Sold! Weekly Self-Storage News Round Up 10.20.22

Bruce Goldberg
October 20, 2022

A $14.2 million self-storage facility sale has taken place in Pawtucket, RI. Utah-based WSP II Pawtucket LLC, is affiliated with Extra Space Storage, which owned and renovated the property in the last two years. The two-story facility is at the former Southeastern Medical Center at 555 Prospect St. SH 7012 LLC, based in Buffalo, NY, purchased the 76,452-square-foot structure. The buyer is associated with Life Storage, which is now leasing out units. The business sits on a 4.77-acre parcel of land. Source: Providence Business News

Utex Storage Partners sold 16 self-storage sites to New York-based Life Storage in a cash deal that included more than $31 million for three Minnesota facilities. One of them is at 14570 Johnny Cake Ridge Road in Apple Valley. Utex is based in Utah. Source: Finance & Commerce

StorageMart purchased two Tropical Self Storage sites with a combined 972 units in Stuart, FL for $18 million. The properties are at 1445 SE Indian St. and 770 SE Monterey Road, about 2 miles from each other. They have more than 100,000 square feet combined. Aultman Mobile Home Communities is the seller. StorageMart owns eight facilities in Florida totaling 710,955 square feet. Source: Multi-Housing News 

Midcoast Properties Inc. announced the sale of Dollar Smart Storage, which has three locations in Eden, NC and Martinsville, VA. Midcoast represented the seller, with Michael Morrison as lead broker. A regional buyer made the purchase. The facility at 323 W. Stadium Drive in Eden sits on about 3.85 acres with 57,858 RSF and 552 storage units, with both climate-controlled and drive-up units. The facilities located at 3395 Greensboro Road and 1780 Old Chatham Road in Martinsville, VA have about 5.74 acres, along with 59,230 RSF and 445 standard units plus parking. Eden and Martinsville are about 20 miles apart. Source: Midcoast Properties Inc.

CSW Development of Austin, TX, sold a self-storage facility in West Dallas, TX. The buyer, Charlotte-based Madison Capital Group, which is at 2500 Lone Star Drive off Interstate 30, plans to rebrand the 1,252-unit as Go Store It. It has 227,503 rentable square feet and is about 50 percent occupied. Source: The Real Deal 

Marcus & Millichap arranged the sale of Safe Storage Club in Kenosha, WI. It has 24,480 NRSF and there is an opportunity to convert the existing 26,670 NRSF warehouse into luxury car storage, adding 257 more parking spaces. Brett R. Hatcher, Gabriel Coe and Nathan Coe had the listing and found the buyer. The seller is an LLC and the buyer is an individual trust. Source: Marcus & Millichap

HPI Real Estate

HPI Real Estate, based in Austin, TX, bought three stores in the Dallas-Fort Worth area from Advantage Storage. Extra Space Storage will manage the facilities:

  • 864 Belt Line Road, Cedar Hill, TX, with 476 units and 75,325 rentable square feet.
  • 8060 Precinct Line Road, Colleyville, TX, with 636 units and 75,450 rentable square feet.
  • 6818 FM 2499, Denton, TX, with 565 units and 69,795 rentable square feet.

HPI has acquired 15 properties in its second storage fund and owns nine operating facilities in Texas plus several development sites HPI’s third storage fund focuses on ground-up development in Florida and Texas, and its fourth fund will focus on existing facilities in the Sunbelt.

MV Investment sold its newly built climate-controlled facility in Lakeland, FL to HPI Real Estate Services & Investments. The site has about 97,200 square feet and 750+ units. The facility, which started operating in September 2022, is along Lakeland Highlands Road (below). MV Investment is developing eight new facilities in North Carolina and Florida. Source: MV Investment

SkyView Advisors

SkyView Advisors, based in Tampa, FL, announced the sale of Extra Space Storage (managed) at 1162 Garrison Road in Stafford, VA. It has 919 units spread around 93,319 NRSF. The facility has three two-story buildings, which were built in 2020.

SkyView also announced the sale of Mahaffie Self Storage, at 15250 S. Mahaffie St in Olathe, KS. It was built this year. It has 775 units spread across 122,530 NRSF. It has six buildings.

Argus Self Storage Advisors

Jeff Gordon of The Gordon Group/Keller Williams arranged the sale of Buckeye RV & Boat Storage in Buckeye, AZ. It has 101 spaces of boat and RV storage, and sits on just under 2 acres. Gordon is Argus’ Arizona and Nevada affiliate and specializes in self-storage and RV storage investment properties.

Larry Goldman of the Argus Self Storage Advisors broker affiliate that represents Kansas, Missouri, Arkansas and Southern Illinois, announced the sale of Second Attic Self Storage in St Louis, MO to St. Charles Rock Storage LLC. The facility sits on 1.89 acres and has 34,450 square feet. INB Bank of Chesterfield, MO handled the financing for the buyer.

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