Oak Brook, Illinois-based real estate firm Inland has purchased a 12 property self-storage portfolio in Michigan from a joint venture group. The portfolio covers 747,146 net rentable square feet and offers a total of 6,209 units.
Charles “Chico” LeClaire, executive managing director investments and Adam Schlosser, senior vice president investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the assets. The two originally sold the portfolio back in 2014 to the current seller: a joint venture between an unnamed private equity group, Paragon Outcomes, and Kurt O’Brien, CEO of Simply Self Storage. Simply Self Storage also managed the properties on behalf of the joint venture.
The twelve-property portfolio spans across multiple locations in Ann Arbor, Chesterfield, Grand Rapids, Kalamazoo, Lake Orion, Lansing, Novi, Okemos, Westland, Wyoming, and Ypsilanti.
Equicap Commercial reports the following:
Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell of The Williams Self-Storage Group of Marcus & Millichap arranged the sale of Dyersburg Self Storage, located in Dyersburg, TN and Econo Mini Storage, located in Humboldt, TN. Econo Mini Storage was exclusively listed by Anne Williams-Blackwell, while Dyersburg Self Storage was co-listed by Anne Williams-Blackwell and Jesse Luke. Dyersburg Self Storage was recently expanded to 467 units with 57,105 net rentable square feet and is located on a high-traffic highway. Econo Mini Storage features 691 units with 87,020 net rentable square feet with the opportunity to raise rates and expand on additional acreage.
REBusiness Online reports the following:
State Storage Group Kansas City LLC purchased the 741-unit self storage facility at 910 Mo-& in Independence, MO for $10 million. The facility sits on 28.6 acres and also features 450 parking stalls. The seller was Lake City U-Stor. Block & Co. Inc. Realtors arranged the sale. (Source)
Andover Properties reports the following:
Andover Properties, LLC (doing business as Storage King USA) in partnership with Angelo Gordon has recently acquired Savannah Self Storage in Savannah, Georgia, marking its first purchase in the state. The property consists of a mix of climate controlled and drive up units, as well as a car wash. The facility spans 45,650 net rentable square feet across 376 drive-up and climate-controlled units.
The Rosewood Property Company reports the following:
Rosewood Property Company acquired Front Range Self-Storage at 2135 3rd Street in Monument, CO. The storage facility contains 76,194 net rentable square feet and 658 storage units. The purchase marks Rosewood’s 50th addition to its self-storage portfolio that spans 12 states.
Midcoast Properties reports the following:
Our Storage Depot in Newnan, GA was sold to a local corporation. Dale C. Eisenman, CCIM, and Michael Morrison, Associate Broker with Midcoast
Properties, Inc., represented the buyer. The facility is 30 miles south of Atlanta and offers 209 storage units.
Argus Self Storage Advisors reports the following:
- Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis and Argus Self Storage Advisors listed and sold a 2-property portfolio in central Minnesota. MaxiStorage, with two locations in Alexandria, Minnesota, sold for $1,850,000 to a local group of buyers. The two facilities consist of 45,870 rentable square feet and 265 units with land for expansion. The transaction closed on January 15th, 2020.
- JT Easy Storage, a three property portfolio located in rural South Hutchinson, KS has traded hands. Jared Jones and Larry Goldman represented the seller, an unnamed financial institution. The portfolio was sold to a local buyer.
- Josh Koerner and Frost Weaver of Weaver Realty Group arranged the sale of Fanning Springs Storage located on 8.8 acres along US-19 in Fanning Springs, FL. The 294-unit offers 42,805 square feet and an occupancy rate of 90 percent.