Stein Investment Group sold three of its Space Shop Self Storage facilities in the Atlanta, GA, metro area, to Life Storage.
Life Storage bought the three facilities, totaling more than 300,000 square feet, for an undisclosed amount. The facilities are in Cumming, Marietta and Atlanta.
“Located in areas of high population growth with above-average income levels, these three self-storage assets are extremely well-positioned for continued success,” said Jeffrey Stein, founder and principal of Stein Investment Group.
Stein Investment Group acquired the 90,000-square foot Cumming facility in 2015. Later that year, Stein added 13,000 square feet of storage space and rebranded the property as Space Shop in conjunction with a $2 million makeover. Today, the 103,700-square foot facility, located at 2016 Atlanta Highway, provides 800 units.
In 2014, Stein Investment Group developed Space Shop East Cobb, which is at 3148 Johnson Ferry Road in Marietta. The site formerly was home to a gas station. The facility encompasses 93,000 square feet.
Built in 2014 as an infill project by Stein Investment Group, the Space Shop is at 486 Decatur St. in Atlanta’s Old Fourth Ward. The 110,000-square foot facility sits on the former site of a rundown commercial building.
Phoenix, AZ-based Eagle Commercial Realty Services brokered the sale of A-Secured RV & Vehicle Storage in Gilbert, AZ, for $5.8 million. The 11-acre property comprises more than 500 units for storage of RVs, boats and other vehicles. The buyer was an investor seeking a 1031 exchange. The name of the seller wasn’t disclosed. Jeff Gorden, vice president of Eagle Commercial Realty Services, represented the seller.
Jonathan Cutler, an agent affiliated with The Storage Acquisition Group, brokered the sale of a self-storage facility in Utah. King Arthur Self Storage, located at 4895 W. 3500 South in West Valley City, UT, consists of 548 self-storage units and covers 70,000 square feet. The facility has a mix of drive-up, climate-controlled and non-climate-controlled units. Financial terms of the deal were not disclosed. The names of the buyer and seller weren’t available.
Century Storage bought U-Lock-It Storage in Sebring, FL, from a local investor for an undisclosed amount. Located at 9200 U.S. Highway 27 South, the facility offers 56,375 square feet of climate-controlled and non-climate-controlled storage along with open parking for boats and RVs. This is Century Storage’s second location in Sebring. The company now owns 12 storage facilities in central Florida totaling more than 900,000 square feet.
Dave Knobler, first vice president of investments at Marcus & Millichap, arranged the sale of Hart RV & Boat Storage in Porter, TX. The names of the buyer and seller, both limited liability corporations, weren’t available. The purchase price wasn’t disclosed. Hart RV & Boat Storage is located at 20876 Old Sorters Road.
An affiliate of Irving, CA-based Guardian Storage Centers bought Van’s Storage in Fountain Hills, AZ, for an undisclosed amount. The property, built in 1978, features more than 315 units of drive-up storage, over 200 storage spaces for RVs and boats, and a cell tower on a little more than 5 acres. Jeff Gorden, vice president of Phoenix, AZ-based Eagle Commercial Realty Services, represented the seller, a private investor. The deal was an off-market trade, Gorden said.
Storage Place-Chapel Hills LLC bought a self-storage facility in Colorado Springs, CO, for an undisclosed amount. Two self-storage specialists at Marcus & Millichap — Charles “Chico” LeClaire, executive managing director, and Adam Schlosser, first vice president of investments — represented the unidentified seller and brought the buyer to the table.
Chapel Hills Mall Self Storage is a 342-unit, 41,150-square foot facility at 1825 Jamboree Drive. It sits on an outparcel of Chapel Hills Mall that was spun off so the deal could be completed.
“The value of the storage facility was greatly enhanced as a result of the spin off from the mall,” LeClaire said.
Before the sale, the mall was managed remotely from inside the mall with no on-site office. The new owner plans to add on-site management.