At $17.5 million, the acquisition of a self-storage facility in Phoenix, AZ, set an Arizona record for the sale price of a single self-storage facility.
The property, spanning a little over 4.5 acres, comprises 754 units of drive-up and climate-controlled self-storage. Eagle Canyon Storage, at 3050 W. Camelback Road, had been branded as Camelback Self Storage. The names of the Phoenix-based buyer and Phoenix-based seller weren’t available. Jeff Gorden and Kyle Topper, both of Phoenix-based Eagle Commercial Realty Services, brokered the deal. They are affiliated with the Argus Self Storage Sales Network.
What’s thought to be the tallest self-storage facility in the world has a new owner. Emeryville, CA-based Devon Self Storage bought the downtown Chicago, IL, facility from San Diego, CA-based U-Stor-It for an undisclosed amount. The 21-story facility, at 615 S. Wabash Ave., contains 95,589 rentable square feet.
The facility was converted from a parking garage in 2016; it underwent major renovations, including new exterior brickwork, flooring, and fire suppression and heating systems. Two high-speed elevators also were installed. Charles “Chico” LeClaire and Adam Schlosser, both of Marcus & Millichap’s office in Denver, CO, represented the seller. The Marcus & Millichap self-storage team, led by LeClaire, secured the buyer. Steven Weinstock of Marcus and Millichap’s office in Oak Brook, IL, helped close the deal.
“The property was in its first year of lease-up, and the seller … had the opportunity to achieve an excellent price in a favorable market,” LeClaire said.
Sacramento, CA-based FollettUSA Inc. and an unidentified family trust bought a self-storage facility in Federal Way, WA, for $16.35 million from Puyallup, WA-based Daffodil Storage. The 91,304-square-foot facility, at 34202 16th Ave. South, now operates under the StoragePro brand name. The facility comprises eight buildings on about 4.6 acres. Christopher Secreto of Marcus & Millichap’s office in Seattle, WA, represented the buyers and seller.
Devon Self Storage, based in Emeryville, CA, bought a three-facility portfolio in the Grand Rapids, MI, area for an undisclosed amount. The portfolio comprises 212,668 rentable square feet, 1,296 units and 47 RV stalls. The name of the local family who owned the portfolio wasn’t available. The facilities are in the Grand Rapids suburbs of Holland, MI, and Jenison, MI. The Holland facilities are at 257 W. Lakewood Blvd. (formerly Lakewood Self Storage Center) and 12285 Felch St. (formerly Felch Street Self Storage). The Jenison facility, formerly Georgetown Mini Storage, is at 7062 12th Ave. Mark Floria, self-storage real estate adviser at Pogoda Cos., based in Farmington Hills, MI, represented the seller. The deal was Pogoda’s largest self-storage sale in 2017.
AMERCO Real Estate Co., the real estate arm of U-Haul, bought a self-storage facility in Sierra Vista, AZ, for $5.45 million. American Mini Storage facility, which sits on more than 6 acres, features 846 self-storage units and more than 100 spaces for vehicle storage. The facility is at 4029 E. Golden Acres Drive. Jeff Gorden and Kyle Topper, both of Eagle Commercial Realty Services in Phoenix, arranged the purchase on behalf of AMERCO. The name of the seller wasn’t disclosed. Eagle is an affiliate of the Argus Self Storage Sales Network.
Sacramento, CA, investor Will Olsem bought a self-storage facility in North Highlands, CA, from Rancho Cordova, CA-based JAX Properties Inc. for $1.4 million. Airbase Self-Storage II, at 7201 32nd St., is a 263-unit facility with 25,919 rentable square feet. The facility sits on nearly 6.3 acres. Airbase Self-Storage II features nine single-story buildings that include two residences and a manager’s office.
A self-storage operation in Fort Worth, TX, has changed hands. Air Control Storage, at 3614 McCart Ave. and 2912 W. Pafford St., features 532 climate-controlled units inside two converted warehouses within the same neighborhood. The names of the buyer and seller weren’t available; the purchase price wasn’t disclosed. Richard Minker and Chad Snyder, both of the Colliers International Self Storage Advisory Services Group, found the buyer through online auction platform TenX. They are affiliated with Argus Self Storage Sales Network.
A self-storage facility in Minooka, IL, was sold for $2.3 million. All American Self Storage, at 100 S. Ridge Road, offers 213 units within 31,750 rentable square feet. The five-building facility covers 4.3 acres. The names of the buyer and seller, both from the Chicago, IL, area, weren’t available. The self-storage advisory group at St. Charles, IL-based EquiCap Commercial arranged the deal.
A private investor bought a self-storage facility in Shelton, CT, for nearly $1.78 million. Superior Storage, which comprises seven buildings, features more than 165 traditional drive-up storage units as well as 38 outdoor parking spaces and three rental houses. The facility is at 289 Bridgeport Ave. The names of the buyer and seller weren’t available. York, PA-based Investment Real Estate LLC handled the deal.