Sovran Self Storage, a publicly traded self-storage REIT, recently bought two facilities in Florida.
Sovran picked up a CubeSmart-managed facility at 14130 Beach Blvd. in Jacksonville, FL, for $6.5 million. The Jacksonville Business Journal identified the seller as Beach Boulevard Investment LLC, an entity registered to Dr. Jesus Pulido and Dr. Michael Koren.
Pulido and Koren bought the 83,500-square-foot facility in 2008 for just $1.4 million, according to the journal.
Sovran also purchased the 57,908-square-foot facility at 19400 S. Tamiami Trail in Fort Myers, FL, for $4.7 million, according to local property records.
Sovran operates the Uncle Bob’s Self Storage chain.
The Fort Myers property formerly operated as San Carlos Self Storage. The 482-unit facility, built in 2004, includes a manager’s residence and two retail spaces.
Jay Crotty and Thomas Doyle of BayView Advisors represented the buyer and seller.
Crotty said the property had been on and off the market several times over the past few years.
“We worked diligently with the owner to market the property at the proper valuation to bring qualified, competitive offers to the table, so he received the best possible value for his property,” Crotty said.
Great Value Storage
Austin, TX-based real estate investment firm World Class Capital Group, operator of Great Value Storage, bought four properties recently in two separate deals. World Class Capital did not release the purchase prices.
The company bought two facilities from Real Estate Technology that operated under the name Ace Storage. The facilities, totaling 630 units and 95,878 square feet, are in Hyde Park, NY, and Newburgh, NY. World Class said it plans to expand both facilities.
“We are pleased to have entered the New York market in our national self-storage expansion,” said Sheena Paul, chief operating officer at World Class Capital.
Paul said the company is pursuing more opportunities in New York.
Barbara Guffey, a director at HFF, represented the seller.
“The portfolio appealed to the buyer since it was stabilized with a strong cash flow stream, and offered expansion opportunities at both locations,” Guffey said.
In a separate deal, World Class Capital bought one facility each in Urbana, IL, and Champaign, IL, both of which operated as AAA Storage. The two facilities cover 164,167 square feet and contain 1,359 units. Sean Delaney of Marcus & Millichap represented the seller.
Matthews, NC-based Morningstar Properties bought a self-storage facility at 5800 West WT Harris Blvd. in Charlotte, NC. The 110,000-square-foot facility has more than 850 units.
The facility is the fifth Morningstar Mini-Storage location in Charlotte and the 10th in North Carolina.
Morningstar did not disclose the purchase price. The facility was operated by The Mini Storage Center, a chain of facilities in North Carolina and South Carolina.
“This is an investment in our home market, adds scale to our current presence and supplements our extensive development pipeline here in the Queen City,” said Dave Benson, president of Morningstar Properties.
US Storage Centers
US Storage Centers purchased the 82,432-square-foot self-storage facility at 4860 N. 83rd Ave. in Phoenix, AZ.
The 729-unit facility is the eighth Arizona location for US Storage Centers, which is based in Irvine, CA. The facility previously operated under the name Camelback Self Storage. The purchase price was not disclosed.
U-Haul purchased the 48,540-square-foot self-storage facility at 311 Ellis Blvd. in Jefferson City, MO. It is the company’s first location in the city. The 260-unit facility previously operated under the name Capital View Self Storage. The purchase price was not disclosed.
Orange, CA-based RHW Capital Management, which operates the Store Here chain of self-storage facilities, has purchased two facilities with joint venture partner Westport Capital Partners LLC. The purchase prices weren’t disclosed.
The joint venture bought American Mini Storage in Shreveport, LA, and Academy Storage in Colorado Springs, CO.
Both states are new markets for the operator — its other locations are in California, Georgia, Texas, Indiana and Kansas. The new facilities bring the operator’s facility count to 22.
“The acquisitions of properties in Colorado and Louisiana broaden our presence into markets that we believe have strong fundamentals in terms of community and commerce,” said James Hanrahan, acquisitions director at Store Here.
Other notable deals
- Brunswick Development Group LLC bought Airtight Self Storage at 2571 E. Robinson Ave. in Springdale, AR, for $2.3 million. Brunswick financed the purchase with a $2 million loan from BancorpSouth Bank, according to Arkansas Business. The 543-unit facility was sold by Haizen Investments LLC, which bought the property less than a year ago for $2.2 million.
- Sean Investment LLC purchased the 129,064-square-foot self-storage facility at 5280 Stephanie St. in Las Vegas, NV, for $5 million. The seller was the MR and CH Garside Trust.
- Marion Beavers Self Storage at 50 Marion Beaver Road in Sharpsburg, GA, was sold to a private owner for $1.68 million. Brett Hatcher of Marcus & Millichap represented the seller.
- Freiheit Investoren LLC purchased the 31,800-square-foot facility at 2707 O’Neal Lane in Austin,TX, from Mopac Mini Storage LLC. The purchase price was not available.
- Gallacher Development, based in Granite Bay, CA, purchased the 17,785-square-foot facility at 590 National Ave. in Tahoe Vista, CA, for an undisclosed price. Bobby Loeffler and Tyler Skelly of the Loeffler Self-Storage Group represented the private seller, which developed the 205-unit facility in the early 2000s. Loeffler also represented the buyer. The purchase price was not available.
- Portland, OR-based Pasadena Bargain Storage LLC purchased the 109,860-square-foot self-storage facility at 6321 Spencer Highway in Pasadena, TX. The seller was Spencer Highway Self-Storage LLC. The purchase price was not available.
- The Jenkins Organization, based in Houston, TX, bought the 94,521-square-foot self-storage facility at 1429 Cypress Creek Parkway in Houston. The purchase price was not available.