A New York City-based storage operator has made its first foray into North Carolina.
Andover Properties, operator of the Storage King USA chain of facilities, bought a three-property portfolio in the Fayetteville, NC, area for $14.35 million. The deal closed April 23.
The facilities previously operated under the brand name AAA All-American Self Storage and were owned by J & J Real Estate Investments, based in Fayetteville.
The portfolio covers 223,520 square feet and includes more than 1,650 climate-controlled and non-climate-controlled units. The facilities also feature boat and RV parking, and flex office space.
“We’re excited about this acquisition and think we can bring great value to the properties and surrounding area,” said Brian Cohen, president of Andover Properties.
Cohen said Andover plans to expand the facility at 4928 U.S. Highway 301 South by adding a 10,000-square-foot building within the next six months. The other purchased facilities, both in Fayetteville, are at 3216 Mid Pine Road and 5799 Pepperbush Drive (pictured above).
Storage King USA now has 15 facilities. Aside from North Carolina, its facilities are in Florida, New Jersey, Pennsylvania and Tennessee.
Virtus Real Estate Capital
Austin, TX-based Virtus Real Estate Capital bought two storage facilities in Arkansas for $3.79 million. Both facilities were sold by Tarzana, CA-based A&A Storage.
Virtus paid $2.17 million for a 72,025-square-foot facility at 104 N. 24th St. in Rogers, AR, and $1.62 million for a facility at 804 S.E. J St. in Bentonville, AR. Both facilities had operated under the A&A Stor It brand name.
Scott Humphreys, acquisition director at Virtus, told Arkansas Business that Absolute Storage Management of Memphis, TN, has been hired to manage the facilities. A third facility in Arkansas is under contract, he said.
Extra Space Storage bought a 102,720-square-foot facility at 1701 W. Slauson Ave. in Los Angeles for $2.98 million. Slauson-SPC LLC sold the facility, which was built in 1961. StorQuest previously managed the facility.
Granite Clover Self Storage
New Hampshire-based storage operator CROM LLC bought a 35,150-square-foot facility at 125 Windham Road in Derry, NH, for $1 million. The 287-unit facility, which had operated as Derry Self Storage, includes a two-story office and a manager’s residence.
CROM operates the Granite Clover Self Storage brand, with four locations in the New Hampshire communities of Amherst, Derry, Nashua and Pembroke.
Dan Scanlon, a senior associate at Colliers International, represented the seller. Joseph Mendola, senior vice president at NAI Norwood Group, represented the buyer.
Other notable transactions
- Michael and Barbara Hoerth sold a 132,853-square-foot facility at 501 W. Rolling Meadows Drive in Fond du Lac, WI, to a private investor for $4.9 million. Sean Delaney and Matthew Duda, both of Marcus & Millichap, represented the buyer and seller.
- Miami-based Brandon Commerce Center bought a 101,955-square-foot facility at 333 N. Falkenburg Road in Tampa, FL, for $4.7 million. The seller was Family Holdings LP.
- Paradise, CA-based SSE Taylor Partners bought an 83,975-square-foot facility at 10650 S. Virginia St. in Reno, NV, for $2.4 million. The seller was Stor-Tyme Self Storage.
- Dallas-based Idyll Village LP bought a storage facility at 996 S. Beechwood Ave. in Fayetteville, AR, for $3.6 million. The facility was sold by Eaton Properties LLC.
- Portland, OR-based Business Property Trust bought Broadway Self Storage at 6444 E. Broadway Blvd. in Tucson, AZ, for $1.16 million. The 41,473-square-foot facility has 447 units. The property was sold by Arizona-based Broadway Wilmot Self Storage. Jeff Gorden of Eagle Commercial Realty Services represented the seller. Bill Alter and Denise Nunez, both of Rein & Grossoehme, represented the buyer.
- A private investor from Kentucky bought a 61,415-square-foot storage facility at 2400 S. Breiel Blvd. in Middletown, OH, for $2.6 million. Brett Hatcher and Mickey Hurley, both of Marcus & Millichap, represented the seller, Florida-based Breiel Self Storage.
- Storage Express Holdings bought a 70,720-square-foot facility at 3428 Saint Joe Center Road in Fort Wayne, IN, for $1.99 million. The facility was bank-owned.
- StoreRight Self Storage bought a 60,682-square-foot facility at 4120 E. 10th Ave. in Tampa, FL, for $1.8 million. The facility was sold by Triple E Self-Service Warehouse.