Sold! Public Storage buys Virginia facility for $4.5 million

Bruce Goldberg
Published April 3, 2023

Public Storage purchased Chesdin Storage, a 40,600-square-foot facility in North Dinwiddie, VA, for $4.5 million. The facility, located at 23150 Airpark Drive, features 331 drive-up, climate-controlled units, plus parking on 3.66 aces. The facility has been close to 100% of occupancy. Neighbors include Dinwiddie Airport, Aldi’s distribution center, Amazon and Walmart. Virtual Realty Partners and Michael Morrison of Midcoast Properties Inc. represented the seller. Source: Virtual Realty Partners Inc. and Multi-Housing News

Chesdin Storage

Wentworth Property Co. was the seller and Utah-based REIT Extra Space Storage the buyer for an undisclosed price of Greenville Self Storage. JLL negotiated the sale, and its team included Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien.  Greenville is a 741-unit facility in the northern-central part of Dallas, TX. CubeSmart manages the four-story, climate-controlled site. It was built in 2019 and has roughly 83,000 NRSF. Source: RE Business Online

Matthews Real Estate Investment Services closed a sale of Lafayette Parkway Self Storage, located at 1379 Lafayette Parkway, Lagrange, GA. The property has 7.84 acres.

Storage Exchange

Storage Exchange handled closings for nine self-storage properties in the first quarter, with a total of more than 269,000 NRSF. They are:

  • Ideal Self Storage in Central Texas, which has six properties in its portfolio, with a total of 155,765 rentable square feet, spread among 24.05 acres. Liam Duddy, director of investment sales, led the sale of all six properties.
  • Xtra Space Self Storage has 48,475 square feet across 10 acres, with room for expansion. It’s located near Prescott Regional Airport in Chino Valley, AZ. Parker Johnson, associate, and Hunter Molnar, managing director, represented the seller in the transaction.
  • Bedico Storage has 35,550 square feet plus 2 more acres of vacant land for expansion. Taylor Cahn, vice president of investment sales for Storage Exchange, helped close the sale, representing the seller.
  • Whaley Street Storage in Longview, TX has 29,775 square feet, with expansion and unit conversion possibilities. Duddy represented the seller in the transaction.

Marcus & Millichap

Prime Storage Group has purchased a Public Storage-managed facility with 84,608-square-foot facility in Port St. Lucie, FL (above). Marcus & Millichap brokered the deal on behalf of Mequity Cos., the seller and developer. It has a three-story building with 833 units, 783 of which are climate-controlled. The site also has 17 parking spaces. Adam Schlosser, Charles LeClaire and Ian Lindahl had the listing. Ryan Nee, Florida broker of record, helped close the transaction.   

Marcus & Millichap announced the sale of Budget Self Storage, located at 5906 San Bernardo Ave. in Laredo, TX. Jon Danklefs, an investment specialist in Marcus & Millichap’s San Antonio, TX office, had the listing and also found the buyer. The seller is an LLC. The facility has 199 units on 1.60 acres.

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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