storage facility in Hager City, WI, about 40 miles southeast of Minneapolis, MN. Brian Kelly, Brett Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap’s Columbus, OH office, had the exclusive listing and also found the buyer. The property has 376 non-climate-controlled units plus 62 parking spaces for rent. Source: Marcus & Millichap
Wasatch Storage Partners bought Park 79 Self Storage, a 780-unit facility in Hutto, TX, which is an Austin suburb. Managing Directors Brian Somoza and Steve Mellon of JLL Capital Markets negotiated for the buyer, which plans to retain CubeSmart as property manager. Park 79 has 98,260 rentable square feet in two buildings at 244 Benelli Drive, south of East Palm Valley Boulevard and across the street from Tradesmens Industrial Park. There are climate-controlled units as well as RV and boat parking spaces. Source: Multi-Housing News
KKR purchased five self-storage properties with a total of about 3,884 units for approximately $92 million. The properties were bought from two sellers, and they are located in Atlanta, GA (two properties); Phoenix, AZ (two) and Orlando, FL (one). All were built or renovated between 2017 and 2020. KKR is a global investment firm with about $32 billion in real estate assets under management in the United States, Europe and Asia as of June 30. Source: BusinessWire
Cushman & Wakefield announced the sale of Solana Beach Storage, located in Solana Beach in coastal San Diego County, CA. The facility has 83,000 rentable square feet and 895 units, and was 92% occupied at the time of sale. Invesco Real Estate was the buyer, in partnership with Baranof Holdings. The sale closed in July. Greg Wells, Luke Elliott and Mike Mele with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction for the seller, Solana Beach Storage, L.P. Source: Cushman & Wakefield
Tulfra Real Estate, a Rochelle Park, NJ developer, got approved to build a 265,000-square-foot self-storage facility, with adjoining parking at 300 Thomas McGovern Drive in Jersey City, NJ. The sales price was not disclosed. Source: ROI-NJ
A joint venture involving ASB Real Estate Investments and Arland Property Co. acquired a 595,888-rentable-square-foot self-storage portfolio of eight buildings in Virginia and Maryland. The joint venture was in behalf of the ASB Allegiance Real Estate Fund, a $7.4 billion core vehicle that now totals 26,600 units and 2.3 million square feet. Virginia Chesapeake Resources Inc. was the seller. Self-Storage Plus will manage the properties. Source: ASB Real Estate Investments
Andover Properties LLC (dba Storage King USA) bought Storage 365 Centerville in Garland TX, its 11th acquisition in the Dallas-Fort Worth MSA and 30th facility in the state. It has 78,720 NFSF and 678 units, with a mix of climate-controlled and drive-up storage options, and was built in 2019. Source: Andover Properties
Red Hat Enterprises purchased a five-story, 950-unit temperature-controlled self-storage facility at 7600 SW Atlanta St., Tigard, OR, for $20 million. It has 86,623 square feet and is climate-controlled. Colliers Senior Vice President Tom de Jong, from Colliers’ Reno, NV office, worked on behalf of the seller, Trailblazer Development. ExtraSpace Storage will continue to manage the site. Red Hat’s portfolio has 12 facilities, all operated by ExtraSpace Storage. Source: Multi-Housing News
Matthews Real Estate Investment Services closed on the sale of a 30,000-NRSF Afford To Store at 2107 Floyd Road, Columbus, GA. Austin McLeod and Johnny Blue Craig represented the seller. The buyer was a private investor from Virginia. The facility has 210 units. Source: Matthews Real Estate Investment Services
Colliers announced the sale of Weatherby Business Park, a six-building flex campus in Burleson, TX. Cody Payne, Austin Edelmon and Michael Tran, in Colliers International’s Dallas/Fort Worth offices, had the exclusive listing on behalf of the seller, a private investor. The three also secured the buyer, who is a private investor from out of state. Source: Colliers International
Meridian Storage Group, based in St. Petersburg, FL, announced three sales. The first was the sale of Eagles Nest Storage in Flagler Beach, FL, which was sold to a national buyer. It has 651 units and 98,340 NRSF. Meridian President Patrick Kidder represented the seller and found the buyer. Second, it sold Alpine Mini Storage in Huntsville, AL. It has 84 units and 9,700 NRSF. Kidder represented the seller and found the buyer. Third, Meridian’s Taylor Dooley, a senior associate, brokered the sale of Smallwood Storage in Waldorf, ND, representing the seller and finding the buyer. Smallwood has 266 units and 33,185 NRSF. Source: Meridian Storage Group
Midcoast Properties Inc. announced the sale of American Storage, 167 Hefner St., Ellijay, GA, about 75 miles north of Atlanta, GA. Dale Eisenman was lead broker as Midcoast represented the seller. An out-of-state buyer purchased the facility, which sits on 7.56 acres, and has 33,434 rentable square feet and 248 units. The facility also has eight parking spaces and eight office suites, plus one apartment. Source: Midcoast Properties Inc.
StorageMart bought a seven-building, 66,975-square-foot self-storage portfolio at 3000 Eastern Blvd. in the Middle River suburb of Baltimore, MD from Blue Ocean. The latter bought it from Vanguard for $10.5 million in 2019. The property sits on 14.5 acres. StorageMart plans to upgrade the lighting system, fencing and pavement. Source: Multi-Housing News
AAA Storage Management 29 LLC in Greensboro, NC purchased Cooper Self-Storage at 1326-1327 National Highway in Thomasville, NC for $5 million. The seller is the John L. and Linda M. Cooper Revocable Living Trust.
