A partnership between Houston, TX-based commercial real estate investor, developer and manager Hines LP and Vancouver, Canada-based commercial real estate investor and lender Trez Capital has entered the self-storage business with the purchase of a storage facility in Plano, TX.
The seller wasn’t identified. The purchase price wasn’t disclosed.
The CubeSmart-branded facility, at 525 N Ave., features 1,603 storage units and 124 rentable parking spaces across 235,400 square feet. Hines and Trez Capital said they’ll expand the amount of rentable parking by 30 percent to 40 percent.
John Hutchinson, regional president of Trez Capital, said in a news release that the partnership plans to buy more self-storage facilities. The partnership previously focused only on single-family homes. Hines operates its own self-storage platform.
Commercial Observer (New York City, NY) reports:
Los Angeles, CA-based Kayne Anderson Capital Advisors LP purchased an Extra Space Storage-branded facility in Brooklyn, NY, from Valhalla, NY-based Highland Development Ventures LLC for $20.7 million. The facility, at 252 Newport St., comprises 55,000 square feet.
Cushman & Wakefield reports:
Paul Boyle and Rick Danis of the company’s office in Phoenix, AZ, brokered the $4.1 million sale of West Thunderbird Mini Storage in El Mirage, AZ. The buyer and seller weren’t identified. The facility, at 12500 W. Thunderbird Road, provides 400 units in 45,230 square feet.
Argus Self Storage Sales Network (Aurora, CO) reports:
Carrollton, GA-based Commercial Realty Services of West Georgia handled the sale of Tifton Mini Storage in Tifton, GA, to Florida-based Storage Zone Self Storage and Business Centers. The seller wasn’t identified. The purchase price wasn’t disclosed. The facility, on more than 6 acres at 1928 Whiddon Mill Road, comprises over 76,800 net rentable square feet.
SmartStop Self Storage REIT Inc. (Ladera Ranch, CA) reports:
The company sold a self-storage facility in San Antonio, TX, to San Antonio-based Embry Partners Ltd., which plans to convert it into a mixed-use office and multifamily project. The purchase price wasn’t disclosed. The facility, at 875 E. Ashby Place, offers 440 units.
US Storage Centers (Irvine, CA) reports:
The company purchased Fortress Self Storage in Bakersfield, CA, from an unidentified seller. The purchase price wasn’t disclosed. The facility, at 3813 Mesa Grande St., supplies 649 units in 118,595 net rentable square feet.
Investment Real Estate LLC (York, PA) reports:
The company handled the sale of the two-facility Whirlwind Storage portfolio in West Virginia. The seller was Tom Good. The buyer wasn’t identified. The purchase price wasn’t disclosed. The facilities are at 100 Self Storage Drive in Hurricane, WV, and 1352 Hansford St. in Charleston, WV. The portfolio contains over 790 storage units across more than 84,000 net rentable square feet.
Berkshire Hathaway Storage Group (Greenville, SC) reports:
Parker Sweet represented the buyer and seller of a self-storage facility in Seneca, SC. The buyer was Greenleaf Self Storage. The seller was Owen Roberts. The facility, on 2.11 acres at 600 Shiloh Road, provides 200 units in 29,675 net rentable square feet.
Marcus & Millichap reports:
- Dave Knobler of the company’s office in Houston, TX; Charles “Chico” LeClaire of the Denver office; and Jon Danklefs of the San Antonio office, handled the sale of American Self Storage in Harlingen, TX. Knobler and LeClaire represented the unidentified seller, and Danklefs represented the unidentified buyer. The facility, on 6.49 acres at 2426 E. Tyler Ave., features 49,588 net rentable square feet. The unit count wasn’t available. The deal included nearly 3 acres for potential expansion.
- Brandon Karr of the Fort Worth, TX office represented the unidentified seller and secured the unidentified buyer of More Space Storage Center in Odessa, TX. The purchase price wasn’t disclosed. The facility, on 4.95 acres at 6501 I-20 Business, contains 611 units in 92,542 square feet.
- Sean Delaney of the Oak Brook, IL office represented the unidentified buyer and seller of U-Lock-It Mini Storage in Bloomington, IL. The purchase price wasn’t disclosed. The facility, on 6.35 acres at 2427 S. Main St., features 553 units in 69,110 net rentable square feet.
Midcoast Properties Inc. (Hilton Head Island, SC) reports:
Dale Eisenman and Michael Morrison represented the unidentified seller and secured the unidentified buyer of A Storage Place in Savannah, GA. The purchase price wasn’t disclosed. The facility is at 111 Tibet Ave. The square footage and unit count weren’t available. The facility now operates under the Storage Sense brand.