Rosewood Property Co. has made its biggest deal ever, purchasing 16 self-storage facilities spread among 12 states from Extra Space Storage. The deal includes a total of about 12,000 units and 1.3 million net rentable square feet. Extra Space Storage will manage most of the new properties. Newmark Group Inc.’s Aaron Swerdlin, Kenneth Cox and Taucha Hogue – represented Extra Space. Jim Davies, Erich Pryor and Tom Sherlock of Talonvest Capital Inc. represented Rosewood in the procurement of financing.
Rosewood now owns a portfolio of 73 operating self-storage facilities in 21 states, totaling more than 5.8 million square feet and approximately 44,5000 storage units.
The 16 facilities are located as follows:
- 1242 N. Dean Road, Auburn, AL
- 1412 Opelika Road, Auburn, AL
- 215 Gold Star Highway, Groton, CT
- 17531 NW 2nd Ave., Miami, FL
- 1406 Capital Circle NE, Tallahassee, FL
- 2364 Tobacco Road, Augusta, GA
- 355 Fry Road, Greenwood, IN
- 6708 Preston Highway, Louisville, KY
- 1742 Pass Road, Biloxi, MS
- 14300 E. Frontage Road, Grandview, MO
- 201 Eubank Boulevard SE, Albuquerque, NM
- 950 Cherry St., Kent, OH
- 8850 Rivers Ave., North Charleston, SC
- 10617 Fuqua St., Houston, TX (pictured)
- 1289 FM518, Kemah, TX
- 990 Alta Mere Drive, Fort Worth, TX
Source: Rosewood Property Co.
Marcus & Millichap arranged a big transaction for the seller and helped find the buyer in this deal. Reliant Real Estate Management, a Midgard Self Storage affiliate, spent more than $67 million to acquire a six-property self-storage portfolio with a total of 3,070 units in metro Atlanta, GA. The portfolio included the three-story, 536-unit facility at 2909 Log Cabin Drive SE in Smyrna, GA, for $17 million. Reliant also got a 519-unit facility at 6075 Post Road in Cumming, GA, with 76,356 rentable square feet for $13.6 million. Another Cumming facility, with 516 units at 1715 Peachtree Parkway, went for $10 million; it has 85,381 square feet across nine single-story buildings. The deal included three more properties: A 538-unit one at 130 Peachtree industrial Blvd. in Sugar Hill, GA, $10.5 million; a 529-unit site at 13700 Highway 9 North in Alpharetta, GA, $10.9 million; and a 538-unit facility at 5534 Highway 92 in Acworth, GA, $5.4 million. Your Extra Attic, a family business, was the seller. The properties will operate under the name Midgard Self Storage. Source: Multi-Housing News
The Abacus Capital, WDM Family Enterprises and Big Cypress Capital joint venture sold its Johnston Corners development at 10609 Johnston Road in Charlotte, NC for $21.5 million. An affiliate of New York-based KKR & Co. Inc. is the buyer of the 117,405-square-foot building. The joint venture bought the 0.7-acre site in October 2018 and delivered the five-story storage facility the following year. Extra Space managed the site for the sellers. CubeSmart is taking over that duty. Luke Elliott of Cushman & Wakefield represented the sellers in the transaction. The buy came just before KKR launched Alpha Storage Properties, which will buy and manage self-store assets in high-growth markets. Before the launch, KKR bought 16 self-storage facilities for about a combined $300 million in major cities. Sources: Charlotte Biz Journal
Midcoast Properties Inc. of Hilton Head Island, SC, announced the sales of All Purpose Storage at 705 W. Main Blvd. in Church Hill, TN and of American Self Storage at Bermuda Run at 146 Commerce Drive in Advance, NC, about 10 miles west of Kingsport, TN. Midcoast’s Michael Morrison represented the seller in the first transaction and the buyer in the second. An out-of-state buyer purchased All Purpose Storage, which sits on about 3.8 acres and has 44 units plus parking. The facility is located about 15 miles from downtown Winston-Salem, NC. Source: Midcoast Properties Inc.
InSite Property Group purchased Ballard Mini Storage at 4714 Ballard Avenue NW in Seattle. It has 20,786 NRSF of heated indoor units and soon will include a rentable parking area. InSite, based in Torrance, CA, plans an extensive renovation, including the leasing office, signage, façade improvements, painting and more. Source: Global Newswire
Andover Properties (dba Storage King USA) purchased Ultimate Boat and RV Storage, its fifth property in the Phoenix, AZ area. It has 314,000 square feet across 16 acres and offers covered parking for vehicles, boats and RVs. The facility includes power hookups, water and dump stations, detailing and wash bays, and more. The Storage King USA portfolio now totals 122 facilities in 16 states. Source: Andover Properties
Marcus & Millichap
Marcus & Millichap Real Estate Investment Services of Florida Inc. announced the sale of Davis Rentals, an 85,705-square-foot self-storage facility with 485 non-climate-controlled units and 85,705 NRSF in Green Cove Springs, FL, about 25 miles south of downtown Jacksonville, FL. Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and also found the buyer. Ryan Nee, Florida broker of record, assisted in closing the transaction.
Marcus and Millichap announced the $1.28 million sale of Cedar Plaza, an 11,960-square-foot facility in Waterford Township, MI.
Jared Shapiro, Craig Fuller, Erin E. Patton and Scott Wiles had the listing. Steve Chaben, Michigan broker of record, helped with the transaction.
SkyView Advisors announced the sale of AAA Safe n Sound Storage in Spanish Fork, UT. It has 46,550 NRSF and 314 units. SkyView Advisors’ Mike Brandon, senior associate, and Ryan Clark, director of investment sales, represented the seller in the transaction.
SkyView Advisors also announced the sale of the Oklahoma City Self-Storage portfolio, with 85,150 NRSF in three facilities, two of which can be expanded. Scott Schoettlin, senior vice president, and Clark represented the seller in the transaction.
The company also completed the sale of the I Stor-it portfolio, whose two properties have 52,290 NRSF in the Springfield, MO area. The buildout potential is 130,000 NRSF. The two facilities are about 6 miles apart. Aaron Sanchez, senior associate, and Clark represented the seller in the transaction.
In addition, SkyView arranged the sale of an Extra Space Storage-managed facility in Hartford, Connecticut. The 56,767-square-foot facility is situated in a densely populated residential area with a limited supply of only 1.76 NRSF per person within a three-mile radius. Sanchez and Clark represented the unidentified seller.