A massive purchase price has emerged for a self-storage facility sold in January.
Texas-based Baranof Holdings, in partnership with Invesco Real Estate, purchase Storage by George! in Napa, CA for $40.5 million, according to the Napa Valley Register. The property was developed over the course of 20 years by George Cohen, who recently decided to retire.
The facility, at 1135 Golden Gate Drive, offers 964 storage units and 307 wine lockers. The transaction was arranged by Marcus & Millichap. The facility is now managed by Extra Space Storage.
The Daily Journal of Commerce reports the following:
The Loeffler Self-Storage Group reports the following:
Bobby Loeffler & Tyler Skelly arranged the sale of a two-property portfolio of Millers Self Storage with locations in Monterey, CA and Carmel Valley, CA. The Monterey site features 405 units with 25,075 net rentable square feet and is located adjacent to California State Route 1. The Carmel Valley location features 135 units with 16,219 net rentable square feet and is situated in The Village of Carmel Valley. Purchase price was not disclosed.
The Storage Acquisition Group reports the following:
The Yorktown, VA-based Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate, brokered the sale of CrossTrax Self Storage in Charlotte, North Carolina. The facility, on 11.86 acres at 9400 Bob Beatty Road, totals 666 units across 116,350 net rentable square feet. The purchase price was not disclosed. The sale was finalized on February 7, 2019. Scott Eckert and Jonathan Spencer, associates with the group and agents at Resource Realty in Richmond, VA and group president, and CEO, Cowles M. “Monty” Spencer, Jr. negotiated the transaction.
Bellomy & Co. reports the following:
A family trust has sold Academy Mini Storage in Little River-Academy, Texas to a new owner. Little River-Academy is part of the Killeen–Temple–Fort Hood MSA. The facility, built in 2003, has a total of 208 units totaling 27,000 rentable square feet. The property also includes nine acres for future development. The facility was 68 percent occupied at closing. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Grossman Family Trust, the Temple, Texas-based seller.