Morningstar buys AL facility for $9M and more self-storage transactions

Al Harris
October 29, 2015

Charlotte, NC-based Morningstar Properties purchased CoolBox Private Storage in Alabaster, AL for $9.8 million, according to local property records. The facility at 50 Gilbert Road (pictured above) adds 615 units and 98,000 square feet to the Morningstar Storage portfolio. The facility was developed in 2008.

The institutional quality store is located in a high-growth area and directly in people’s daily drive pattern. Morningstar now owns and operates two of the premier storage locations in Birmingham,” said Dave Benson, president of Morningstar.

The facility was acquired with the company’s Blue Doors Storage Fund II, which it has used to acquire 8 assets to date with plans to acquire another 10 stores.

Storage King USA

New York City-based Andover Properties, operator of Storage King USA, acquired the 42,200-square-foot self-storage facility at 2100 Dundee Road in Winter Haven, FL for $2.6 million. Situated on nearly 23 acres, the former Lake Mariam Storage features 230 self-storage units. Andover plans to build an additional 25,000 square feet of self-storage space on site.

 Storage King USA purchased this Winter Haven, FL facility, its 19th nationwide.

Storage King USA purchased this Winter Haven, FL facility, its 19th nationwide.

Jay Crotty and Thomas Doyle of BayView Advisors represented Andover and the buyer, BASC LLC.

“With the opportunity to expand this property significantly and implement their professional management system, the buyer will gain a stronger footprint in the central Florida area,” said Doyle.

WP Carey

WP Carey, a New York City-based real estate investment trust, purchased the 51,830-square-foot self-storage facility at 11411 State Rd 52 in Hudson, FL for $5 million, according to local property records. The facility, formerly SR 52 Storage, is now managed by CubeSmart. The buyer and seller, a local investor, was represented by Michael Mele of Marcus & Millichap.

 WP Carey continued to expands its self-storage holdings with this facility in Hudson, FL.

WP Carey continued to expands its self-storage holdings with this facility in Hudson, FL.

“We continue to see the price per square foot increase in these markets, although this deal is even among the highest price paid in Pasco County,” said Mele, “The new owner will see significant upside.”

Storage Station

Two self-storage facilities under the name Storage Station sold for $1.95 million, according to Inside Self Storage. Located in Toms River NJ at 25 St. James Street and 29 Flint Road. The sale was brokered by Investment Real Estate LLC, which also brokered the transaction. An unidentified private investment group purchased the facility.

Gallacher Development

Granite Bay, CA-based Gallacher Development purchased the 35,000-square-foot self-storage facility at 54 Narrangansett Avenue in Providence, RI for an undisclosed price. The buyer plans to expand the facility in two phases by a total of 25,000 square feet, according to Inside Self Storage.


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