Sold! KKR unloads four storage facilities for $80 million

Bruce Goldberg
March 13, 2023

New York City-based KKR, an investment firm, sold four self-storage properties totaling 2,897 units for about $80 million. Two are in Austin, TX and two others are in Phoenix, AZ and Riverside, CA. The properties were sold in two different transactions with different buyers. KKR began Alpha Storage Properties in 2021 to buy and manage a portfolio of assets nationwide. KKR owns 25 self-storage sites with more than 18,000 units in 10 U.S. markets. Source: Businesswire

Prime Group Holdings purchased the storage facility at 7013 WA-303 in Bremerton, WA. It has 69,140 NRSF across 376 units, both climate- and non-climate-controlled. Prime was represented by The Storage Acquisition GroupDylan Stallings, strategic advisor with the Storage Acquisition Group, and Monty Spencer, president and CEO, negotiated the deal. The company specializes in buying storage facilities and portfolios nationwide and enables owners to sell direct without a listing. Source: The Storage Acquisition Group

JLL Capital Markets closed the sale of Oak Hill Self Storage, a 790-unit facility located at 7901 W. Highway 71 in Austin, TX. JLL marketed the property for the seller, The Jenkins Organization, and found the buyer. The JLL team that worked the deal was comprised of Brian Somoza, Steve Mellon, Adam Roossien and Matthew Wheeler. The facility has 93,813 rentable square feet and is 97% climate-controlled. Source: JLL Capital Markets

Marcus & Millichap

Marcus & Millichap announced the sale of KO Storage at 73544 Twentynine Palms Highway in Twentynine Palms, CA. The M&M team of Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing on behalf of the seller, an LLC. Ramon Kochavi, California broker of record, helped close the transaction. Doug Brooks of Marcus & Millichap’s Capital Corp. in the Columbus, OH office, financed the project. KO Storage has 164 climate-controlled units spread across 17,523 NRSF.

Marcus & Millichap announced the sale of U-Stor-It in Lansing, MI, which has 41,600 square feet. Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing for the seller, an LLC. Steve Chaben, Michigan broker of record, helped close the transaction. The facility is about 2.5 miles from the state capitol in Lansing and sits on 2.52 acres. It has 385 non-climate-controlled units spread across 41,600 NRSF.

Marcus & Millichap arranged the sale of Alliance Self Storage, located in the Central Texas city of Lockhart (above). Jon Danklefs of Marcus & Millichap represented the buyer and seller, both LLCs. The facility was built on 5 acres in 2002 and has 70,750 NRSF.

Marcus & Millichap announced the sale of Creekside Storage, a 122,216-square-foot self-storage facility in Grand Rapids, MI. Brian Kelly, Brett R. Hatcher, Gabriel Coe and Nathan Coe had the listing. Steve Chaben, Michigan broker of record, helped close the transaction. The seller was an LLC. Creekside Storage is about 8½ miles south of downtown Grand Rapids, was built in 2019, sits on 9.92 acres and has 659 non-climate-controlled units spread across eight drive-up buildings.

Marcus & Millichap announced the sale of a CubeSmart-managed self-storage facility at 1321 Evangeline Thruway in Broussard, LA. Eddie Greenhalgh, Jake Payne and Lee Thornton had the listing and found the buyer. Chris Shaheen, Louisiana broker of record, helped close the transaction. The site has 704 units spread throughout 83,675 square feet. It was built in 2008 and sits on 8.8 acres, and has both climate- and non-climate-controlled units.

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