Sold! CubeSmart-managed facility in SC sells for $11 million

Bruce Goldberg
January 3, 2023

Merit Hill Capital bought its second Broward County property, a four-building self-storage facility, in less than one month. An affiliate of Brooklyn, NY-based Merit Hill paid $17 million for the 326-unit Pines West Storage Center at 400 Northwest 172nd Ave. in Pembroke Pines, FL. It sits on 5.6 acres. The buyer received a $15.1 million mortgage from Citibank. Richard Collum of Collum Management, the seller, bought the property for $1.1 million in 1996. Extra Space Storage manages Pines West. A few weeks ago, Merit Hill bought a Davie, FL-based facility for $17.5 million. Source: The Real Deal

Strategic Storage Growth Trust III of Ladera Ranch, CA, purchased an approximately 1,000-unit self-storage facility at 970 Industrial Blvd. in Chula Vista, CA. It’s SSGT’s third acquisition since launching in May 2022. It has one three-story building and two single-story ones, with a total of 110,000 square feet of rentable space. The unit mix has interior climate-controlled units and large, exterior non-climate-controlled drive-up units. SSGT intends to qualify as a real estate investment trust sponsored by an affiliate of SmartStop Self Storage. Source: Businesswire

Ronald Frieman and Chris Genard purchased SafeSpace Storage Gulfport in Gulfport, MS. They redeveloped the existing facility, which has 172 units totaling 20,350 rentable square feet, and an expansion is planned. The site’s former name was Budget Storage. The site has 2.5 acres. Absolute Storage Management will manage the facility. Source: PR.com

Absolute Storage Management also will run MyPlace Self Storage, for a former CubeSmart Self Storage at 15025 Voss Road in Sugar Land, TX. It has 791 units totaling 93,915 rentable square feet. The Nuveen Group purchased the facility. Source: PR.com

Vice President Austin McLeod, and Vice President and Market Leader Johnny Blue Craig of Matthews Real Estate Investment Services based in Scottsdale, AZ announced two closings. One was Main Gate Self Storage, 404 Fraser Circle, Hinesvile, GA, acquired by Capital Growth Properties Inc., and My Storage Block, 2025 Box Road, Columbus, GA. Krysak Holdings LLC purchased that property from Watchman Properties. McLeod and Craig represented the seller in both transactions. Source: Matthews Real Estate Investment Services.

Versal arranged the sale of a portfolio of two facilities totaling 531 units spread across 89,300 NRSF in Fort Worth, TX. Versal’s Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne represented the seller, Plano Storage Station LP, and found the buyer, an Austin, TX-based family partnership. Source: RE Business Online 

Argus Self Storage Advisors

Tom Flanigan, Alex Ihrke and Matt Haugen – the Iowa, Minnesota and North Dakota broker affiliates for Denver, CO-based Argus Self Storage Advisors – announced the sale of Lakeside Self Storage in Spicer, MN to a regional operator. It has 82,517 rentable square feet of drive-up and climate-controlled storage, plus office and warehouse space.

Jeff Gorden of The Gorden Group/Keller Williams East Valley arranged the sale of Buckeye RV & Boat Storage in Buckeye, AZ. The property has just under 2 acres, provides 101 spaces for boats and RVs, and sold on Oct. 7. Gorden is the Arizona and Nevada broker affiliate for Argus Self Storage Advisors.

Marcus & Millichap

The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of Presidential RV & Boat Storage, which has a 133,250-square-foot facility in Leander, TX. Dave Knobler and Charles LeClaire had the listing to market the property for the seller, a Texas-based LLC. They also found the buyer, also a Texas-based LLC.  The facility was built in multiple phases between 2014 and 2018. It is remotely managed.   

The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Midland Lock Storage in Midland, TX. It has 70,602 square feet plus 395 non-climate-controlled units, one office space and 30 outdoor parking spaces. There are two stores about three quarters of a mile from each other. The facility at 3013 W. Industrial Ave. sits on two parcels that cover 2.86 acres. The site at 2215 W. Florida Ave. has three parcels on 2.27 acres. Dave Knobler and Jordan Farrer had the listing on behalf of the seller, a Utah-based LLC. They also found the buyer, a Minnesota-based LLC. It was Knobler’s third closing in the Midland-Odessa region since June.

Marcus & Millichap arranged the sale of the 10 Federal Texas Portfolio, comprised of three self-storage facilities totaling 585 units in Fort Worth, TX. The portfolio has 5 acres and 68,030 NRSF. Stacey Gorman, Eric Jones, Cameron Bradford and Sam Slocum of Marcus & Millichap represented the seller, an LLC. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, also an LLC. Tim Speck, the broker of record, found the buyer, a private investor. The portfolio sold for $6.4 million according to the Texas Real Estate Research Center.

CubeSmart Self Storage at 2560 US-52 in Moncks Corner, SC, which has 66,875 square feet, was sold for $11 million. Tridas Properties sold the facility to an unnamed Philadelphia-based buyer. Skymor Capital Corp. provided an $8.9 million loan for the transaction. The property also is subject to a $4.4 million construction loan in 2017, which United Community Bank originated. Ian Lindahl, investment associate, and Adam Schlosser, senior vice president of The LeClaire-Schlosser Group of Marcus & Millichap, had the listing for the 547-unit site, and found the buyer. The property has eight buildings on 6 acres, with 263 climate-controlled and 247 non-climate-controlled units, along with 37 outdoor parking spaces.  The property is about 26 miles from Charleston, SC. Source: Multi-Housing News

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