The sale of four self-storage facilities by affiliates of two major REITs totaled $80 million in North Carolina last month. A CubeSmart affiliate sold the four properties, which are in Wake and Durham counties, to Public Storage affiliate PS NC III LP. The properties are located as follows:
- 2117 N.C. Highway 55 in Cary
- 4812 Hopson Road in Morrisville
- 7101 N.C. Highway 751 in Durham
- 2424 Holloway St. in Durham
Together the properties span more than 392,000 square feet. Source: Triangle Business Journal
Two national REITs bought buildings in Orlando, FL. Buffalo, NY-based Life Storage Inc. bought one self-storage site and Salt Lake City, UT-based Extra Space Storage bought three. For the latter, Lake Mary, FL-based Flagship Cos. Group LLC sold an 88,125-square-foot building at 13597 S. Orange Ave. for $18.06 million; Flagship also sold a 103,936-square-foot property at 6168 S. Goldenrod Road; and a Flagship affiliate sold a 112,950-square-foot property at 1451 Rinehart Road in Sanford, FL for $18.11 million. Storaway Self Storage of Orlando LLC sold to Life Storage a property at 12280 E. Colonial Drive with seven buildings totaling 83,091 square feet. Source: Orlando Business Journal
The A+ Storage property at 505 Old Hickory Blvd. in Bellevue, TN, sold for $26.5 million, which may have set a per-foot record price for self-storage facility transactions in Tennessee. The property has 103,610 square feet and 780 units. A+ Storage Old Hickory Bellevue LP sold it to Crescenta Valley Mini Storage LP, based in La Crescenta, CA. It sits on 5.08 acres and has a three-story climate-controlled building with two covered parking structures. Source: Nashville Post
A recently completed six-story self-storage facility with 108,000 square feet at 1401 S.W. First Ave. in Fort Lauderdale, Fl. has been sold for $20.4 million and will be rebranded as Snapbox Self Storage, owned by Self Storage Capital Partners. CH SS Fund StorSafe Fort Lauderdale Poinciana Park LLC, a partnership of Doral, FL-based Houston Partners and Dallas, TX-based private equity fund Crow Holdings Capital, was the seller. The buyer is Poinciana Storage JC LLC, a joint venture of Philadelphia, PA-based Self Storage Capital Partners and Des Moines, IO-based Principal Real Estate Investors. Luke Elliott of Cushman & Wakefield brokered the deal, which figures to $189 per square foot. Source: South Florida Business Journal
A self-storage facility is planned to be part of the redevelopment of the former site of the Woodlake Hotel in Sacramento, CA. Developer Barry Ruhl, from the Spanos development family, plans a four-story, market-rate project called Leisure Lane Apartments on 4.8 acres at 500 Leisure Lane, south of Highway 160. The self-storage project would be located in the easternmost end of the property, where Leisure Lane meets Exposition Boulevard. Groundbreaking is planned for 2023. Source: Sacramento Business Journal
Pogoda Cos. closed out 2021 by purchasing six self-storage properties, including one with a portfolio with five properties in Indiana and Kentucky, plus an additional site in Michigan. Together, the buys add 359,918 square feet and 2,819 units to Pogoda’s portfolio. The properties have been rebranded as National Storage Centers. The company bought 12 self-storage facilities in 2021 and said it expects to buy a similar number in 2022. Overall, Pogoda, based in Farmington Hills, MI, has more than 3.75 million square feet in 58 storage centers in Michigan, Kentucky, Ohio and Indiana. Source: Pogoda Cos.
SpareBox Storage purchased four self-storage properties in Spartanburg, SC and Northwest Arkansas, adding more than 400,000 NRSF to its portfolio. The company, based in Denver, CO, is sponsored by Rizk Ventures and led by Steve Treadwell, Chuck James and Kate Matheny, was started in 2020. Source: Bakersfield.com
Andover Properties (dba Storage King) bought two properties in the Detroit, MI area that total 137,900 NRSF across 842 units, with one located in Waterford Township and the other in Pontiac, MI. Storage King now has 117 facilities in 16 states.
