Southern Self Storage purchased the 103,990-square-foot self-storage facility at 2245 Bobcat Village Center Road in North Port, FL for $9.6 million. The 818-unit facility operated as Patriot Self Storage and opened in 2009. The seller was an affiliate of PASSCO Cos.
The transaction was arranged by Michael Mele and Luke Elliott of Marcus & Millichap. The facility offers 83,400 rentable square feet.
“This was a Class A asset in a tertiary market that the developers had done a phenomenal job with. The buyer pool encompassed regional and national groups,” Elliott said.
PASSCO sold a second facility in North Port, the 849-unit Patriot Self Storage of Talon Bay (pictured at top) located at 6029 Talon Bay Drive to Life Storage for $8.25 million, according to local property records.
Marcus & Millichap handled that transaction as well.
“The North Port-Sarasota-Bradenton MSA is experiencing one of the country’s highest migration rates, a trend that is favorable to the region’s self-storage assets,” Mele said.
The Talon Bay facility was 80 percent occupied at the time of sale.
StorageMart purchased the Ace Mini Storage facility at 5525 State Highway 169 in Plymouth, MN for an undisclosed price. The facility is the company’s second purchases in the Minneapolis market and is one of the largest in its entire portfolio with a total of 753 units across 83,000-square-feet.
Storage Post purchased a trio of facilities in Long Island from Men on the Move. The facilities are located at 50 Carnation Avenue in Floral Park, NY; 280 Broadway in Huntington Station, NY; 1760 Front Street in Yorktown Heights, NY. Nassau County records show the Floral Park facility was sold for $36 million. The deal brings Atlanta-based Storage Post’s total New York area holdings to 25 facilities.
“This was a great purchase. The properties are in sought after markets with attractive demographics, and we worked with a quality seller, which facilitated a smooth transaction,” said Dylan Delaune, chief operating officer at Storage Post.
Strategic Storage Trust II Inc. purchased the 101,400-square-foot facility at 9890 Pollock Drive in Las Vegas, NV for $14.2 million, according to local property records. The 11-building complex offers 771 self-storage units and is 83 percent occupied. The seller was Silverado Mini Storage LLC and the facility operated as Storage Direct. The facility is less than a mile from another facility SSTII purchased from Storage Direct in August for $13.95 million at 590 East Silverado Boulevard. Both facilities are now managed by Extra Space Storage. Nick Walker of CBRE represented buyer and seller.
Strategic Storage Trust II Inc. also recently purchased the 742-unit self-storage facility at 6318 W. Sahara Avenue in Las Vegas for $9.25 million. The facility formerly operated as Central Self Storage and was sold by the Pegasus Group. Extra Space now manages the facility.
TNSTORAGE LLC, based in Miami, FL, purchased the 76,000-square-foot self-storage facility at 560 Tiny Town Road in Clarksville, TN for $2.7 million. The seller was the Philip D. Parrish Trust.