Sold! Blue Vista buys multiple storage developments

Bruce Goldberg
Published August 22, 2023

Blue Vista Capital Management announced it purchased 11 self-storage, industrial/flex and build-to-rent properties in six states between March and June this year. They include include five self-storage assets in Florida and Arizona, five industrial/flex properties in South Carolina, Texas, Arizona and California and one, 48-unit BTR property in Maryland. Three of the self-storage acquisitions are new developments that will total 283,749 square feet, and two existing self-storage properties with 167,343 square feet and 1,670 units.

Blue Vista is an investment management firm based in Chicago, IL.

Here are details on the acquisitions:

  • KV Casa Grande, a 314,453-square-foot industrial building in Casa Grande, AZ. It is 15% pre-leased.
  • Techniplex Business Center, two single-story flex buildings totaling 78,116 square feet in Houston, Texas. Tenants include manufacturing, lab, and service-oriented users. They consist of approximately 50% office, lab and R&D space and 50% warehouse space.
  • New Cut Road, a 201,718-square-foot manufacturing and distribution asset in Spartanburg, SC. It has 31 acres of developable land.
  • Val Vista, a 116,090-square-foot, two-story, 915-unit self-storage development in Mesa, AZ.
  • Cocoa, located in Cocoa, Florida, 45 miles east of Orlando.
  • Land O’Lakes, a development in Land O’Lakes, FL, 20 miles north of Tampa.
  • Naples & Venice, two existing self-storage facilities located in Naples and Venice, FL and totaling 88,213 SF and 79,130 SF, respectively.
  • Stonehaven, 48 BTR luxury townhomes in White Plains, MD, south of Washington, D.C. to be acquired in phases at certificate of occupancy.
  • Riverside Flex Park, a fully leased flexible industrial and retail park in the central Riverside submarket in Jurupa Valley, CA.
  • Beltway 249 Business Center, three flex industrial buildings located in Beltway, TX and totaling 101,584 square feet. The buildings offer flex, showroom, and warehouse spaces. Source: Business Wire 

Tampa, FL-based SkyView Advisors helped close a purchase of the Eden Terrace Self-Storage facility, which is in the Charlotte, NC and South Carolina metropolitan area. It has 34,305 NRSF across 4.7 acres, plus 275 units spread out in five buildings.

Source: SkyView Advisors

Argus Self Storage Advisors’ team of Tom Flannigan, Alex Ihrke, Matt Haugen and Nathan Gottlieb announced the sale of the HB Mini Storage Portfolio, which has locations in Alexandria, Willmar and Redwood Falls, MN. The team had the listing and found the buyer, a local group that’s growing in Minnesota’s secondary markets. The team members are the Minnesota, Iowa, and North and South Dakota broker affiliates for Argus. The portfolio has six facilities totaling 1,463 units and 266,602 rentable square feet of drive-up self-storage. The properties are less than two hours from the Twin Cities MSA and are set up for remote management. Source: Argus Self Storage Advisors

Marcus & Millichap announced the sale of Route 59 Self Storage in Ravenna, OH, about 13 miles northeast of Akron. It has 48,104 square feet. Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. The seller is an LLC. The facility sits on 10.77 aces, and has both climate-controlled and non-climate-controlled units, plus outdoor parking spaces. The facility just completed a 20,000-square-foot expansion.

Source: Marcus & Millichap

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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