Ladera Ranch, CA-based Strategic Storage Growth Trust Inc., a non-traded self-storage REIT sponsored by SmartStop Asset Management LLC, bought an 870-unit storage facility in Pembroke Pines, FL, for $15.7 million.
The 84,000-square-foot facility, at 18804 Pines Blvd., features a two-story building and three-story building on 3 acres. Strategic Storage Growth Trust bought the brand-new facility from Storage Partners LLC of Pembroke Pines (an affiliate of Hampshire Real Estate Companies) through a certificate-of-occupancy deal. It will operate under the brand name SmartStop Self Storage
The self-storage arm of Raleigh, NC-based real estate company 10 Federal added two North Carolina storage facilities to its portfolio: Store Room in Durham, NC, and Minnie’s Minis in Lowell, NC. Now, 10 Federal owns five self-storage facilities. 10 Federal bought the Durham facility from E.B.E. Inc., a single-store operator. The purchase price wasn’t available. Store Room, at 3822 S. Alston Ave., features 285 storage units and 30 rental parking spaces. The Durham facility, with 37,000 net rental square feet, sits on 3.78 acres. 10 Federal bought the Lowell facility, at 718 Robinson Road, from single-store operators Jack and Minnie Smith. The purchase price wasn’t available. The 177-unit facility contains 27,648 net rentable square feet and sits on 2.36 acres.
Memphis, TN-based self-storage REIT Jernigan Capital Inc. bought the remaining interests in three self-storage facilities from its development partners for a total of $8.1 million. The facilities are in Alpharetta, GA; Marietta, GA; and Fleming Island, FL. Jernigan Capital’s development loans on the three properties were converted to equity. In all, Jernigan Capital has invested $28.9 million in cash in the three properties. The Alpharetta and Marietta facilities are managed by Malvern, PA-based self-storage REIT CubeSmart. The Fleming Island property has been managed by Williamsville, NY-based self-storage REIT Life Storage Inc., but CubeSmart will assume the reins on March 1.
Huntington LP of Burbank, CA, bought Springfield Mini Storage in Sonora, CA, for $1.65 million from 1426 Investments. The 278-unit facility, at 21660 Brian Lane, comprises 26,230 net rentable square feet on 1.74 acres. The property has five single-story buildings, including a manager’s office and residence. Bobby Loeffler and Tyler Skelly, both of The Loeffler Storage Group Inc. in El Dorado Hills, CA, represented the seller.
An unidentified 1031 exchange investor from Redding, CA, bought Stow Away Mini Storage in Yuba City, CA, from the Dannye A. De Lorenzo Trust for $1.4 million. The 264-unit facility, at 889 N. George Washington Blvd., covers 30,965 rentable square feet on 2.64 acres. The property includes 11 single-story buildings, 24 parking stalls, and a manager’s office and residence. Bobby Loeffler and Tyler Skelly, both of The Loeffler Storage Group Inc. in El Dorado Hills, CA, represented the buyer and seller.
A self-storage facility in Tallassee, AL, has changed hands for $915,000. An unidentified local investor bought Tallassee Mini Storage from an unidentified seller. The facility, at 89089 Tallassee Highway, consists of 190 storage units in 27,400 rentable square feet on a 2.2-acre site. Bill Barnhill and Stuart P. LaGroue Sr., both affiliated with the Aurora, CO-based Argus Self Storage Sales Network, represented the seller.
New York City, NY-based Andover Properties LLC, owner and operator of the Storage King USA self-storage chain, purchased Old Lucerne Park Storage in Winter Haven, FL, from an undisclosed seller. The purchase price wasn’t available. The facility, at 4620 Old Lucerne Park Road, features 474 units, including commercial units and parking spaces, in 100,300 square feet. The facility sits on 9.65 acres.
A Newport Beach, CA based Dahn Corporation affiliate recently purchased Keep Safe Self Storage located at 7812 S. Cooper St., Arlington, TX 76001. Built in 1998, the site has 62,445 net rentable square feet with 11 buildings. There are some climate control units, electronic gate access, an apartment for an onsite management team and it is located on a major thorough fare. The 518 unit site has 73 RV spaces and will be rebranded Mini U Storage. The property was listed by Ryan N. Clark of SkyView Advisors.
A self-storage facility in Warren, RI, has a new owner. Bill Sitar Jr. of Iselin, NJ, who’s affiliated with The Storage Acquisition Group, handled the sale of Warren Storage Center. The names of the buyer and seller weren’t available, and the purchase price wasn’t disclosed. The 451-unit facility, at 130 Franklin St., covers 63,000 gross square feet. The property includes indoor parking, outdoor parking, office space and warehouse space.
A self-storage facility in College Station, TX, has changed hands in a certificate-of-occupancy deal. Brazos Moving & Storage LLC sold Brazos Moving & Storage, at 10099 State Highway 30, to an unidentified buyer. The purchase price wasn’t disclosed. The 408-unit facility, with 60,550 net rentable square feet, was completed in January 2018. Dave Knobler of Marcus & Millichap’s Houston, TX, office and Charles “Chico” LeClaire of Marcus & Millichap’s Denver, CO, office marketed the property on behalf of the seller.
Phoenix, AZ-based real estate investment firm Clear Sky Capital Inc. bought Big Storage in Albuquerque, NM, from an unidentified seller. The purchase price wasn’t available. The facility, at 100 Mescalero Road NW, comprises 59 commercial storage units in 52,106 net rentable square feet. The property spans 2.05 acres. Tampa, FL-based self-storage brokerage firm SkyView Advisors represented the seller.