Public Storage purchased a three facility self-storage portfolio covering 300,000 square feet in the Charleston, SC area. The facilities were developed and sold by a partnership between the Miller-Valentine Group and The Coastal Storage Group. The facilities offer more than 2,000 self-storage units combined and have been open since 2018. Two facilities were located in the city of Goose Creek, with the third facility located in North Charleston.
Miller-Valentine and Coastal Storage Group own additional facilities in Myrtle Beach, SC, and Knoxville, TN. The joint venture plans to build six additional facilities in Florida, Kentucky, Ohio and Tennessee in 2020.
“The purchase of these assets by the country’s most recognized brand in self-storage facilities reinforces our position in the market,” said Aaron Rowley, a partner of the joint development group.
Berkshire Hathaway Storage Group reports the following:
Guardspace Self Storage at 526 Peachtree Street in Cocoa, FL was sold for an undisclosed amount to an unnamed buyer. The facility spans 41,621 square feet and offers 379 self-storage units. Parker Sweet, president of the Berkshire Hathaway Storage Group, arranged the transaction.
The Loeffler Self-Storage Group reports the following:
R&M Mini Storage in Valley Center, CA was sold for $3.1 million to a local owner operator in San Diego. The 38,280-square-foot facility is located on more than three acres along South Cole Grand Road. The facility has 230 units and a manager’s residence. The facility was 94 percent occupied at the time of sale. Bobby Loeffler and Tyler Skelly listed the property on behalf of sellers, the Collins Family.
Marcus & Millichap reports the following:
- Birch Bay Business Park & Storage in Blaine, WA sold for $5.1 million in a deal brokered by Christopher Secreto of the firm’s Seattle office. The seller retained a 40 percent interest in the property, with the buyer acquiring a 60 percent stake for $3.06 million. The 41,132-square-foot self-storage facility at 4550 Birch Bay Lynden Rd sits on more than 10 acres and includes land that can be developed further in the future.
- Dallas-based Montefort Capital Partners purchased Kyle Pkwy Self Storage & Mini Offices in Kyle, TX for an undisclosed sum. The 41,283-square-foot self-storage facility is located in 5141 Cromwell Drive. Jon Danklefs of the San Antonio office represented the unidentified seller.
- A private capital group new to the self-storage industry purchased Hwy 380 Self Storage, a 44,000-square-foot self-storage facility at 1019 Agape Court in Caddo Mills, TX. The 262-unit facility was built between 2009 and 2017. Brandon Karr and Danny Cunningham represented the private seller. Purchase price was not disclosed.
Midcoast Properties Inc. reports the following:
A private equity group purchased a facility managed by Extra Space Storage in Long Beach, MS. The facility will be rebranded under the name Storage Sense. The 368-unit facility is located about 10 miles east of Biloxi along Pineville Road and Alexander Avenue. Dale Eisenman and Michael Morrison arranged the transaction.
Argus Self Storage Advisors reports the following:
Joan Lucas of Joan Lucas Real Estate Services arranged the sale of Gateway Self Storage a 77,080-square-foot self-storage facility in Greeley, CO. The facility has 571 units inside of 20 storage buildings. The facility also features a 1,396-square-foot manager’s apartment. Buyer, seller and price information was not released.