Simply Self Storage President Kurt O’Brien was the buyer of the five facilities in the Nashville, TN, area that were sold in August by A+ Storage. The total price tag was $33.6 million, according to newly released information from Marcus & Millichap, which represented the seller.
Orlando, FL-based Simply Self Storage now manages the facilities, bumping up the size of its portfolio to more than 120 facilities.
“The stars were lined up for this one,” said Tommy Pierce, founder of A+ Storage. “The purchaser already has a national presence, and this acquisition allows it to establish a strong presence in Nashville with one transaction.”
The 346,000-square foot portfolio comprises these facilities:
- 2598 Pea Ridge Road, Clarksville, TN (pictured above)
- 1903 Columbia Ave., Franklin, TN
- 465 N. Belvedere Drive, Gallatin, TN
- 1066 W. Main St., Hendersonville, TN
- 4060 Andrew Jackson Parkway, Hermitage, TN
Simply Self Storage has embarked on at least one other acquisition since the A+ deal.
The company recently bought a 77,885-square foot facility at 2845 W. King Street in Cocoa, FL, from Guardian Self Storage for $4.6 million, according to property records.
Simply also recently added a Battle Creek, MI, facility to its management portfolio, following the acquisition of a 131,155-square-foot facility at 110 Knapp Drive by an unnamed private investor. Mark Barnes of NGKF Capital Markets in Chicago arranged the $2.2 million deal for the locally based seller.
Metro Self Storage
A four-facility portfolio in Minnesota purchased by Metro Self Storage went for $22 million, according to the deal’s broker, MJ Partners Real Estate Services.
Metro Self Storage bought the four facilities with Chicago-based joint venture partner Heitman, a real estate investment firm. The facilities are in the Minnesota-St. Paul suburbs of Bloomington, Eden Prairie, Mound and Orono. Together, the facilities cover 208,184 rentable square feet.
MJ Partners principals Marc Boorstein and Jeff Jacobson represented both sides in the deal.
Compass Self Storage
Cleveland, OH-based Compass Self Storage picked up a 58,000-square-foot facility in Providence, RI, for $3.93 million, according to property records.
Massachusetts-based Revest Partners sold the facility, which is at 711 Branch Ave.
The facility is the first in Rhode Island for Compass Self Storage, which operates more than 45 facilities in a dozen states. The company plans to spend about $500,000 to improve the facility.
“We will be significantly upgrading this storage center with the addition of a digital surveillance system with access controls, additional LED lighting, [an] online payment option and other conveniences,” said Todd Amsdell, president of Amsdell Companies, which owns Compass.
Other recent transactions
- West Palm Beach, FL-based Elite Stor bought two facilities in Florida. Elite Stor Riverview LLC purchased a 71,000-square-foot facility at 13414 Lincoln Road in Riverview, FL, from McNamara Enterprises for $5.1 million. Elite Stor Lehigh Acres LLC acquired a facility at 1124 Village Lakes Blvd. in Lehigh Acres, FL, from Town Lakes Self Storage for $4.7 million.
- America360 Ft. Worth 86 LLC, a unit of Dahn Corp., bought a 58,430-square-foot facility at 786 FM 1187 East in Crowley, TX, from J Evans Partners 1187. Dahn financed the deal with a $2.6 million loan from Wells Fargo, according to local property records. Dahn, based in Irvine, CA, has rebranded the facility as Mini U Storage; the facility previously operated as All Star Self Storage.
- Case Properties, based in Grove, OK, bought a 90,600-square-foot facility at 2141 S. 92nd East Ave. in Tulsa, OK, for $3.2 million. Crown Mini Storage was the seller. Case Properties also bought a 33,600-square-foot facility at 8950 E. Admiral Place in Tulsa from Admiral Mini Storage for $1 million.
- A Scottsdale, AZ-based investor bought a 65,300-square-foot facility at 7555 S. Houghton Road in Tucson, AZ, for $2.6 million. The seller was Houghton Corridor Self Storage. Bill Alter and Denise Nunez, both of Rein & Grossoehme Commercial Real Estate, represented the buyer and seller.
- OPM Holdings bought a facility at 1705 N. College Ave. in Fort Collins, CO, from North CLG Car Wash & Storage for $1.49 million.
- KMG Conversion bought a 42,800-square-foot facility at 10347 S. U.S. Highway 181 in San Antonio, TX, from Spur 122 Storage for $1.35 million. The facility has been rebranded as 37/410 Self Storage.
- Mesa Self Storage on Broadway bought a 41,000-square-foot s facility at 1060 W. Broadway Road in Mesa, AZ, from American Systems for $1.65 million.
- Meyer Crest, a Berkley, CA-based commercial real estate firm, bought a 10,000-square-foot storage facility at 500 Olive St. in Santa Rosa, CA, for $1.27 million. Greenbrae, CA-based Norcal Ltd. sold the 69-unit facility after buying it in January for $1 million. The previous owner was Express Enterprises, which had controlled the property since 2006.
- Verchel Properties bought a 61,590-square-foot facility at 7920 Dyer St. in El Paso, TX, from Amex Properties for $2.7 million.
- Storage & Moving Logistics bought Randolph Self Storage at 115 Villa Drive in Universal City, TX, for $1.1 million. De Leon Rafael was the seller.