Jesse Luke of EquiCap Commercial announced a transaction involving A Storage USA at 5520 Salem Bend Drive, Trotwood, OH. It was built in 1971 and renovated in 2019. It sits on 5.031 acres, and has 598 units and 73,435 NRSF. EquiCap Commercial served as the co-broker in the transaction. Source: Equicap Commercial
Absolute Storage Investment of Memphis, TN, bought All Secure Mini Storage in Conway, AK and will use Absolute Storage Management to rebrand it as Absolute Storage of Conway and to manage the facility. It has 458 units and 62,030 NRSF. Source: Absolute Storage Management
SkyView Advisors, based in Tampa, FL, announced the sale of an Ellenton, FL self-storage development opportunity on 3.95 acres in the North Port-Sarasota-Bradenton area. Senior vice president Zachary Urow and Ryan Clark, director of investment sales, represented the seller in the deal.
SkyView also announced the sale of the Cincinnati Self-Storage portfolio, with two facilities located in the Cincinnati, Ohio-Kentucky-Indiana area. Urow, Clark and Richard Riddle, senior vice president, represented the seller in the transaction.
Matthews Real Estate Investment Services
Austin McLeod, a senior associate/self-storage with Matthews Real Estate Investment Services, closed four deals in December, representing the seller each time:
- Moffett Road Mini Storage, 3765 Moffett Road, Mobile, AL, with 37,624 NFSF.
- Move It Self Storage was the buyer; Blue Sky Self Storage, 2171 Gavintown Road, Lumberton, NC, with 46,743 NRSF, for $3 million, with Lumberton Gavintown LLC the buyer.
- Mathews Mini Storage Portfolio, comprised of five properties in Palatka, FL, with the seller being Randy Mathews and the buyer being a family investment group from California.
- Gillionville Mini Storage, 1512 Gillionville Road, Albany, GA, with 90,478 NRSF. Store Space Self Storage was the buyer. The seller was Gillionville Complex LLC. Source: Matthews Real Estate Investment Services
Bellomy & Co.
Austin, TX-based Bellomy & Co. closed a deal for Tri Star Self Storage in Waco and Temple, TX, with a total of 214,886 NRSF and 1,522 units. The Waco addresses are:
- 2518 LaSalle Ave.
- 1809 Clark Ave.
- 4120 Bosque Blvd.
- 700 E. Panther Way
- 4727 Sanger Ave.
The facility in Temple is at 114 N. 27th St. Source: Bellomy & Co
Marcus & Millichap
Marcus & Millichap arranged the sale of Discount Storage Inc. at 16220 Lincoln Highway in Plymouth, IN. Jeffrey L. Herrmann, senior associate, and Sean M. Delaney, senior vice president, both investment specialists in the company’s Chicago Oak Brook, IL office, had the listing and found the buyer, a Pennsylvania-based LLC. The seller is an individual personal trust near Indianapolis, IN. Stephen Filippo, first vice president, Marcus & Millichap Capital Corp., obtained the financing. John Caruana, Indiana broker of record, helped close the transaction. The facility has 88 climate-controlled units, 274 standard units, and 19 inside and outside RV spaces.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of a five-property self-storage portfolio in Central Florida. The purchase includes five properties with a combined 3,020 units and 373,215 NRSF. A sixth facility is due to close in February 2022. Charles LeClaire, executive managing director investments, and Adam Schlosser, senior vice president Investments in the Denver, CO office, had the listing. The seller is a joint venture between Florida-based Flagship Cos. Group and Chicago, IL-based Blue Vista Capital Management. The five locations are at: 1451 Rinehart Road in Sanford 6174 Goldenrod Road in Orlando 1830 E. State Road 60 in Valrico, 10110 Anderson Road in Tampa and 13597 S. Orange Ave. in Orlando.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of a 359-unit CubeSmart self-storage (managed) facility with 40,050 square feet in Broomfield, CO. LeClaire and Schlosser had the listing. The seller is a local owner whose family built the facility in 1980 and expanded it in 1995. The buyer is a private-equity fund based in Arizona.
