Keeping up its growth in the Dallas-Fort Worth, TX, market, Amsdell Companies bought a 123,000-square-foot storage facility in the suburb of Fate for $6.05 million.
According to local property records, Citigroup provided financing for the purchase of the facility, which is at 159 Riding Club Road.
The facility (pictured at top) will be rebranded as Compass Self Storage. The property, built in 2008, had operated as The Towers Self Storage.
The new owner plans add 20,000 square feet in the near future.
The facility in Fate is the second location in the Dallas-Fort Worth area for the Cleveland-based operator. Amsdell first entered the market with its purchase this spring of a more than 63,000-square-foot facility at 1150 S. U.S. Highway 67 in Cedar Hill.
A newly built Compass facility is set to open this fall in Grand Prairie. Amsdell is planning another new facility in Mansfield.
Strategic Growth Trust
Storage operator Strategic Growth Trust bought a 92,000-square-foot facility in Las Vegas, NV, for $6.1 million.
The 1,040-unit facility, at 4349 S. Jones Blvd., will be operated under the SmartStop Self Storage brand. Strategic recently changed its name from Strategic Storage Trust.
The facility had been operated by Irvine, CA-based Storage Direct.
“The Las Vegas facility is located in a strong traffic corridor between Flamingo Road and Tropicana Avenue in a market where SmartStop has a strong footprint,” said Wayne Johnson, senior vice president of acquisitions at Ladera Ranch, CA-based Strategic Growth Trust.
“This acquisition adds another high-quality, infill location to our growing Las Vegas portfolio,” Johnson said.
The facility, built in 1996, was 55 percent occupied at the time of the sale. The company now operates nine facilities in the Las Vegas market and 131 nationwide.
Nick Walker, vice president of investments at the Ontario, CA office of Marcus & Millichap, brokered the transaction.
“The current lack of inventory available is creating a bidding atmosphere for institutional grade properties and capturing tremendous prices for the sellers,” Walker said.
The facility received a dozen offers, he said.
Deep Discount Storage
Calgary, Canada-based Rochester Self Storage LLC bought Deep Discount Mini Storage in Rochester, NY, for $875,000. The deal is the partnership’s first cross-border acquisition of a self-storage facility.
Nick Malagisi, national director of storage at Sperry Van Ness, arranged the sale of the 69,000-square-foot, 265-unit facility. Patrick Quigley of law firm Harter Secrest & Emery LLP negotiated the cross-border legalities.
The Canadian company plans to rebrand the facility under a new name and add units to the four-story building. The operator also plans to expand in other U.S. markets. Storage Asset Management of York, PA, will manage the Rochester property.
Irvine, CA-based Dahn America 360 bought a 40,000-square-foot storage facility in Bradenton, FL, for $2.48 million. Dahn America 360 is a unit of storage operator Dahn Corp.
The 561-unit facility is at 5717 14th St. West. The deal closed Aug. 29.
Tampa, FL-based Hillco Investments sold the property, which it bought in 1995 for $805,000. The property now operates under the Mini U Storage brand. It had been called Kangaroom Self Storage.
Other recent acquisitions
- A 37,860-square-foot storage facility at 12835 East Freeway in Houston, TX, has been sold for $1.03 million. La Bota Development Co. sold the property to 12835 East Fwy LLC of Sugar Land, TX.
- Maria Olaya bought a 75,728-square-foot storage facility at 3851 Pennwood Ave. in Las Vegas, NV, for $1.7 million. Rosales Investment LLC sold the facility.
- West Mesa Bargain Storage LLC bought a 51,360-square-foot storage facility at 1460 W. Broadway Road in Mesa, AZ, for $2.1 million. The property had operated as Allstate U-Lok Self Storage. Norm Herd of Empire Commercial Real Estate arranged the sale.The 565-unit facility was 90 percent occupied at the time of the sale, according to Inside Self-Storage.
- U-Haul bought the 39,000-square-foot Debonis Self Storage & RV at 1101 Veranda Drive SE in Rio Ranch, NM, for an undisclosed amount.