CubeSmart snatched up a self-storage facility in Arizona formerly managed as Uncle Bob’s Self Storage for $14 million.
Circle G Property Development sold the property at 5750 S. Power Road in Gilbert AZ (pictured above). The 92,855-square-foot facility offers 669 units, and a phase three expansion is underway that will add an additional 21,575 square feet.
The deal is the third-highest recorded for a self-storage facility in Arizona, according to Denise Nunez of NAI Horizon. Nunez arranged the transaction on behalf of Circle G.
“These Class A facilities are rare finds,” Nunez said. “Well situated in one of the fastest growing communities in the United States, Gateway Storage, which operated as an Uncle Bob’s Self Storage, was acquired by one of the largest publicly traded REITs in the country.”
Holladay, UT-based TP Woodland Stow It LLC purchased the 42,000-square-foot Stow-It Self Storage facility at 1319 E. Beamer Street in Woodland, CA for $4.8 million. The facility was sold by Heidi Schreiber. The transaction was brokered by Joel Deis of Marcus & Millichap in Seattle.
Consultcom St Joe LLC, based in Aventura, FL, purchased the 76,900-square-foot self-storage facility at 141 Commerce Boulevard in Port St. Joe, FL for $3.2 million. The facility features a number of boat/RV spots, office suites and warehouse space as well. The seller was James T. Roberts. Bill Barnhill arranged the transaction.
Extra Space Storage purchased the 40,966-square-foot self-storage facility it managed at 3308 South Boulevard in Charlotte, NC for $13.25 million. The seller was TTO Storage LLC, an affiliate of Columbia, SC-based Taylor/Theus Holdings.
Extra Space Storage also acquired a pair of facilities in Hawaii for an undisclosed price. The facilities at 425 Kalanianaole Avenue in Hilo and 1480 Haleukana Street together offer more than 800 units. Five Star Enterprises LLC sold both facilities, and was represented by Steve Mellon and Brian Somoza of JLL Capital Markets.
“The portfolio provided a rare opportunity to acquire two self storage properties in Hawaii unencumbered by debt or land leases,” said Somoza. “There is also significant upside through the expansion of the Lihue facility and other minor renovations.”
NSA Property Holdings LLC purchased the 174,524-square-foot self-storage facility at 1780 Mitchell Road in Ceres, CA for $13.88 million. The facility sits on 11.61 acres and was sold by TJC Mitchell Road CA LLC. The facility was previously managed as Extra Space Storage, it now operates as a SecurCare Self Storage.
NSA purchased three other facilities from TJC. The REIT paid $6.6 million for the 85,218-square-foot facility at 2536 Patterson Road in Riverbank, CA. The company paid $5.88 million for the 56,200-square-foot facility at 6784 Hopkins Road in Mentor, OH and $2.99 million for the 67,960-square-foot facility at 4400 N Ridge Road in Perry, OH.
The 26,175-square-foot self-storage facility at 6440 W Highway 146 in Crestwood, KY sold recently for $1.7 million at a cap rate of 7.6 percent. Buyer and seller information was not available. The transaction was brokered by Paul Gristanti of Louisville.
U-Haul purchased the former University Mini Storage at 1560 W. Gate City Boulevard in Greensboro, NC for an undisclosed price. The 333-unit facility spans 53,700 square feet.
Carefree Storage at 10889 State Route 26 in Carthage, NY was sold to a private investor for an undisclosed price. The 53,952-square-foot facility was built in 1986. Michael Mele, Luke Elliott and Kevin Menendez of Marcus & Millichap arranged the sale.