In one of the largest single-facility deals to take place so far this year, self-storage REIT Extra Space Storage bought Hoover Self Storage in Birmingham, AL, for $13.8 million from Nix LLC. The facility encompasses 30,000 square feet of storage space.
The facility, at 3454 Lorna Road, was developed by father and son Jack and Bill Nix in 2012. Extra Space has four other facilities in the Birmingham area.
Self Storage Services
A self-storage facility operated by Self Storage Services has been sold and will be demolished to make way for a massive mixed-use project.
The 120,000-square-foot H Street Self Storage at 624 H St. NE in Washington, DC, was sold to Arlington, VA-based developer Insight Property Group for $12 million, according to local property records.
According to the Washington Business Journal, Insight will raze the storage facility as part of a $185 million project that includes 430 apartments and 75,000 square feet of retail. The project will be anchored by a Whole Foods grocery store.
Self Storage Services operates 19 facilities in Virginia, Maryland and Florida.
The Amsdell Companies
Cleveland-based The Amsdell Companies, operator of Compass Self Storage, bought a 34,000-square-foot storage facility in Deptford, NJ, for $2.2 million, according to local property records.
The seller was New Jersey-based American Investments; the facility, at 1310 Delsea Drive, operated under the name Premier Self Storage. The facility will be Compass’ 44th location.
In March, Amsdell bought two facilities in the Southeast: one in Acworth, GA, and another in Jacksonville, FL. According to newly available property records, Amsdell paid $3.25 million for the 68,520-square-foot Jacksonville facility, at 2825 Saint Johns Bluff Road.
National Storage Affiliates
NSA-Optivest Acquisition Holdings, an arm of Optivest Properties and private storage REIT National Storage Affiliates, bought a storage facility in Las Vegas for $3.29 million. The 80,337-square-foot facility, at 3921 E. Sunset Road, was sold by Sunset Mini Storage.
Winter Garden, FL-based iStorage bought a 39,000-square-foot storage facility in Apollo Beach, FL for $2.15 million. The purchase was financed with a $1.4 million loan from Tampa, FL-based USAmeriBank.
The company acquired the facility, at 313 Apollo Beach Blvd., from Wells Fargo Bank. The bank repossessed the property from the previous owner in July 2013, according to local property records.
iStorage owns more than 50 facilities in 11 states.
Boulder, CO-based Sparkplug Capital bought two storage facilities near Chicago.
Sparkplug, which operates the Red Dot Storage brand, bought Kendall Point Self Storage at 1960 Wisebrook Road in Oswego, IL, for $2.88 million. The 61,700-square-foot facility features 425 units in 13 single-story buildings. It was built in 2001.
In a separate deal, Sparkplug bought Centerville Self Storage at 2105 S. Eastwood Drive in Woodstock, IL, for $3.2 million. The 47,650-square-foot facility, built in 2000, has 322 units in 10 single-story buildings.
Sean Delaney, vice president of investments in the Chicago/Oak Brook office of Marcus & Millichap and a director of the firm’s National Self Storage Group, represented the buyer and sellers in both transactions.
The Jenkins Organization
Houston-based storage operator The Jenkins Organization bought two storage facilities in Texas. The company operates facilities under a variety of brand names.
The company bought Reading Road Self Storage in Rosenberg, TX, for $2.45 million. The 33,700-square-foot facility, at 5208 Reading Road, has 258 units. The seller was a Houston-based partnership. Bill Bellomy, Michael Johnson and John Owens, all of Bellomy & Co., represented both sides in the deal.
In a separate deal, The Jenkins Organization bought Big Star Storage in Houston for an undisclosed amount. Jenkins is expanding the facility, at 14820 Cypress North Houston Road, from 48,265 square feet to 103,265 square feet.
Rein & Grossoehme
Santa Monica, CA-based 1120 East Phelps Road LLC bought a storage facility in Phoenix for $1.95 million.
The 259-unit facility, at 1120 W. Phelps Road, was sold by Bell Road & 12 Street Investors. It operated under the Arizona Storage Inn brand, which has more than a dozen locations in the Phoenix area. Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate represented both sides of the deal.
Alter and Nunez also brokered the sale of Sure Lock Mini Storage in Peoria, AZ. Oregon-based Business Property Trust bought the 76,200-square-foot facility, at 8780 W. Bell Road, for $4.3 million from Kansas-based New River Development Co. The facility, built in 1985, has 645 units.