Marcus & Millichap announced the sale of Quality Mini Storage at 2215 W Laurel St., Independence, KS. It has 193 non-climate-controlled units, 10 trailer units, outdoor parking and nine office space units, with a total of 41,857 square feet. Sean M. Delaney, senior vice president, and Robert Cook, associate, and investment specialists in the Chicago Oak Brook office, had the listing. The seller was a local LLC. They also found the buyer, a California-based LLC. Colby Haugness, Kansas broker of record, helped close the transaction. There’s also a warehouse on the property that can be converted into climate-controlled storage, and additional room for expansion or RV parking.
Marcus & Millichap announced the sale of ACE Self Storage in Andover, OH, which has 23,700 square feet spread among 168 non-climate-controlled units. Gabriel Coe and Brett R. Hatcher, investment specialists in the Columbus, OH office, had the listing. The seller was an LLC. The buyer comes from out of state.
Marcus & Millichap announced the sale of A-1 Greencastle Self-Storage, based in Green Castle, PA near the Maryland border. It has 365 non-climate-controlled units, 10 climate-controlled units, 17 parking spaces and three commercial spaces, with a total of 71,426 NRSF. Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. Sean Beuche, Pennsylvania broker of record, helped close the transaction.
The company also announced the sale of A-Z Self Storage, a four-property self-storage portfolio with locations in La Porte and Plymouth, IN. Sean M. Delaney had the listing. The seller is a South Bend, IN-based individual personal trust, with cooperating broker Roy Roelke of NAI Cressy. Delaney also found the buyer, a Pennsylvania LLC. Josh Caruana, Indiana broker of record, helped close the transaction. Stephen Filippo, first vice president, and Christopher Marks, senior managing director, Marcus & Millichap Capital Corp., obtained financing for the buyer.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of United Stor-All, a 42,132-square-foot storage facility with a long history. Charles LeClaire, executive managing director investments, and Adam Schlosser, senior vice president investments in the Denver, CO office, had the listing. The seller was a Denver partnership (Buzz Victor and Barry Bender) that has been in business for 50-plus years. The buyer is a northern California partnership, and it intends to renovate the inside of the building built in 1926, and also to keep the marble and brick exterior.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of a two-property Extra Space Storage (managed) portfolio, with Colorado locations at 12725 Lowell Blvd. in Broomfield and 120 W. 43 St. in Loveland. They have a combined 1,217 units and 158,458 NRSF. Adam Schlosser and Charles LeClaire had the listing. The seller is a Maryland-based LLC. A REIT bought the two locations.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of a 917-unit Extra Space Storage (managed) site, an 84,235-square-foot facility located in the Denver Tech Center in Englewood, CO, a suburb of Denver. Schlosser and LeClaire had the listing. The facility has 84,235 square feet. The seller was a private LLC. The buyer was a self-storage REIT.
Marcus & Millichap announced the sale of Pike County Storage in Milford, PA. It has 25,250 NRSF across 179 non-climate-controlled units. Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and found the buyer. Sean Beuche, Pennsylvania broker of record, helped close the deal.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of 201-unit Fruita Storage on Highway 50 in Fruita, CO. It has 27,550 square feet. Thomas Parsons, senior associate, investments in Marcus & Millichap’s Denver, CO office, had the listing. The seller is a local investor who has owned and self-managed the facility since 2014. A Storage Place, which has 36 facilities throughout the West, was the buyer.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of EZ Self Storage and Stor Mor Self Storage, both in Greeley, CO. They have a combined 393 units and 38,960 NRSF. Thomas Parsons had the listing. The seller was an out-of-state investor and the buyer was a local investor with self-storage experience.