New York City, NY-based Andover Properties recently bought self-storage facilities in four new markets that will operate under its Storage King USA brand.
In November, the company bought Pineapple Plaza and Mini Storage at 4892 Okeechobee Road in Fort Pierce, FL, for $3.5 million, according to local property records. The facility features 67,000 square feet of storage and 40,000 square feet of retail.
In December, Storage King bought the 51,000-square-foot Shamrock Storage facility (pictured at top) at 551 S. Fairfield Drive in Pensacola, FL, for $2.9 million, according to property records. The three-story facility, built in 2008, features 108 climate-controlled units.
An entity called RREF SNV-FL SSL LLC sold the Pensacola property.
Storage King USA bought this facility in Raleigh, NC.
Also in December, Storage King purchased a 276-unit, 56,000-square-foot facility at 315 Hubert St. in Raleigh, NC. The facility had operated as Capital Self Storage. Storage King financed the purchase with a $2.13 million loan, according to property records.
The fourth facility that Storage King bought recently is AP Self Storage at 1339 Belcamp Road in Belcamp, MD. The sale price wasn’t available. The facility is Storage King’s first location in Maryland.
The 479-unit Belcamp facility includes a UPS store. Storage Asset Management will continue to manage the facility; the company already manages four other Storage King properties.
Public Storage
Self-storage REIT Public Storage bought an 88,610-square-foot facility at 5359 S. State Road 7 in Wellington, FL, for $11.4 million.
Wellington Self Storage LLC sold the facility, which it had owned since 2003. The facility operated under the name Pak-It-Inn.
The deal is Public Storage’s first acquisition in Palm Beach County, FL, since 2013, according to the South Florida Business Journal.
W.P. Carey
New York City, NY-based commercial real estate REIT W.P. Carey bought a 76,800-square-foot self-storage facility at 217 FM 517 Road West in Dickinson, TX, for an undisclosed amount.
W.P. Carey now owns this facility in Dickinson, TX.
Austin, TX-based private equity group Virtus Real Estate Capital owned the facility, which was managed by Extra Space Storage. The 780-unit facility, built in 2001, features 71 RV spaces and a car wash.
The property was listed for $9.9 million. Austin, TX-based Bellomy & Co. brokered the deal.
Other notable deals
- A Houston, TX-based investor bought a 32,800-square-foot self-storage facility at 12921 Kuykendahl Road in Houston and a 7,560-square-foot facility at 8809 Dowdell Road in Tomball, TX, for a little over $3 million.
- West Bellfort Self Storage LLC bought Heights Mini Storage at 100 Louise St. in Houston, TX, for $1.2 million. The 27,700-square-foot facility features 151 drive-up units. Freezia LLC sold the facility. Dave Knobler of Marcus & Millichap brokered the deal.
- 495 Self Storage LLC bought a 68,045-square-foot self-storage storage facility at 4055 N. Citrus Ave. in Crystal River, FL, for $1.48 million. J. Scott Dahin of KW Commercial represented the seller, Century Storage LLC. The seven-building facility offers 182 storage units.
- Sunjin LLC purchased the 19,640-square-foot Exact Heated Storage facility at 943 Point Brown Ave. SE in Ocean Shores, WA, for $1 million. EHS LLC sold the property. Jim Donahoe of Windermere Real Estate brokered the deal.
- All Seasons Self Storage, at 1816 W. Northland Ave. in Grand Chute, WI, was sold for $2.35 million. The 55,300-square-foot building features 304 storage units. Mike Pfefferle of Newmark Grubb Pfefferle in Appleton, WI, brokered the deal. The seller was PCI Northland Mini Storage LLC. The identity of the buyer wasn’t available.
- Casper Central Mini Storage Inc. bought the 15,600-square-foot self-storage facility at 2321 Bryan-Evansville Road in Casper, WY, for $1.68 million. Fremont Investments sold the facility.
- Legion Self Storage LLC bought the 54,675-square-foot self-storage facility at 2638 Legion Road in Fayetteville, NC. Mini Maxi Fayetteville LLC sold the facility for $1.35 million.
