Denver, CO-based self-storage storage developer and investor Baron Properties bought EDEO Self Storage in West Allis, WI, for $10.75 million from self-storage developers Gallacher Development LLC and Self-Storage Ventures LLC, both based in Lone Tree, CO. The first phase of the facility, at 11100 W. Cleveland Ave., is a warehouse-to-storage conversion with 531 units in 71,248 rentable square feet. Plans are underway for a second-phase expansion. Tom de Jong of the Colliers International Self-Storage Group office in San Jose, CA, handled the sale, with assistance from Mark Schnoll of the Milwaukee, WI, office of Colliers International. Salt Lake City, UT-based self-storage REIT Extra Space Storage manages the facility.
Columbia, MO-based self-storage operator StorageMart bought two storage facilities in the Des Moines, IA, metro area for an undisclosed amount. The name of the seller wasn’t available. One of the facilities, Affordit Storage at 775 SW 37th St. in Grimes, IA, has 36,150 net rentable square feet and 280 units. The other facility, Country Club Mini Storage at 16175 Laurel St. in Waukee, IA, has 22,200 net rentable square feet and 170 units. Both facilities now operate under the StorageMart brand.
An unidentified private equity group in Texas bought a two-facility storage portfolio in Odessa, TX, for an undisclosed amount. The bank-owned Sherwood Plaza portfolio features 240 units in 36,082 net rentable square feet. The facilities are at 5601 N. Dixie Blvd. and 1900 FM 1936. John Owens and Steve Gooch, both of Lubbock, TX-based KW Commercial Self Storage Advisors, represented the seller and found the buyer.
Fate, TX-based Platinum Construction Co. sold a recently built self-storage facility in Dallas, TX, to an unidentified buyer for an undisclosed amount. The facility, at 5505 Maple Ave., contains 1,111 storage units in 100,239 square feet. The facility, which opened in March 2017, will continue to be managed by Malvern, PA-based self-storage REIT CubeSmart. Bill Bellomy, Michael Johnson and John Arnold, all of Austin, TX-based commercial real estate firm Bellomy & Co., represented the seller.
Terrapin Self Storage in Lake Charles, LA, has a new owner. John Owens and Steve Gooch, both of Lubbock, TX-based KW Commercial Self Storage Advisors, represented the unidentified buyer. The name of the seller and the purchase price weren’t available. The facility, at 112 W. 11th St., comprises 173 units in 25,727 net rentable square feet. The facility has been rebranded as Bayou