Life Storage paid $142 million in cash to buy a self-storage portfolio of partnerships that Bill Levine and Andrew Cohn, principals of Phoenix, AZ-based Levine Investments, own and control. The duo developed the portfolio of Allstate Self Storage-branded properties and ran it for 20-plus years.
Paul Boyle, executive director of Cushman & Wakefield, represented both the buyer and seller for the portfolio. The portfolio includes six storage locations in metro Phoenix and one in Burnsville, MN. Levine and Cohn sold off all of their storage location assets and are out of that line of business. In March, Levin and Cohn paid $142.54 million in March for a 12,081-acre parcel of vacant land in the West Valley.
Source: Phoenix Business Journal
JLL Capital Markets announced the sale of a three-story, 1,252-unit, 117,503-rentable-square-foot facility at 250 Lone Star Drive in Dallas, TX (below). JLL represented the seller, CSW Development in Austin, TX, and found the buyer, Madison Capital. The property will be branded as Go Store It. The JLL team representing the seller was comprised of Brian Somoza, Steve Mullon, Matthew Wheeler, Adam Roossien and Jake Kinnear. Source: RE journals
In California, SecureSpace Self Storage purchased G&M Self Storage at 7523 Woodman Place in the Los Angeles neighborhood of Van Nuys. It has 45,599 NRSF of self-storage and industrial space, and sits on 1.4 acres. The storage portion was converted in 1980 and is 98% occupied. SecureSpace is based in Torrance, CA. Source: SecureSpace
Madison Capital Group Holdings, based in Charlotte, NC, bought its 10th facility in Texas. The new site is in Dallas and has more than 100,000 rentable square feet for the Go Store It portfolio. Go Store It is a privately held operator that is based in Charlotte. Source: PR Newswire
Investment firm VanWest Partners, based in Denver, CO, bought two facilities in Tulsa, OK in off-market deals. The facilities have a combined 140,000 NRFS across about 950 units. Both facilities had about 95% capacity at the time of sale. The new ownership plans new gate and camera systems, door replacements, and roof and asphalt upgrades. Source: RE Business
In Norwich, CT, Ron Lyman, CEO of Lyman Real Estate Brokerage & Development, brokered the sale of 208-210 Salem Turnpike to Rick Hansberry of Moove In Self Storage for $2 million. The three-story building has 87,000 square feet and sits on just under 2 acres. The facility is located next to Walmart and Big Y on Route 82, off exit 11 on I-395. Moove In is based in York, PA and has 55 facilities in five states. Source: nerej
Larry Goodman of Argus Self Storage Advisors, based in Denver, CO, announced the sale of Space Saver Storage in Lawrence, KS. The buyer was Hess Tower LLC. Space Saver has 55,688 square feet and sits on 2.7 acres. It’s three miles from downtown Lawrence and the University of Kansas. Argus Professionals Storage Management will manage the facility. Goldman is an Argus broker affiliate representing Kansas, Missouri, Arkansas and Southern Illinois. Source: PR.com
VERSAL announced the closing of Cen-Tex RV & Boat Storage in Balton, TX, which is about 60 miles north of Austin, TX. The facility, completed in 2020, has 173,793 square feet of vehicle storage space spread across 354 units. Source: VERSAL
Marcus & Millichap
Marcus & Millichap Real Estate Investment Services of North Carolina Inc. arranged the sale of Greensboro Self Storage, a 17,550-square-foot facility in Greensboro, MD. The business has 146 non-climate-controlled units. Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and also found the seller, an LLC, and the buyer also is an LLC. Brian Hosey, Maryland broker of record, helped close the transaction.
Marcus & Millichap announced the sale of EZ Storage, which has five properties across St. Louis, MO. It has 3,385 units combined and 424,839 NRSF. Brett R. Hatcher, Nathan Coe and Gabriel Coe represented the seller and found the buyer. David Saverin is the company’s broker of record in Missouri.
Marcus & Millichap Real Estate Investment Services of Florida announced the sale of Melbourne, Florida Storage Opportunity in Melbourne, FL. It has 66,547 rentable square feet spread over 662 climate-controlled units. Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. Both the buyer and seller are LLCs. Ryan Nee, Florida broker of record, helped close the sale.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of VIP RV Storage in Aledo, TX. It has 77,052 square feet. VIP is a boat and RV storage facility in the Weatherford area west of Fort Worth. Dave Knobler and Charles “Chico” LeClaire had the listing and also found the buyer, a Texas-based LLC. The seller is an Austin, TX-based LLC.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Corporate Woods Storall in Magnolia, TX. It has 99,180 square feet. Dave Knobler and Charles “Chico” LeClaire had the listing and found the buyer, a Texas-based LLC. The seller is an Austin, TX-based LLC.
Marcus & Millichap announced the sale of Safe Storage Club in Kenosha, WI. It has 24,480 rentable square feet and 348 parking spaces. There is an opportunity to convert the 26,670 NRSF warehouse into luxury car storage, which would add 257 parking spaces. Brett R. Hatcher, Gabriel Coe and Nathan Coe had the listing and found the buyer. Source: REJournals