Sold! Maryland firm buys Fresno self-storage facility for $8.4 million

Bruce Goldberg
May 22, 2024 @ 6:40 pm

JLL Capital Markets arranged the $8.2 million sale of Cherry Ave Self Storage, which has a 1,085-unit self-storage facility at 1844 S. Cherry Ave. in Fresno, CA. JLL represented the public REIT seller and found the buyer, PSC Fresno LLC, an affiliate of Pratt Street Capital LLC, a real estate firm based in Pikesville, MD. The site has 5.74 acres, about one mile south of downtown Fresno. More than 91,000 vehicles travel on the nearby State Route 41 daily. Cherry Ave Self Storage has a three-story building and 12 one-story buildings originally built in 1918 and expanded in 2022. The facility offers drive-up units, freight elevators, and boat and RV parking. There is also a newly renovated office totaling 262 square feet. Managing Director Brian Somoza led the JLL Capital Markets team representing the seller.

cherry avenue self storage

Source: JLL

Versal announced the sale of Home Team Storage, which was built in 2021 in Galveston, TX. The facility has 617 units spread across 74,645 NRSF. Eighty-tree percent of the units are climate-controlled. Home Team Storage fronts Stewart Road, which is a major retail corridor through the city. Versal is based in Los Angeles, CA and Austin, TX. Source: Versal

StorageVault Canada Inc. completed the acquisition of two stores, located in Vaughan, ON and Saskatoon, SK, in April for a total of $43 million (CAD). StorageVault owns and operates 215 locations plus more than 5,000 portable storage units spread across 11.9 million rentable square feet on over 696 acres of land. Source: Global Newswire

Midcoast Properties Inc. sold St. Marys Self Storage at 328 Douglas Drive and 401 Marianna Drive in St. Marys, Ga. Midcoast broker Michael Morrison assisted both the seller and the buyer as a transaction broker. The buyer is a national operator of self-storage. The 328 site has all climate-controlled units, plus boat and RV parking. The 401 site has both climate-controlled and non-climate-controlled units. St. Marys is a coastal town. The St. Marys River is the southernmost point in Georgia. Midcoast Properties is in Hilton Head Island, SC. Source: Midcoast Properties Inc.

U-Haul has opened at the former StoreEase Self Storage location at 2752 Blanding Blvd. in Middleburg, FL. The 11-acre site now is called U-Haul Moving & Storage at Black Creek following the May 3 purchase. It is being operated by parent store Moving & Storage of Middleburg-Lakeside at 1439 Blanding Blvd, about six miles away. Black Creek has 534 units; some are climate-controlled. Source: PR Newswire

Marcus & Millichap

Marcus & Millichap announced the sale of a StorageBlue self-storage portfolio in Northern New Jersey (Hoboken, Jersey City, Union City, Newark and Garfield). The price was not disclosed, but the sale was for nearly nine figures, according to a news release. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller. The portfolio has a mix of climate-controlled and non-climate-controlled units. John Horowitz, senior vice president and division manager, is Marcus & Millichap’s broker of record in New Jersey. Source: Market Screener

Marcus & Millichap brokered the sale of U-Lock-It Mini Storage, a 224-unit self-storage facility in Cleburne, TX, a southern suburb of Fort Worth. The facility has 27,120 NRSF. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller and found the undisclosed buyers. Source: RE Business Online

The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of a 90,000-square-foot self-storage facility in Kenosha, WI for an undisclosed price. CubeSmart manages the two-story facility, which has 900 climate-controlled units. Adam Schlosser, Charles LeClaire and Jack Sullivan of Marcus & Millichap represented the seller, Macritchie Group. Matthew Tice represented the buyer, Island Real Estate Acquisitions LLC, on an internal basis. Source: RE Business Online

The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of Affordable Storage, a 61,960-square-foot facility in Alvin, TX, a southern suburb of the Greater Houston Area. Dave Knobler and Charles LeClair marketed the property on behalf of the seller, a local individual, and also found the buyer, a Nevada-based LLC. The property sits on approximately 3.01 acres of land and has eight single-story buildings. Affordable Storage was built in 1982 and the climate-controlled buildings were up in 1994. Source: Marcus & Millichap

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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