A CBRE Investment Management fund purchased a portfolio of 14 self-storage sites totaling 8,697 units in Southern California and Utah. CBRE partnered with the William Warren Group on the deal. WWG will manage the acquired facilities under its StorQuest Self Storage name. The fund now owns 100—self-storage properties totaling 55,477 units nationwide.
Nick Walker, vice chairman of CBRE’s National Self Storage Advisory Group, represented the seller. Talonvest Capital, along with CBRE’s Large Loans division, arranged a $114 million bridge loan for the acquisition. The facilities are mainly one-story drive-up sites located in infill markets in Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio is 95% leased. The San Diego properties are at 2150 Hancock St. (945 units) and 1040 Sherman St. (780 units).
Source: CBRE, Talonvest Capital and Connectcre
CBRE also arranged the $35.5 million sale of a two-property self-storage portfolio in Roseville, CA to Wentworth Property Co., a Phoenix-based real estate development firm. CBRE’s Self Storage Advisory Group represented the seller, Seaview Financial, an investment firm in Orange County, CA. The 1,244-unit portfolio totals 188,950 square feet and is comprised of two adjacent properties in Roseville: Sundance Self Storage I at 1351 Baseline Road and Sundance Self Storage II at 8040 Brady Lane.
Matthews Real Estate Investment Services completed the $5 million sale of Mad River Storage Center at 1400 Glendale Drive in McKinleyville, CA. Shane Avera, Maxx Bauman and Bill Pedersen represented the seller, a private investor. The facility has 81 storage units spread across more than 28,000 square feet. Source: Matthews Real Estate Investment Services
Capital Growth Buchalter (CGB) launched a new affiliate, Capital Growth StoreGuard, to focus on the self-storage industry. The new company recently closed on a purchase of a self-storage site in Hinesville, GA. The property has 39,236 square feet spread across 358 units. StoreGuard plans to add 12,000 square feet and 173 units, and also work to improve security, cleanliness and operational efficiency. The principal officials are Mike Vahle, a former Public Storage executive, and Eric Buchalter, a real estate professional. Source: Multi-Housing News
Westport Properties has purchased a 701-unit self-storage facility at 13555 Ramona Ave. in Chino, CA, in the Inland Empire. Westport will rebrand it under US Storage Centers and represented itself in the transaction. The facility is 99.5% leased. The property is comprised of 13 buildings. Westport Properties owns and operates self-storage, multifamily and industrial properties nationwide. Source: PRWeb
13555 Ramona Ave in Chino, CA.
U-Haul purchased a CubeSmart Self Storage facility in Des Moines, IA. The facility is a former Gordmans department store that was converted and completed in November 2021. It has more than 68,000 rentable square feet with climate-controlled storage. Tom Flannigan, Alex Ihrke and Matt Haugen of Area Commercial Real Estate Services arranged the deal. The brokers are affiliates of Argus Self Storage Advisors. Source: Argus Self Storage Advisors
Strategic Storage Growth Trust III Inc. bought an approximately 78,000 NRSF storage facility at 18301 Tamiami Trail in North Fort Myers, FL. It has about 780 climate-controlled units. It was built in 1955 and was converted to storage in October 2022. Nearby neighborhoods include Porto Vista, Lake Fairways, Coral Lakes and Sabal Springs. Source: Business Wire
Five Star Storage made two purchases. It acquired Safeway Storage in Rochester, MN on Dec. 15, 2022, with 61,000 rentable square feet spread across 461 units. It is Five Star’s first location in Rochester, and the company plans to open a new development project across town in April. Five Star also bought All Reasons Self Storage in Grand Forks, ND, on Feb. 24. It has more than 141,000 rentable square feet across 900 units. Five Star now has 32 locations in the Dakotas and Minnesota.
Versal announced the sale of U-Store, a self-storage facility at 14242 Northwest Blvd. in Corpus Christi, TX. It has 270 non-climate-controlled units spread across 75,835 NRSF plus six retail spaces. The U-Store was at 100% occupancy when sold.
Michael Morrison of Midcoast Properties Inc. represented the seller in the sale of Greenleaf Self Storage in Seneca, SC, a four-property portfolio with all locations near each other in Seneca. They have a total of 908 climate-controlled and drive-up units as well as parking with 110,821+/-RSF spread over 7.86 acres. Seneca is about 30 miles northwest of Athens, GA.
Marcus & Millichap
Marcus & Millichap Real Estate Investment Services of Seattle Inc. announced the sale of a two-property portfolio of 42,380 square feet spread across 266 non-climate-controlled self-storage units in Jonestown, PA. Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. Sean Beuche, Pennsylvania broker of record, helped close the deal. The two facilities were renovated recently and are within 1.5 miles of each other.
Marcus & Millichap Real Estate Investment Services of North Carolina Inc. announced the sale of Old Town Self Storage in Winston-Salem, NC, which has 7,200 square feet. Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing. Ben Yelm, North Carolina broker of record, helped close the transaction. The seller is an LLC. The facility is 3 miles away from Wake Forest University.
Marcus & Millichap announced the sale of Campus Storage, a 34,005-square-foot facility in Tuscaloosa, AL. Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing. Eddie Greenhalgh, Alabama broker of record, helped close the transaction. The seller is an LLC and out-of-state buyer. The facility has 174 climate-controlled and 181 non-climate-controlled units spread across 34,005 NRSF.
Marcus & Millichap announced the sale of a two-property self-storage portfolio in Sebring and Lake Placid, FL. Gabriel Coe, Brett R. Hatcher and Nathan Coe had the listing and found the buyer, an LLC. Ryan Nee, Florida broker of record, helped close the transaction. All Steel Storage (Sebring) and All Steel Storage (Lake Placid) are about 9.5 miles from each other in south-central Florida, about 70 miles west of Sarasota. The facilities have a combined 238 non-climate-controlled units, eight climate-controlled units, 30 parking spaces and one rentable commercial space. Together they total 42,754 NFSF. The Sebring location has an opportunity to expand
