Dean Keller of Laguna, CA-based Bancap Self Storage Group recently brokered the sale of A-1 Sierra Storage at 17175 Sierra Highway in Santa Clarita, CA for $2 million.
The 37,000-square-foot, single-story facility features 400 units. The facility has been family-owned since it opened in 1982. The buyer was a newly formed LLC operating under the name SuperStorage.
“This was one of those deals that everyone says they want, but few are ever able to actually buy – especially in Southern California. With a strong Los Angeles County market location, no professional management, no-computerized operations and significant upside potential, I expect the buyer to do very well with this property,” Keller said.
Chad Schroedl, Drew Dillon and Scott Maesel of SVN Chicago Commercial brokered the sale of the self-storage facility at 1230-1242 W. Washington Boulevard in Chicago’s West Loop for $13.5 million. The 60,000-square-foot facility occupies three converted buildings and is managed by Extra Space Storage. Buyer and seller were both private limited liability companies.
National Storage Affiliates purchased the 117,655-square-foot facility at 1505 US-301 in Tampa, FL from Crosstown Stor-N-More LLC. The seller was represented by Ryan Clark of Skyview Advisors.
City Line Capital, based in Philadelphia, has purchased its first four facilities starting with a property in Colorado Springs, CO in March. The company acquired additional assets over the last 30 days in Texas, Louisiana and Pennsylvania. The first four facilities span a total of 175,000 square feet of space and 1,600 units. The properties will be managed by third-party operators. City Line has six more properties under contract.
“Our traction in the first six months of the year is a sign of our team’s strong ability to execute in the self-storage space. We look forward to working toward our goal of acquiring $200M of self-storage assets this year and creating long-term capital appreciation for our investors”, said Rick Schontz, Managing Partner with City Line Capital.
One of the properties purchased by City Line was at 2520 Destrehan Avenue in New Orleans, LA. The 57,464-square-foot facility was was sold by the Pegasus Group and operated as Central Self Storage. The facility was built in 1985 and fully renovated in 2013. Steve Mellon, Brian Somoza and Greg Riera of JLL represented the seller.
Ferguson & Brewer Investment Company of Paradise, CA purchased the 246-unit property at 15918 Little Valley Rd in Grass Valley, CA for $3.8 million. Bobby Loeffler and Tyler Skelly of the Loeffler Self-Storage Group represented the seller of the 33,764-square-foot facility, Alta Sierra Mini Storage Inc.
Life Storage recently acquired 18 self-storage facilities in a joint venture in which they have 20 percent interest. The properties are located in Arizona (11), Las Vegas (5), and Nashville (2).
Bill Alter of Rein & Grossoehme brokered the sale of Tucson Self Storage at 6459 E. Golf Links Road in Tucson, AZ for $2.8 million. The sellers were a general partnership of four local investors. The buyer was an individual investor from California.
U-Haul acquired the 43,181-square-foot self-storage facility at 191 Bradley Road in Milford, ME. The facility was built in 2012.
Athena Real Estate LLC has acquired the former Pack Rat Self Storage at 2170 Greenridge Road in North Charleston, SC. The 400-unit, 45,700-square-foot facility has been renamed Out O’ Space Storage and is the company’s first property in South Carolina.
“Out O’ Space Storage, North Charleston is the first of many acquisitions to come in Charleston and South Carolina, which should add to our growing Southeast portfolio,” said Richard J. O’Brien, CEO of Athena Real Estate, an investment and advisory firm based in Danbury, CT.