Wheat II-Margate LLC, managed by James Lockhart of Lithia-based 3L Capital, sold a 133,872-square-foot self-storage facility on 2.6 acres at 5600 NW 31st St. in Margate, FL to Agap Margate LLC, in care of New York City-based Andover Properties, for $18.51 million. That came out to $138 per square foot. Storage King USA, the self-storage arm of Andover Properties, operates the building. Wheat Capital Management of Fort Lauderdale, FL, originally managed Wheat II-Margate LLC. But Daniel Touizer, CEO of Wheat Capital Management, was charged with mail fraud, wire fraud and more; 3L Capital took over Wheat II-Margate LLC and built the facility. Source: South Florida Business Journal
Andover Properties bought one property in Calabash, NC in the North Myrtle Beach area, and another in Winnabow, NC near Wilmington. Together, they have 106,000 square feet across 771 units.
CBRE announced the sale of a 2.34-acre self-storage development site at 345 E. Ann Road in North Las Vegas to Madison Capital Group, a private equity real estate investment and development firm, for $3.25 million. The site is entitled for a multistory, 77,000-square-foot facility with 670 self-storage units. Walter Bauer with CBRE Self Storage Advisory represented the seller, a private investor. There are 315,936 people living within a five-mile radius.
Stoic Equity Partners, a private real estate company, bought Inland Boat and Storage of Fairhope, AL on Dec. 30 for $6.6 million. That added 74,325 NRSF to the Fairhope Self Storage portfolio to the 33,395 NRSF it already owned. Inland has climate-controlled, non-climate-controlled, and enclosed boat and RV spaces. Store Ease of Birmingham, AL, will manage both facilities. Stoic co-sponsored the buy with partner 68 Ventures LLC.
Invesco Real Estate and Baranof Holdings partnered to buy Storage Court Self Storage in Mill Creek, WA. Charmel Capital arranged the deal with the seller, Azose Commercial. Extra Space Storage manages the facility, which has 82,860 square feet spread among seven one-story buildings and one two-story structure. The site also has 29 RV parking spaces and 51 units located outside the gate, with 24-hour access. Source: Baranof Holdings
Bellomy & Co. announced the sale of Benchmark Secured Storage in Hartland, WI to Spartan Investment Group of Golden, CO. It has 399 units with a total of 48,054 NRSF. Business partners Doug Hafemann and Aaron Kahle developed, built, owned and operated the facility. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the sellers. Source: Bellomy & Co.
Argus Self Storage Advisors
Joe Mendola of NAI Norwood Group and Argus Storage Advisors announced the sale of a self-storage and a self-serve car-wash site in Concord, NH. The self-storage portion has 443 units; the car wash has two automatic bays, four self-serve bays and one bay for tractor-height-size vehicles. The car-wash building also has space for a climate-control unit. Mendola represented the seller and helped the buyer, a private equity investor, in the transaction.
Matt Haugen, Alex Ihrke and Tom Flannigan of KW Commercial Minneapolis, MN – all serving as Argus Self Storage Advisors in North Dakota, Minnesota and Iowa – announced the sale of Voyageur Storage in Motley, MN. It has 30 units totaling 5,360 square feet. The sale also included a three-unit rental home of 4,334 square feet. The three advisors had the listing and worked to find the buyer.
Marcus & Millichap
Marcus & Millichap brokered the sale of Security Storage of Palestine, TX, a two-property, 839-unit portfolio located about 120 miles southeast of Dallas. The main facility was built between 1980 and 2014, and has 97,370 NRSF across 30 climate-controlled units and 631 non-climate-controlled units, plus 12 outdoor parking spaces. The second facility has 156 non-climate-controlled units with a total of 20,000 NRSF. Dave Knobler represented the seller, a private investor, and found the buyer, a Dallas-based 1031 exchange investor.
Marcus & Millichap announced the sale of All Town Storage in Granby, MA. It has 242 non-climate-controlled units totaling 34,250 square feet. Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap’s Columbus, OH office, had the listing. Thomas Shihadeh, Massachusetts broker of record, helped close the transaction. The property is approved for an expansion of two more buildings totaling 7,600 gross square feet.
Marcus & Millichap also announced the sale of Broad Street Self Storage, a 16,300-square-foot storage facility in Bristol, CT. It has 44 climate-controlled units plus 111 non-climate-controlled ones. Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and also found the buyer. Susan Bands, Connecticut broker of record, helped close the deal.
