Sold! Weekly Self-Storage News Round Up 11.10.21

Bruce Goldberg
Published November 10, 2021

Life Storage spent $43.48 million to purchase two Extra Space Storage facilities in South Florida. Life Storage of Buffalo, NY, became the new operator of both facilities. In the bigger deal, 201 NW 37th Avenue LLC sold the 142,207-square-foot, eight-story building at 201 N.W. 37th Ave. in Miami for $22.49 million, or $158 per square foot. Kerchoff Cos. of Poughkeepsie, NY managed it. The building went up in 2018 on a 29,048-square-foot lot near Magic City Casino. In the second deal, 6850 SW 81st Terrace, also a Kirchhoff affiliate, sold the four-story, 104,061-square-foot self-storage facility at 6850 S.W. 81st Terrace in the Dadeland area for $20.99 million, or $202 per square foot. The 1.75-acre site was developed in 1998, then sold for $8.72 million in 2021. Source: South Florida Business Journal

ESJ Capital Partners, based in Aventura, FL, sold the four-story, 38,769-square foot RiverWalk Center building at 150 S. U.S. 1 to RiM Jupiter Riverwalk, tied to Prime Group Holdings of Saratoga Springs, NY. The building is next to the Jupiter Yacht Club. GenSpring occupied the entire building. ESJ paid $12 million for the building in 2015. Source: The Real Deal

BC North Partners, Entity – Beechcroft Storage LLC purchased Store It Spring Hill, TN and hired Absolute Storage Management to manage it. The facility has 284 units and 37,450 rentable square feet, and the new owners plan to expand the facility. Source: Absolute Storage Management

Andover Properties LLC (dba Storage King USA) recently bought Sea Coast Self Storage in Fort Pierce, FL. The 33,000-square-foot facility has 400 units and is located on highly trafficked US-1. Andover plans to expand the facility. It’s the company’s second asset in the Fort Pierce area and 29th in the state. 

Michael Morrison of Midcoast Properties Inc. represented the buyer in the acquisition of Pine Island Storage at 5111 Doug Taylor Circle in St. James City, FL. The facility has traditional and climate-controlled units plus indoor and outdoor storage for RVs, boats and cars. 

Jesse Luke and Scott Rihm of EquiCap Commercial in Saint Charles, IL, announced the closing of Condo Storage Innovations at 4115 Van Lanen Road in Green Bay, WI. The list price was $2 million. The facility, with 143 units and 49,339 NRSF, sits on 4.56 acres. The sellers are local operators and the buyer is a local owner/operator. Source: EquiCap Commercial

Matthews Real Estate Investment Services, based in Atlanta, GA,  announced the sale of Pinnacle Self Storage, a 41,750-NRSF facility in Chattanooga, TN. Austin McLeod and Johnny Blue Craig of Matthews represented the seller, a private owner in Chattanooga. KO Storage of Minneapolis, MN, was the buyer.

Self Storage Plus acquired a former MyStorage facility at 9600 Cosner Drive in the commercial core of Fredericksburg, VA. The three-story building on a 239-acre parcel is the buyer’s 51st location. It has both climate-controlled and drive-up units.  Graham Real Estate developed the property and Arcland Property Co. of Fredericksburg purchased it. Source: PR Newswire 

Bellomy & Co. announced the sale of the 11-building Old River Road Boat & RV Storage in Conroe, TX, one of the fastest-growing suburbs of Houston, TX. It’s a boat and RV storage facility with 457 units and 196,478 NRSF, and has a private boat launch ramp. Bill Bellomy and Michael Johnson represented the seller, Old River Road Storage Ltd., based in Houston. The team also found the buyer, California-based East Park Drive LLC.

Marcus & Millichap

The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Alta Vista Storage in League City, TX. It has 34,100 square feet and 358 climate-controlled units spread over two single-story buildings. The property sits on 8.4 acres of land. Dave Knobler, senior vice president investments in Marcus & Millichap’s Houston, TX office and Charles “Chico” LeClaire, executive managing director investments in the Denver, CO office, had the listing. The seller is a Galveston County, TX-based partnership. Andover Properties was the purchaser.