Prime Group Holdings LLC, based in Saratoga Springs, NY, bought a 13-property self-storage portfolio for more than $100 million from Ziff Real Estate Partners. The businesses are in Florida, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. Prime announced in May that it planned to start a third private-equity fund, called Prime Storage Fund III LP, to raise $1.5 billion to buy self-storage facilities nationwide. Cowles M. Spencer Jr., CEO and group president of The Storage Acquisition Group, and David Spencer, vice president and senior advisor for TSAG, represented Prime. Ziff has developed or refurbished 23 storage facilities with a combined square footage of over 1 million in the last five years. Ziff was represented by its disposition team. Source: Inside Self-Storage
Strategic Storage Trust VI Inc., which is sponsored by an affiliate of SmartStop Self Storage REIT Inc., bought a self-storage facility with about 665 climate-controlled and non-climate-controlled units, and 72,800 square feet, at 11658 W. Bell Road, Surprise, AZ. It’s the fourth acquisition by the new SST VI and the sixth property that SmartStop owns or manages in the Phoenix, AZ market. Source: Business Wire
Sauls Storage Group of Carrollton, GA, sold the 10,075-square-foot AA Augusta of Augusta, GA on Aug. 6 on behalf of an unnamed private client. Also, on Aug. 13, Sauls sold a three-property portfolio in Arnoldsville, Crawfordsville and Watkinsville, all in Georgia. Sauls Storage Group LLC/Commercial Realty Services of West Georgia is the Argus Self Storage Advisors broker affiliate company representing Georgia. Argus is based in Denver, CO. Source: Argus Self Storage Advisors
Marcus & Millichap closed the sale of Dixie Storage, a portfolio with two properties in Radcliff, KY. Gabriel Coe and Brett Hatcher, investment specialists in the company’s Columbus, OH office, had the exclusive listing and also found the buyer in the deal. Colby Haugness, Kentucky broker of record, helped to close the transaction. The properties have a combined 220 non-climate-controlled units and a total of 31,300 net rentable square feet. Source: RE Journals
Also, Marcus & Millichap announced the sale of Ring Road Self Storage, a 44,100-square-foot facility in Elizabethtown, KY. Gabriel Coe and Brett Hatcher had the listing and also found he buyer. Colby Haugness helped to close the transaction. Ring Road is about 42 miles south of Louisville, KY and has one climate-controlled unit, 177 non-climate-controlled units, one enclosed parking space and two retail spaces. Ring Road also rents out 15 outside parking spaces. Source: Marcus & Millichap
In addition, the LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of American Harbor Self Storage, a 65,950-square-foot, 660-unit facility spread across 15 single-story buildings, based in Dallas, TX. Charles LeClaire, executive managing director investments, and Adam Schlosser, senior vice president investments in the company’s Houston office, had the listing to market the property for the undisclosed seller. The buyer was Simply Self Storage of Orlando, FL, and is Simply’s ninth property it operates in Texas.
Marcus & Millichap also handled the sale of a newly built, 60,234-square-foot facility in Athens, AL. Gabriel Coe and Brett Hatcher had the listing on behalf of the seller. Eddie Greenhalgh, Alabama broker of record, helped close the transaction. The facility has 356 climate-controlled units and 104 non-climate-controlled units.
Marcus & Millichap also announced the sale of Columbia Self Storage, a 14,750-square-foot facility in Columbia, SC. Gabriel Coe and Brett Hatcher had the listing. Ben Yelm, South Carolina regional manager and broker of record, helped close the transaction. The site has 79 non-climate-controlled units, seven offices and an apartment.
Bellomy & Co. announced the sale of Houston Mini Storage in Houston, TX. Bill Bellomy and Michael Johnson of Bellomy & Co. represented TPH SPE LLC, the seller, which is in Salt Lake City, UT. They also found the buyer, Houston Mini Storage LLC. The facility has 156 units and 34,660 NRSF.
Bellomy also announced the sale of K2 Storage in Seguin, TX, with 321 units and 53,650 NRSF (pictured above). Bill Bellomy and Michael Johnson represented the seller, KTCK2 Management LLC in Bandera, TX, as well as the New York-based buyer, AGAP Seguin Lettau LLC. Source: Bellomy & Co.
Andover Properties LLC (dba Storage King USA) purchased the newly built Sentinel Self Storage in Rosharon, TX, its ninth buy in the Houston MSA and 29th facility in Texas. It has 282 units, with a mix of climate-controlled, drive-up, enclosed EV, covered RV and open parking, and a total of 146,000 net rentable square feet. Source: Andover Properties
Storage Acquisition Group of Yorktown, VA, announced two closings in South Carolina. The first is Storage Partners-Surfside, 610 Highway 17 N Business, operating as an Extra Space, it has 60,295 NRSF and 647 units. It has both climate- and climate-controlled space plus 58 parking spaces, and sits on 6.39 acres. The second is Storage Partners-Spartanburg, 240 Cedar Springs Road. It operates as a CubeSmart, and has 43,022 NRSF across 504 units. It has both climate- and non-climate-controlled space plus 23 parking spaces, and sits on 3.56 acres. David Spencer, vice president and senior advisors with Storage Acquisition Group and executive advisor with Spencer Commercial Group – based in Decatur GA and brokered by eXp Commercial – and Charles Spencer Jr., TSAG CEO and president – negotiated the transaction. Source: Storage Acquisition Group
HPI Real Estate of Austin, TX, bought Extra Space Storage (managed) in Spring, TX. It was built in 2020, and has 85,620 NRSF and 710 climate-controlled units. The deal is the sixth purchase in HPI’s second storage fund, which recently received an additional $50 million equity commitment. Source: HPI Real Estate