10 Federal has acquired the ASAP Storage portfolio of facilities located in Temple and Villa Rica, Georgia for $78 per square foot. Spanning a total of 96,000 square feet of storage space, the three facilities provide a combined 664 units and 70 parking spaces. The purchase is the sixth transaction for 10 Federal’s latest investment fund focused buying facilities and converting them to unmanned operations. The fund launched December 15th, 2022 and has raised $32 million in equity through April 1.
William Warren Group purchased two California self-storage sites in Woodland Hills and Diamond Bar for a total of $69.6 million. William Warren, based in Santa Monica, CA, bought the properties (6030 Canoga Ave. and 21320 Golden Springs Drive) in separate deals. The Canoga Avenue property has a 107,000-square-foot commercial building and accounted for $52.5 million of the cost. William Warren acquired that site via a joint venture with CBRE Investment Management. A $114 million mortgage from PGIM Real Estate was part of the transaction and funded the acquisition of 14 properties in total. Storage Etc. was the seller of both properties. Source: Real Deal
A local buyer purchased Advanced Mini Storage at 9055 LA-19 in Zachary, LA for $2.8 million. Source: Business Report
Austin, TX-based HPI Real Estate was the buyer of a new facility in Tallahassee, FL at 807 High Road, adjacent to the Florida State University campus. It has 90,225 rentable square feet spread across 883 climate-controlled units. It was sold by the developer MV Investment CubeSmart will manage the facility. HPI now owns over 1 million square feet of self-storage in Florida and plans to build and acquire several more facilities in the region before year-end. Source: HPI Real Estate
Marcus & Millichap
Marcus & Millichap arranged the $5.5 million sale of Sun Basin Self Stor, a 69,000-square-foot self-storage facility at 610 South 1st Ave. in Othello, WA, about 10 miles southwest of Spokane. Christopher Secreto, an investment specialist in Marcus & Millichap’s Seattle, WA office, had the listing and found the buyer, a family trust. The facility has 510 units that were 91% occupied at the time of the sale. Source: connectcre
Marcus & Millichap announced the sale of a new, 86,966-rentable-square-foot self-storage facility in Knoxville, TN. The buyer is from out of state. Gabriel Coe, Brett R. Hatcher and Nathan Coe, investment specialists in the company’s Columbus, OH office, had the listing. Jody McKibben, Tennessee broker of record, helped close the transaction. The facility is about 6.5 miles northeast of downtown Knoxville. It opened in fall 2022 and is leasing up 325 climate-controlled units, 179 non-climate-controlled units plus 20 covered parking spaces that total 86,966 NRSF.