Riverbend Storage Property LLC sold its four-story, 132,848-square-foot, 886-unit self-storage facility at 2401 W. Broward Blvd. in Fort Lauderdale, FL (below) to Prime Storage Riverbend LLC for $35 million. The buyer is an affiliate of Saratoga, NY-based Prime Storage Group. Fidelity Bank provided a $19 million mortgage to the buyer. Alex Hernandez of Fort Lauderdale-based Hernandez Construction managed the property in partnership with Dev Motwani of Fort Lauderdale-based Merrimac Ventures. Virginia-based Storage Acquisitions Group brokered the deal. The building includes 5,168 square feet of ground-floor retail space that recently was listed for lease. Hernandez Development said the 886 storage units in the building are 83% leased. The facility was built on a 1.76-acre site just west of Interstate 95 in the last year. Source: South Florida Business Journal
MV Investment sold a recently developed self-storage facility along Hillview Avenue in Knoxville, TN (below) to Platinum Storage Group. The facility has about 90,000 square feet and 650-plus climate-controlled units, and opened in October. MV Investment is developing eight facilities in North Carolina and Florida, and recently developed facilities in Nicholasville, KY, and Florida’s Ormond Beach, Fort Myers and Lakeland. Source: MV Investment
Arcland Property Co. in Washington, D.C. bought two self-storage properties, one at 4551 Eisenhower Ave in Alexandria, VA (Self Storage Plus) and 3700 Plyers Mill Road in Kensington, MD (Self Storage Plus), both off-market. They have a combined 281,000 square feet across about 3,100 storage units. The Alexandria property has 9 acres and vehicle, boat and RV parking. Self Storage Plus will manage both properties. Source: ConnectCRE
Midcoast Properties Inc. announced the sale of Pelion Self Storage, 6035 Fish Hatchery Road in Pelion, SC. Midcoast represented the regional buyer. Michael Morrison was the lead broker. Source: Midcoast Properties Inc.
A self-storage site at 3136 N.E. 130th St. in Seattle, WA, has sold for $18.5 million. The sellers were four LLCs that bought the property in 2014 for about $11.1 million. Formerly Lake City Mini-Storage, the property is now operated as SecureSpace Self-Storage. Source: Daily Journal of Commerce
Andover Properties and Angelo Gordon secured $360 million in financing for a self-storage portfolio of 50 properties. The facilities span a total of 3.9 million square feet. Goldman Sachs provided the loan. Newmark, with a team led by Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani, Aaron Swerdlin and Taucha Hogue, brokered the deal. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” Stolly said in a news release. Source: Commercial Observer
Marcus & Millichap
Midwest Storage Group purchased Combs Mini Storage at 2100 US Highway 67, which is 39 miles from St. Louis in Festus, MO. It has 69,425 square feet spread over 529 units. The facility was completed in 2000 and has three buildings across 4.6 acres. The seller is a private individual. The new owner obtained an acquisition loan of $55 million, originated by Citizens Bank. Anne Williams, first vice president, and Marla Colic, first vice president, and both with Marcus & Millichap, represented the buyer and seller. Dave Saverin, regional manager helped close the transaction.
Marcus & Millichap announced the sale of A+ Self Storage’s two-property self-storage portfolio in Michigan, with properties in Swart Creek and Flint. They have a combined 189,165 NRSF spread across 94 climate-controlled units, 1,084 non-climate-controlled units and one indoor unit. Also, there are 29 parking spaces to rent. Jonathan M. Fawley, Brian Kelly, Brett R. Hatcher and Gabriel Coe had the listing, and found and represented the buyer. Steve Chaben, Michigan broker of record, helped close the transaction.
Marcus & Millichap closed the sale of Heartland Storage in Cedar Lake, IN. It has 148,010 NRSF spread across 34 climate-controlled units and 824 non-climate-controlled units. Also, there are 68 parking spaces for rent. In addition, 31,500 NRSF were delivered in July, and there is more room for expansion. Meir Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. The seller is an LLC. Josh Caruana, Indiana broker of record, also helped close the transaction.
Marcus & Millichap announced the sale of three self-storage facilities in San Antonio, TX. Jon Danklefs had the listing. There were three separate buyers, all of them LLCs, and three sellers. The properties were Comal Ridge Self Storage, 23995 Bat Cave Road; Garden Ridge Self Storage at 22480 FM 3009 and Palo Alto Self Storage at 9018 Poteet Jourdanton Freeway Access Road. They have a combined 650 units and 89,815 NRSF.
Marcus & Millichap announced the sale of Stor 4 Now at 6476 Judson Road in Longview, TX. It has 69,640 rentable square feet. Danny Cunningham and Brandon Karr, leaders of the Karr-Cunningham Storage Team, had the listing. The seller is a Dallas, TX-based private equity investment firm and the buyer is an Austin, TX-based real estate investment company.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Noah’s Ark Self Storage in San Antonio, TX. It has 57,219 square feet spread across 477 units in the Stone Oak area of northern San Antonio. The property has 123 acres and was built in 2013. Dave Knobler and Charles LeClaire had the listing from the seller, a San Antonio-based LLC, and found the buyer, a publicly traded REIT.
Marcus & Millichap announced the sale of Pittsfield Self Storage in Pittsfield, ME, which has 13,580 square feet spread over 117 non-climate-controlled units. Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. The seller is an LLC. There are no other storage facilities within five miles.