Sold! Public Storage buys 28-property Florida portfolio

Bruce Goldberg
February 15, 2023

Public Storage has purchased a portfolio of 28 self-storage facilities in and around Ocala, FL from regional operator Neighborhood Storage (below). The seller retains a single facility in the market. The portfolio spans more than one million square feet of storage space in total and was approximately 85% occupied before the transaction. It has a mix of climate-controlled and non-climate-controlled units. Nathan Coe, Gabriel Coe and Brett R. Hatcher represented the seller and found the buyer. Ryan Nee is Marcus & Millichap’s Florida broker of record.

NT Investments LLC purchased a two-property self-storage portfolio in Angola, IN from HZ Capital Partners LLC. It has 109 units and 16,775 rentable square feet. The properties have a combined 2.2 acres and are at 1009 N. Wayne St. and 3845 N 300 W. The former has room for more development. Franklin Street, which is based in Tampa, FL, arranged the deal. Senior directors David Perlleshi and Frank DeSalvo, who lead Franklin Street’s national self-storage investment sales practice, represented the seller. Source: Franklin Street
Argus Self Storage Advisors arranged the sale of a Keystone Self Storage property at 5000 N. Keystone Ave. in Indianapolis, IN for $9.5 million. It has 541 units and 69,700 square feet. Rob Schick of Argus represented the seller and Public Storage was the buyer. The facility was 94% leased when it was sold. Source: Argus Self Storage Advisors

Andover Properties bought Melbourne, FL-based Eau Gallie Self Storage, located at 914 St. Clair St., from a private owner for $4.2 million. It has 57,996 square feet spread across eight two-story buildings and 2.6 acres. The sale was completed out of bankruptcy action. The property will operate as Storage King USA. The property last traded in 2010. It has climate-controlled and non-climate-controlled units. Andover now owns 154 facilities in 18 stores nationwide with 40 of them in Florida. Source: Multi-Housing News

KO Storage, based in Minnetonka, MN, bought three facilities in Harrison, AK from Crockett Properties, based in Harrison. KO said it was a multimillion-dollar deal; figures were not disclosed. KO Storage operates in 24 states. Source: Arkansas Democrat Gazette

CBRE

CBRE announced three separate sales of self-storage businesses:

  • A $24.8 million sale of an Extra Space Storage-managed facility of 76,051 square feet and 814 units at 12330 US-15 501 North in Chapel Hill, NC, to Dallas, TX-based Rosewood Property Co. CBRE’s Self Storage Advisory Group represented the seller, Carolina Storage Partners LLC. The facility also has 67 wine storage units.
  • The sale of Chino Mini Storage at 13555 Ramona Ave. in Chino, CA for $18.8 million (above). It has 80,862 square feet spread across 13 buildings, with 701 units. CBRE represented the seller, Legacy Interests LLC, a private investor. The buyer is Westport Properties Inc. of Irvine, CA. The property sits on 4.39 acres and has outdoor boat, RV and car parking.
  • The sale of a 550-unit facility at 2401 E. Ben White Blvd. in Austin, TX. CBRE represented seller KKR, a global investment company. The buyer, Extra Space Storage Inc., is based in Salt Lake City, UT. The facility has 52,203 rentable square feet.

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