Sold! Weekly Self-Storage News Round Up 3.2.22

Bruce Goldberg
March 2, 2022

SmartStop Self Storage REIT Inc., based in Ladera Beach, CA, will merge with Strategic Storage Growth Trust II Inc. with the latter merging into a newly formed subsidiary of SmartStop. The combined company with have 150 operating properties with 11.5 million NRSF and 100,500 units. SmartStop will acquire all of SSGT II’s real estate, comprised of 10 self-storage facilities in seven states, plus an interest in one operating property held in a joint venture plus two properties that are in development. The total SSGT II operating portfolio has approximately 8,500 units and 900,000 NRSF. Source: Valdosta Daily Times

Bellomy & Co., based in Austin, TX, announced the sale of Benchmark Secured Storage in Hartland, WI, about 25 miles west of Milwaukee. Bill Bellomy and Michael Johnson represented business partners Doug Hafemann and Aaron Kahle, who are the sellers. The buyer is Spartan Investment Group in Golden, CO. It has three stories and 399 units totaling 48,054 NRSF. Source: Bellomy & Co.

U-Haul bought the former Bonanza Mini Storage facility at 2210 W. Bonanza Road in Las Vegas, NV. U-Haul Storage at Bonanza has 155 rental units on the 1-acre property. The facility is being managed by U-Haul Moving & Storage at West Bonanza Road. l

Andover Properties (dba Storage King USA) purchased a 75,900-square-foot facility in the Little Havana area of Miami, FL. It’s at the intersection of NW 7th Street and NW 12th Avenue and has 930 climate-controlled units. It will carry the Storage King name. Source: Andover Properties

Cushman & Wakefield arranged the sale of a three-story, 537-unit, 59,100-square-foot self-storage facility a REIT managed at 6 Central Ave. in Red Bank, NJ. Noah Obuchowski, Robert Bloch and Mike Mele of Cushman & Wakefield represented the seller, Tresnan Property Group. The buyer is Invesco Real Estate, in partnership with Baranof Holdings. Source: Cushman & Wakefield

Marcus & Millichap

Marcus & Millichap announced the sale of Madison Self Storage, a 9,675-square-foot facility at 111 Woodruff St. in Nashville, TN. It has 9,675 square feet and 110 units. Anne Williams-Blackwell, first vice president investments in the Memphis, TN office, and Andy Beeckman of the Nashville office, had the listing. The seller is an LLC.

Also, Marcus & Millichap announced the sale of Pell City Mini Storage and Outer Space Mini Storage, both in Pell City, AL. They sold for a combined $3.75 million. Eddie Greenhalgh, first vice president investments, and Jake Payne and Lee Thornton, investment specialists in the company’s Birmingham, AL office, had the listing. The seller is an LLC. The team also found the Louisiana-based buyer. Pell City Mini Storage is located at 2630 Martin St. S and Outer Space Mini Storage is next door at 2632 Martin St. S. They have a combined 58,000 rentable square feet across 411 units.

In addition, Marcus & Millichap announced the sale of the McWhorter Mini Storage Portfolio, which has five properties in northern Alabama’s Moulton and Courtland. Gabriel Coe and Brett R. Hatcher, investment specialists in the company’s Columbus, OH office, had the listing. Eddie Greenhalgh, Alabama broker of record, helped close the transaction. The properties have a combined 543 non-climate-controlled units and 24 climate-controlled units, totaling 78,150 NRSF.

Marcus & Millichap also announced the sale of Stor-Ette Storage in Dade City, FL. Meir D. Perlmutter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and also found the buyer. Ryan Nee, Florida broker of record, helped close the deal. Stor-Ette has 42,125 square feet, 95 climate-controlled units, 287 non-climate-controlled units and 61 portable units. The site also has 16 outdoor parking spaces.

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