Brothers Alex and Nik Turik, who started their Chicago real estate investment firm HAN Capital in 2009, have cashed in with combined sales of $32 million for two deals. They sold an Old Town self-storage property at 1516 N. Orleans St. in Chicago for about $20 million and sold another at 3150 Wilmett Ave. in the northern suburb of Wilmette for about $12 million. The buyer of both properties was a joint venture of Westport Properties and U.S. Storage Centers, both based in Irvine, CA. The brothers spent about $17 million to buy both properties between 2015 and 2017. Source: The Real Deal
Teakwood Real Estate Partners bought a 292-unit self-storage facility at 462 S. Gilbert Road in Mesa, AZ (below). Westport Properties will oversee operations under the U.S. Storage Centers brand. Teakwood represented itself in the transaction. Source: Ebeling Communications.
Ryan Layton of American Real Estate Associates announced the sale of Flatlander Self Storage in Davenport, WA to LFIG1 LLC. The property sits on 11.8 acres near Lake Roosevelt and is the exclusive boat/RV storage option at this gateway to the Columbia River. It has 160 boat/RV parking spaces plus 44 units of covered/enclosed storage and 5+ acres for expansion. It’s LFIG1’s first storage purchase. Layton is the Argus Self Storage Advisors broker affiliate covering Eastern Washington and Northern Idaho. Source: Argus Self Storage Advisors
Life Storage Inc., based in Buffalo, NY, spent $6.026 million to buy a self-storage center that formerly was a furniture store in northwest Rochester, NY (above). The 70,000-square-foot complex is located at 3100 Seventh St. NW. The building, 58 years old, formerly housed the Larson family’s Trade Mart Furniture Center business. Rob Larson and Mary Kuehn closed Trade Mart and sold the complex to Wasatch Storage Partners of Utah for $1.95 million. Wasatch renovated the store into a climate-controlled storage facility and operated it as a CubeSmart. Source: Post Bulletin
Berkshire Hathaway arranged the sale of Horizon Storage Solutions in Shelbyville and Simpsonville, KY (below). The property has 114,132 NRSF spread across 792 units. The company’s Cameron Vale, Parker Sweet and Andrew Plunkett represented the seller, a private party, and the buyer.
Midcoast Properties Inc. arranged the sale of Pinnacle Storage, located at 101 Piney Grove Baptist Church Road 101 in Hubert, NC. Dale C. Eisenman, CCIM of Midcoast Properties Inc., represented the seller. The buyer is a regional investment company. The facility has 437 standard and climate-controlled units, plus enclosed RV/boat and outdoor parking, with more than 70,000 rentable square feet. It’s located on a parcel of 7.5 acres about 70 miles northeast of Wilmington NC. Source: Midcoast Properties Inc.
Matthews Real Estate Investment Services in Phoenix, AZ, arranged the sale of Dysart RV and Boat Storage, located at 8750 N. Dysart Road, El Mirage, AZ (below). The property has about 1,280 rentable spaces on 35 acres. Associate Ben Tracy represented the seller in the transaction. The buyer is an international investor. Source: Matthews Real Estate Investment Services
Marcus & Millichap
Marcus & Millichap announced the sale of Chattanooga Highway 58 Self Storage, a 23,720-square-foot facility in Chattanooga, TN. It has 16 climate-controlled units, 147 non-climate-controlled units and four office spaces. There also are 10 outdoor uncovered parking spaces for rent. Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing on behalf of the seller, an LLC, as was the out-of-state buyer. Jody McKibben, Tennessee broker of record, aided the transaction.
The company also brokered the sale of Prime Storage, a 1,326-unit facility in Houston, TX. It spans 189,088 NRSF. Originally, it was built on 10 acres in 2000 and expanded by 29,000 square feet in 2017. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. A publicly traded REIT was the buyer.
In addition, Marcus & Millichap brokered the sale of Advance A-1 Self Storage, which has 411 units, in Odessa, TX. The property sits on 3l.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, an LLC, and also found the buyer, a REIT.
Marcus & Millichap also announced the sale of Stuff Hotel, a 424-unit facility on 2.48 acres at 11655 Pellicano Drive in El Paso, TX (below). Jon Danklefs had the listing and found the buyer. The seller and buyer are both LLCs.
Also, Marcus & Millichap announced the sale of Brady Lane Self Storage at 1909 Brady Lane in Lafayette, IN. It has 62,240 square feet and 574 units across eight buildings. Jeffrey L. Herrmann and Sean M. Delaney from the company’s Chicago Oak Brook office had the listing and found the buyer, a Minnesota-based LLC. The seller is a California-based LLC. Josh Caruana, Indiana broker of record, assisted in the transaction.