Sold! Spartan buys three self-storage facilities for $44M

Bruce Goldberg
Published May 9, 2024

Spartan Investment Group closed on a trio of premium, well-occupied self-storage facilities in the Pacific Northwest (PNW) — two facilities in Portland, Oregon, and one in Vancouver, Washington. The privately held real estate investment firm paid $44 million for the three assets, adding 224,199 rentable square feet to its growing portfolio.

“Located in prime areas of Portland and Vancouver, these properties are positioned to capitalize on strong demographic trends and effective management practices, providing investors with built-in equity. By retaining Extra Space Storage as our third-party manager, we ensure continuity of excellence in service and management,” said Ryan Gibson, Spartan’s CIO and co-founder.

The portfolio comprises three Class A facilities, including:

  • A 1,019-unit facility with 88,386 net rentable square feet in Portland (below)
  • A 689-unit facility with 61,550 net rentable square feet in Portland
  • A 702-unit facility with 74,263 net rentable square feet in Vancouver

All built within the last seven years, assets in the portfolio include features such as ground-level drive-up units, interior heated units with first-floor and elevator access, interior non-climate-controlled units, and parking spaces. Spartan has been steadily expanding its presence in the region, with a portfolio that includes facilities in Sandy, Oregon, and Black Diamond, Washington — both constructed and operated by Spartan’s in-house teams. In addition, Spartan has plans to develop two additional sites in Northern Washington. The introduction of the PNW portfolio is set to elevate Spartan’s market value in the region to over $100 million.

U-Haul purchased the former Assured Storage property at 2214 Beltline Road SW in Decatur, AL (below). Now called U-Haul of Decatur, it was sold on April 26. The parent store U-Haul at Beltline at 2002 Beltline Road SW, less than one mile away, operates the new facility. The business sits on nearly 2 acres and has 246 self-storage units, with some being indoor climate-controlled rooms and others drive-up units. Source: U-Haul

Marcus & Millichap

Marcus & Millichap brokered the sale of Lakeridge Self Storage, a 564-unit facility in Midlothian, a southern Dallas suburb. The property totals 59,517 NRSF, was built in 2005 and expanded by about 20% in recent years. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a local private investor. The two also found the buyer, an Austin, TX-based group that plans to renovate the facility.

Marcus & Millichap arranged the sale of Affordable Mini Storage. It has 126 units and sits on 2.55 acres at 908 Bayou St., Refugio, TX. Jon Danklefs, investment specialist with Marcus & Millichap, represented the seller in the listing. He also found the buyer, Kingcrest Communities.

Marcus & Millichap announced the sale of 7060 Winchester Road in Memphis, TN. The price was not disclosed. Dave Knobler and Anne Williams had the listing, and they worked with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the site and find the buyer. Karam Self Storage & Retail Center has 737 newly built climate-controlled units spread across 81,125 square feet, along with 67,729 square feet of retail space. 

The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of Fulshear CofO, a storage property at 29208 McKinnon Road in Richmond, TX, in the greater Houston area. Dave Knobler and Charles “Chico” LeClaire of Marcus & Millichap marketed the property on behalf of the seller, a Texas-based LLC, and found the buyer.

The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of a 90,900-square-foot CubeSmart (Managed) self-storage property in Kenosha, WI. Inland Real Estate Acquisitions LLC bought the property. Adam SchlosserCharles “Chico” LeClaire and Jack Sulivan, represented the seller, Macritchie GroupMatthew Tice represented Inland and Todd Lindblom was the broker of record.

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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