Montreal Mini-Storage has expanded big-time, spending $40 million to add 1.5 million square feet of land and 1,500 storage units to its portfolio. The acquisitions were made in Quebec’s Laurentians area. The facilities are in St.-Jerome, Saine-Adele, Val Morin and Rawdon. The company has 19 self-service storage facilities in eight cities throughout the province, and plans to expand its portfolio to more than 5 million square feet by 2025.
“The fact that we’re willing to invest nearly $60 million in the region by the end of 2022 is a testament to our confidence in this exciting new market,” said Simon Berman, co-founder and president of Montreal Mini-Storage. MMS is a subsidiary of Avenir Immobilier, a Canadian real estate group focused on the development and management of industrial and commercial projects.
Two storage facilities in Chattanooga, TN sold for a total of more than $16.3 million. They were the CubeSmart Self Storage at 824 E. 12th for $8.505 million and one at 4305 Benton Drive for $4,672,500. Chattanooga Storage LLC previously owned the CubeSmart and Dyersburg Self Storage Fund LLC previously owned the Benton Drive facility. The buyer was York Pc chtn1 LLC. Also, Sroa 8307 Hixson Tennessee LLC purchased Simple Storage Solutions LLC at 8307 Hixson Pike for $3.25 million. Source: TheChattanoogan.com
Ready Capital closed a $22.8 million loan to buy a 1,649-unit self-storage portfolio located in the metro Columbus, OH cities of Grandview Heights and Upper Arlington. The borrower was undisclosed. Source: REBusinessOnline
Schulman Properties garnered an $8.7 million joint venture equity financing for Dixie Self Storage, a seven-story, 163,660-square-foot, 1,068-unit self-storage facility at 15699 W. Dixie Highway in North Miami Beach, FL. Dixie SPE, an affiliate of Schulman Properties, broke ground last month after obtaining a $17.8 million construction loan from Pacific Western Bank. Source: Multi-Housing News
Bellomy & Co. sold the Watson & Taylor Self Storage four-property portfolio with 202,998 NRSF across 1,503 units in San Antonio, TX. It was sold in two transactions spread across 12 months. Michael Johnson and Logan Foster represented the seller and found the buyer. Source: Bellomy & Co.
SecureSpace purchased a Storage Star at 34202 16th Avenue South in Federal Way, WA (above). It has 92,244 square feet comprised of eight one-story buildings, plus parking spots spread over 800-plus units. It’s near an intersection with the Pacific highway and is one-third mile from Interstate 5. The new owners plan to convert it to climate-controlled. Its new name is SecureSpace Federal Way. Source: Global Newswire
Berkshire Hathaway reported the sale of The Storage Depot in North Haven, CT (above). It has 33,260 NRSF spread across 310 units. Berkshire Hathaway’s Cameron Vale, senior vice president, and Parker Sweet, president, represented the seller and found the buyer.
Scott Rihm and Jesse Luke of EquiCap Commercial announced the closing of Humboldt Self Storage, 1001 E. Chambers St. in Milwaukee, WI. It has 10,600 NRSF and 112 units on .75 of an acre.
Also, Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell of the Williams Storage Group of Marcus & Millichap announced the closing of All Seasons Self Storage, 4305 Benton Drive in Chattanooga, TN (above). All Seasons has 48,276 NRSF spread across 323 climate-controlled units on 38 acres.
Andover Properties purchased three Florida properties. The first was in Sorrento, FL, has 34,000 NRSF and will be rebranded to Andover’s Storage King USA brand. The company also is under contract to buy the adjacent land for a 50,000-square-foot, climate-controlled expansion.
Andover also bought two self-storage facilities in Tallahassee, FL, with a combined 182,000 square feet across 1,337 self-storage and commercial units. Andover will rebrand those two properties as well.
Marcus & Millichap
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Ballpark Self Storage, a 55,000-square-foot facility with 376 units in Adelanto, CA. Keith Phillips and Adam Schlosser worked on the transaction. The seller is a California-based LLC. The buyer is Nova Storage, a regional operator with several locations in Southern California. Source: Connectcre
The group also arranged the sale of [email protected] Storage in Vista, CA. It has 94,625 square feet and 769 units. Keith Phillips, investment associate in Marcus & Millichap’s Encino, CA office, and Adam Sclosser, senior vice president investments in the Denver, CO office, had the listing. The seller is a California-based LLC that owned and operated the business for almost 30 years. The buyer is a national operator.