Quincy, MA-based The Grossman Companies purchased the 44,000-square-foot self-storage facility at 34-44 Lochdale Road in Roslindale, MA for $8.8 million. The Commercial Property Executive reports that the deal was financed with a $6.4 million loan from Brookline Bank.
The facility features 366 units and 17,000-square-feet of fully-leased commercial space. The facility was built in 1979. Storage Asset Management of York, PA has been tapped to manage the property.
“We have been pursuing urban self-storage property for the last few years and are excited about this opportunity in Roslindale which is a densely populated, under-supplied market,” said David Grossman, co-president.
Grossman is a family-owned commercial real estate firm also involved in multifamily and retail properties.
U-Haul purchased the Dollar Storage facility at 2080 River Road in Calverton, NY. U-Haul paid $5.4 million for the 68,000-square-foot, 470-unit facility. The property covers 6.35 acres.
Dollar Storage LLC filed for Chapter 11 bankruptcy in January 2014, according to the Riverhead News-Review.
SmartStop Self Storage
Ladera Ranch, CA-based SmartStop Self Storage purchased the 32,400-square-foot facility at 3803 South Priest Street in Tempe, AZ for $4.4 million. The 350-unit facility was 89 percent occupied at the time of purchase. The facility previously operated under the name Air Conditioned Self Storage.
“This facility is in a solid retail location — a growth market with excellent demographics,” said H. Michael Schwartz, SmartStop’s chairman and CEO.
SmartStop operates five other facilities in the greater Phoenix market.
US Storage Centers
Irvine, CA-based US Storage Centers purchased the 89,370-square-foot self-storage facility at 3455 Hickory Hill Road in Memphis, TN for $3.4 million. The seller was Hickory Hill Self Storage LLC. Anne Williams, a senior associate at Marcus & Millichap, represented both buyer and seller.
The company also acquired the 74,375-square-foot facility at 7000 Aloma Avenue in Winter Park, FL for an undisclosed sum. The property was sold by Odyssey DP IX LLC. The property is the eighth facility owned or operated by US Storage Centers in Florida.
“US Storage Centers has an established, and rapidly increasing market presence, brand, and competitive advantage in the greater Miami and Orlando areas,” said Drew Hoeven, vice president of acquisitions.
Extra Space Storage
Extra Space Storage purchased AAAA Self Storage in Portsmouth, VA for an undisclosed price. The 56,805-square-foot facility has four stories and features 450 units. The facility was sold by Victory Boulevard Associates LLC, a locally-based investment partnership. Stuart Wade of The Nicholson Companies, parent company of AAAA Self Storage, represented both buyer and seller in the transaction.
Eagle Commercial Realty Services
Jeff Gorden, VP of Eagle Commercial Realty Services, recently announced the sale of two facilities in Arizona. Fortuna Road Storage, at 11707 S. Fortuna Road in Yuma, AZ, sold for $2.5 million. The facility features 452 units and covers 66,168 rentable square feet.
Gorden also brokered the sale of Sure Storage, located at 14924 W. Yorkshire Drive in Surprise, AZ, for $3.5 million. The 69,000-square-foot facility offers 465 units.
Buyer information was not disclosed for either transaction.