Brooklyn, NY-based Merit Hill Capital LP purchased two self-storage facilities — one in Washington and the other in Massachusetts — for a total of nearly $20 million.
Merit Hill Capital paid $12.7 million for Eastside Self Storage in North Bend, WA, according to CoStar. The seller was Seattle, WA-based GDB Development LLC. The facility, on 6.11 acres at 1410 Boalch Ave. NW, features 361 units in 50,055 square feet. The SpareFoot Storage Beat reported the deal in October, but the purchase price and the names of the buyer and seller weren’t available.
In Marlborough, MA, Merit Hill Capital bought a Kane Self Storage facility from Hudson, MA-based Kane Properties Corp. for $7 million. The facility, on 6 acres at 800 Bolton St., encompasses 55,000 square feet, the Worcester (MA) Business Journal reported. The unit count wasn’t available.
Both facilities now operate under the CubeSmart Self Storage brand.
Bancap Commercial reports:
Bancap Self Storage Group sold a portfolio with two properties in Solano County, CA for $21.6 million, and both will be renamed as Storage Star. One property was Cordelia Self Storage in Fairfield, which has nearly 70,000 net square feet plus 45 outdoor vehicle storage spaces. The other is Vacaville Self Storage in Vacaville, with more than 72,600 net square feet of storage space, including one building with air-cooled units. Bancap Self Storage Group has specialized exclusively in self-storage for 30-plus years. Its president, Dean Keller, was the exclusive listing agent and sole broker in the deal.
Global Self Storage Inc. (New York City, NY) reports:
The REIT purchased Erie Station Storage in West Henrietta, NY, from an unidentified seller for $6.2 million. The facility, at 70 Erie Station Road, offers 458 units across 46,850 net rentable square feet. The deal included approval for a 7,300-square-foot expansion.
SkyView Advisors (Tampa, FL) reports:
- Cameron Vale and Ryan Clark represented the unidentified seller of All In Self Storage in Walkertown, NC. The buyer was Denver, CO-based VanWest Partners. The purchase price wasn’t disclosed. The facility, on 9 acres at 2875 Rocky Branch Road, encompasses 45,575 net rentable square feet. The facility has 315 units.
- Richard Riddle and Ryan Clark represented Select Space Storage in their sale of the 70,914-square-foot self-storage facility at 4370 Fountain Hills Dr. NE, Prior Lake, MN to CubeSmart. The facility has 655 units. Purchase price was not disclosed.