Companies involved with the Sprayregen family’s defunct self-storage company, Tuck-It-Away, sold two self-storage buildings to Invesco Real Estate for $56.3 million. A 90,000-square-foot storage building at 160 John St. in Vinegar Hill, Brooklyn, NY sold for $43.5 million, and a 47,000-square-foot building at 37-19 Crescent St. in Long Island City, NY, sold for $12.8 million. Extra Space Storage manages the properties. Source: The Real Deal
Two Trojan self-storage properties traded between the same two parties in Lynnwood, WA. They had a combined value of about $66.1 million (after goodwill deductions worth $11.6 million). Columbia Pacific Advisors was the seller and Harrison Street Real Estate of Chicago was the buyer. Source: Daily Journal of Commerce
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CBRE Investment Management purchased a 77,197-rentable-square-foot self-storage facility at 17061 W. Custer Lane in Surprise, AZ, and it will operate under the StorQuest brand. Omni Capital Management was the previous owner. The site has a 4-acre parcel and four-story buildings with a total of 562 units, of which 431 are climate-controlled. There’s also RV and boat parking. Source: Multi-Housing News
Matthews Real Estate Investment Services sold a 1,070-unit facility at 1620 14th St. and 1621 Euclid St., both in Santa Monica, CA. The parcels total 0.39 acres at the intersection of Colorado Avenue and 14th Street. Invesco Real Estate was the buyer, in partnership with Baranof Holdings. Bill Pedersen and Maxx Bauman, market leaders, and Shane Avera, associate, represented the seller in the transaction. The buyers plan to enhance the property. Source: Matthews Real Estate Investment Services
Image courtesy of Matthews Real Estate Investment Services
Matt Haugen, Alex Ihrke and Tom Flannigan of KW Commercial Minneapolis announced the $950,000 sale of Pleasant Lake Storage in Hackensack, MN. The three are the Minnesota, Iowa and North Dakota broker affiliates for Argus Self Storage Advisors, based in Denver, CO. The site, built in 2004, has two buildings and 83 drive-up units. Source: Argus Self Storage Advisors
Extra Space Storage made a $29.2 million acquisition of two self-storage complexes in West Palm Beach, FL. Affiliates of the Salt Lake City, UT-based company bought a 56,307-square-foot facility at 401 N. Military Trail for $12.4 million as well as paying $16.8 million for a 59,769-square-foot location at 2300 North Military Trail. The company operates both facilities. The deals cost, respectively, $220 and $281 a square foot. The sellers, affiliates of Chicago, IL-based InContext Advisors, bought the two properties for $18.5 million in December 2020. Source: The Real Deal
Apple Self Storage purchased New Sudbury Self Storage, 878 Falconbridge Road in Sudbury, Ontario, Canada. It has more than 30 acres of parking for vehicles, boats and RVs. Source: PR Newswire
Image Courtesy of Multi-Housing News
Marcus & Millichap
Brad Management purchased The Storage Spot, a 57,047-square-foot facility on 2.9 acres at 38491 Fremont Blvd. in Fremont, CA for $20 million. It has 645 units spread across eight two-story buildings. The seller financed the purchase with a $12.8 million loan from Axos Bank. Levin Johnston of Marcus & Millichap brokered the transaction. In 2018, the business sold for $12.3 million. Adam Levin of Levin Johnston represented the seller and found the private buyer. Source: Multi-Housing News
Marcus & Millichap brokered the sale of X Extreme Storage, a 57-unit facility in Bonham, TX, about 75 miles northeast of Dallas. It has 61,560 NRSF. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller and found the Texas-based buyer. The buyer and seller were undisclosed. Source: RE Business Online
The LeClaire Schlosser Group of Marcus & Millichap announced the sale of Mojave Self Storage, a 15,135-square-foot facility in Mojave, CA. It has 143 units and is adjacent to the Mojave Air & Virgin Space Port facility. Keith Phillips, senior investment advisor in Marcus & Millichap’s Encino, CA office, had the listing. The seller is a California-based LLC. Source: Marcus & Millichap
Marcus & Millichap brokered the sale of Don’s Self Storage, a 334-unit facility in Tyler, TX. It has 49,225 NRSF. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the east Texas-based seller and found the California-based buyer. Source: RE Business Online