The group also announced the sale of Cumberland Storage, a 61,713-square-foot facility in Tyler, TX, with Knobler and LeClaire getting the listing. The seller is a Tyler-based LLC that developed the property. It’s on 24 acres and has 539 climate-controlled units. The front three-story building went up in 2016 and the rear single-story widespan building, formerly a roller rink built in 1999, was changed over to storage in 2012.  

The group also announced the sale of Ideal Self Storage on Highland Road in Howell, MI. It has 408 units, including climate-controlled and drive-up. LeClaire and Adam Schlosser, senior vice president investments, in Marcus & Millichap’s Denver, CO office, had the exclusive listing to market the property. The seller is a private individual and the buyer was Compass Self Storage LLC, a private company and a member of the Amsdell family of companies.

In addition, the group announced the sale of Magnolia Parkway Storage, a 44,933-square-foot facility in Magnolia, TX, a northwest Houston suburb. Knobler and LeClaire had the listing. The seller was a family partnership. The property sits on 5.28 acres and has four single-story buildings, as well as a manager’s office with office warehouse spaces. A 197-unit expansion awaits permitting; it would raise the total NRSF to 69,365. There are 290 units (210 of which are climate-controlled) and 77 non-climate-controlled units. It also has 42 outdoor parking spaces.

Also, Marcus & Millichap Real Estate Services of Florida Inc. arranged the sale of Freedom Self Storage, a 96,960-square-foot facility in Fort Walton Beach, FL, with 571 climate-controlled and 197 non-climate-controlled units. Jonathan M. Fawley, Brett R. Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap’s Columbus, OH office, had the listing for the seller, a limited liability company, and also found the buyer. Ryan Nee, Florida broker of record, helped close this transaction.

In addition, Marcus & Millichap arranged the sale of Muni Storage, a 135,445-square-foot RV and self-storage facility at 485 Grandview Drive in Twin Falls, ID. Jordan Farrer, senior investment associate in the firm’s Salt Lake City, UT office, and Schlosser represented the buyer. The facility has 881 storage units and 97 RV spaces, with room to expand. Curtis Cluff of Cushman and Wakefield represented the seller. 

Marcus & Millichap also announced the sale of The Storage Center Salt Lake City, a 100,450-square-foot facility at 4317 S. Commerce Drive in Murray, UT. Jordan Farrer and Schlosser represented the seller and also found the buyer. The facility has 570 spaces. The buyer plans to complete a big renovation of the property.

In addition, Marcus & Millichap arranged the sale of Storage Made EZ, an 80,004-square-foot facility in Evans Mills, NY, about 70 miles north of Syracuse, NY. Luke Dawley, Nathan Coe, Gabriel Coe and Brett R. Hatcher, investment specialists in Marcus & Millichap’s Columbus, OH office, had the listing and also found the buyer. Susan Bands, New York regional manager and broker of record, helped close the transaction. The facility has 211 climate-controlled and 370 non-climate-controlled units, plus nine retail spaces. It was built in 2006 and sits on 10.32 acres. 

The group also announced the sale of Extra Space (managed) in Sugar Land, TX. Dave Knobler, senior vice president investments in Marcus & Millichap’s Houston, TX office, and LeClaire had the listing. The seller is a Texas-based partnership. The facility has 73,700 square feet, 666 units (305 are climate-controlled), and 29 outdoor parking spaces. It was built in 1999 on 5.28 acres and has five single-story buildings plus one two-story manager’s office and residence.    

SkyView Advisors

SkyView Advisors of Tampa, FL, announced the sale of the Keepers Self Storage portfolio, located in the New York/New Jersey/Pennsylvania area. It has two properties with a total of 112,957 NRSF and 1,433 units, with facilities in New York’s Nyack and Staten Island. Ryan Clark, director of investment sales for SkyView, represented the seller. 

SkyView Advisors announced the sale of CubeSmart (Managed) in Lawrenceville, GA. It has 859 units and 95,333 NRSF. Zachary Urow, senior vice president, and Ryan Clark, director of investment sales, represented the seller. The facility is located in the Atlanta-Sandy Springs-Alpharetta, GA MSA.

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.

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