Sold! KKR sells Riverside, CA facility for $23M

Bruce Goldberg
February 22, 2023

Global investment firm KKR has sold three self-storage facilities recently with the help of the CBRE Self Storage Advisory Group, including one in California for $23 million.

Dallas-based operator Baranof Holdings purchased the 774-unit self-storage facility at 3111 Third St. in the Inland Empire city of Riverside, CA (below). CubeSmart manages the facility, a three-story building with 85,440 NRSF. It sits on 1.61 acres. Baranof also purchased the 1,041-unit facility at 5656 Interstate 35 in Austin, TX, which is managed by CubeSmart as well.  The purchase price for that facility was not disclosed.

Extra Space Storage picked up the third facility sold by KKR, a 550-unit facility at 2401 E. Ben White Blvd. in Austin, TX. It has 52,203 rentable square feet and is managed as a Public Storage. Purchase price was undisclosed.

Source: REJournals, CBRE

CBRE also the sale of Chino Mini Storage at 13555 Ramona Ave. in Chino, CA for $18.8 million. 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.

RDD Holdings LLC bought the self-storage facility at 10808 N. Perry St. in Spokane, WA for $7 million.  The facility sits on 13.5 acres and has 47,428 square feet of space. SVN Cornerstone brokered the sale of the facility, named Perry Storage. John Hiller of SVN Cornerstone represented the buyer. The seller was self-represented. Source: REBusinessOnline

Scottsdale, AZ-based Strategic Development Group sold Woodlands Self-Storage, a 660-unit facility in Tulsa, OK. The property has 75,300 NRSF of climate-controlled space and sits on 2.3 acres. Brett R. Hatcher of Marcus & Millichap represented the seller in the transaction. Source: REBusinessOnline

Michael Morrison of Midcoast Properties Inc. represented the unidentified buyer of Eclipse Storage at 5090 Washington Road in Evans, GA (below). A regional buyer made the purchase of the facility, which opened in late 2022. Source: Midcoast Properties Inc.

Marcus & Millichap

Marcus & Millichap announced the sale of Haltom City Self Storage at 5020 Haltom Road in Haltom Road. Danny Cunningham and Brandon Karr, investment specialists in the company’s Fort Worth, TX office, represented the seller, a Dallas-Fort Worth-based private investor, in an off-market transaction. They also found the buyer. The facility has 39,570 rentable square feet.

Marcus & Millichap announced the sale of the Neighborhood Storage self-storage portfolio in and around Ocala, FL. The deal is part of a 28-property portfolio has more than 1 million square feet. 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. The portfolio was approximately 85% filled before the transaction, and it has a mix of climate-controlled and non-climate-controlled units.

Marcus & Millichap arranged the sale of Alliance Self Storage at 1901 S. Colorado St. in Lockhart, TX. Jon Danklefs, an investment specialist in the company’s San Antonio, TX office, had the listing to market the property for the seller, an LLC, and he also found the buyer, another LLC. The facility has 532 units and 5 acres of land.

Absolute Storage Management

An unidentified buyer has purchased Lumpkin 400 Storage at 210 Ethan Allen Drive in Dahlonega, GA. The new owners chose Absolute Storage Management to operate the facility on behalf of its new owner. The facility has 573 units totaling 88,396 rentable square feet. Absolute operates more than 140 properties in 15 states.

Also, the new owner of My Attic Storage rebranded it as My Place Self Storage and hired Absolute Storage Management to operate the facility, which is located at 1602 W. Pecan St. in Pflugerville, TX. The facility has 547 units totaling 75,282 RSF.   

An unidentified buyer has purchased Bedico Storage Annex located at 27455 Louisiana 22 Ponchatoula, LA. The new owners chose Absolute Storage Management to operate the facility. The facility has 259 units totaling 44,590 rentable square feet.

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