Sold! Boardwalk Development sells 10-property Southeast portfolio

Bruce Goldberg
February 2, 2023

Boardwalk Development Group sold a 10-property, 3,369-unit self-storage portfolio located in Atlanta, Georgia and Tennessee. The properties operate under the Mini Mall Storage brand. The purchaser was Avenue Living Asset Management.

The Alabama facility is in Opelika. In Georgia, the sites are in Dahlonega, Clermont, Loganvile, Perry and Jasper. In Tennessee, they are in Ooltewah, Chattanooga and Soddy-Daisy.

Six of the assets traded for $43.5 million according to available property records, including three in Tennessee that sold for a combined $19.8 million. Seven properties have room for expansion. The entities have a total of 569,530 NRSF and a combined occupancy of 64%. They also have a mix of non-climate-controlled and climate-controlled units.

Marcus & Millichap arranged the transaction. Gabriel Coe, Nathan Coe and Brett R. Hatcher represented the seller and found the buyer.

Source: Marcus & Millichap, MultiHousing News

Marcus & Millichap announced the sale of Wetumpka Storage, a 173-unit, 28,550-square-foot self-storage facility at 1000 Georgia Road in Wetumpka, AL, in the Montgomery area. Eddie Greenhalgh, senior director of the National Self Storage Group, along with Jake Payne and Lee Thornton of Marcus & Millichap’s Birmingham, AL office, had the listing and found the buyer.

Marcus & Millichap announced the sale of Kennedy Self Storage at 35 Fairhaven Road in McKees Rocks, PA. It has 26,725 square feet, including 157 non-climate-controlled units. Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing on behalf of the seller, a partnership. Sean Beuche, Pennsylvania broker of record, helped close the transaction.

Marcus & Millichap announced the sale of Franklin Ohio Self Storage, a 48,588-square-foot self-storage portfolio in Franklin, OH, which is about 14.5 miles southwest of Dayton. It has a combined 7.61 acres of land and has 273 non-climate-controlled units, 61 retable parking spaces, two rentable office spaces and two rentable residential spaces totaling 48,588 NRSF. The properties are within a mile of each other.  Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing. The seller is an LLC from out of state.

SkyView Advisors announced the sale of the eight-building Huml Storage, which is near Lake Geneva, WI. The facility has 307 units spread across 81,410 NRSF and sits on 5.72 acres. The units are 99 percent occupied. Merrilee Kittelstad, senior associate, worked the transaction for SkyView.

Skyview Advisors also announced the sale of CubeSmart Self Storage (Managed) at 9795 Nautilus Point in Colorado Springs, CO (above). Keith McCoy and Scott Schoettlin closed the transaction. The 6.72-acre site has nine buildings; the buyer will grow that to 12 buildings that will total 681 units and 105,870 NRSF. Occupancy is at 75 percent.

Versal announced the sale of Mack Road Shops & Storage in Amarillo, TX (below). The facility has 72 units and 12 parking spaces, with a total of 36,000 NRSF. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented Second Generation Properties LLC, the seller, based in Harlan, IA. The team also found the buyers, Kent and Ramy Jisha of Valle de Oro, TX. Source: Versal

Michael Morrison of Midcoast Properties Inc. in Hilton Head Island, SC represented the buyer in the sale of Eclipse Storage located at 5090 Washington Road in Evans, GA, about 15 miles northwest of Augusta, GA. A regional buyer made the purchase. The facility has 786 units spread across 82,575 rentable square feet. The facility opened near the end of 2022. The three-story building has mainly climate-controlled units and also has drive-up units. Source: Midcoast Properties

Lockhart Management Group and Top Hat Commercial Real Estate announced the sale of a three-property self-storage portfolio at certificate of occupancy in December 2022 to Value Store It Self Storage. The portfolio includes two properties in Clearwater, FL and a third in Phoenix, AZ. The combined square footage is 280,000, holding nearly 2,200 units. Broker Brian Fulton and James Lockhart, founder and managing partner of LMG, worked together on the sale.

The properties include:

  • Seville Self Storage, 2611 Seville Blvd., Clearwater, FL, with over 105,GSF and 76,000 NRSF of storage space (above)
  • Countryside Self Storage, 26489 US-19, Clearwater, FL, within the Westfield Countryside Mall in Clearwater, is five stories and offers about 98,000 GSF and 73,000 NRSF
  • Black Canyon Self Storage, 21427 N. Black Canyon Highway E, in Phoenix, whose two-story building offers nearly 77,GSF and more than 57,000 NRSF.

Source: Lockhart Management Group

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