Titan Development sold the last four self-storage assets in its inaugural fund, the Titan Real Estate Development Fund I, a $112 million private-equity real estate fund. Titan is a full-service department and real estate investment firm, and invests in industrial, multifamily, self-storage and senior-living sectors. Titan sold the four facilities to Extra Space Storage Inc., a REIT. All the facilities are in New Mexico and have a combined 380,000 square feet of space.
Two of the sites are in Santa Fe: Extra Space Storage Vegas Verde, with 88,000 climate-controlled square feet; and Extra Space Storage Rodeo Business Park, with a climate-controlled 101,000 square feet.
The other two are Extra Space Storage Ladera Road and Unser Boulevard in Albuquerque, with a climate-controlled 103,000 square feet; and Extra Space Storage Corrales and 528 in Rio Rancho, 88,000 square feet in two buildings with both climate-controlled and non-climate-controlled units. Source: Titan Development
Marcus & Millichap announced the sale of Meier’s Storage Portfolio, a 66,701-square-foot self-storage facility at 6702-34, 6805 and 6809 Columbia Ave., as well as 1,258 Cherry St., all in Hammond, IN. Sean M. Delaney, senior vice president, and Jeffrey L. Herrmann, senior associate, and investment specialists in the company’s Chicago Oak Brook office, marketed the property for the seller, an LLC. They also secured the buyer, also an LLC. Josh Caruana, broker of record, helped to close the transaction.
Marcus & Millichap also announced the sale of North West Hills Self Storage, a 69,075-square-foot self-storage facility at 515 Cottingham Drive in Temple, TX. Arol Horkavy and Jon Danklefs, investment specialists in Marcus & Millichap’s Texas offices in Austin and San Antonio, marketed the property for the seller, an individual/personal trust. It has 31 climate-controlled units and 412 non-climate-controlled ones. The property is located 0.6 miles from interstate 35 and two miles from downtown Temple.
In addition, Marcus & Millichap announced the sale of Three Rivers Self Storage, a 56,100-square-foot self-storage facility in Cleves, OH, about 13 miles northwest of Cincinnati, OH. Gabriel Coe and Brett R. Handler, investment specialists in Marcus & Millichap’s Columbus, OH office, had the exclusive listing. The 5-acres-plus property has 278 non-climate-controlled units totaling 56,100 NRSF.
In another transaction, the LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Extra Space Storage (Managed), a 74,845-square-foot storage facility in Spring, TX, a north Houston suburb. Dave Knobler, senior vice president investments in Marcus & Millichap’s Houston, TX office, and Charles LeClaire, executive managing director investments in the Denver, CO office, had the listing to market the property for the seller, a Texas-based partnership. The property has 4.5 acres and nine single-story buildings with a total of 529 units (478 storage, and 51 covered and outdoor parking spaces). It was built in several phases form 2003 to 2016, with about half of it being developed since 2014. Source: Marcus & Millichap
Andover Properties LLC (dba Storage King USA) purchased CubeSmart Self Storage (Managed) in Irving, TX. The property has about 67,000 NRSF and 610 climate-controlled units. The building was converted to self-storage in 2017. It was Andover’s 11th buy in the Dallas-Fort Worth MSA and 24th facility in the state. Andover is based in New York City. Source: Andover Partners
Buchanan Street Partners bought a newly built self-storage facility at 3296 Heritage Road in Chula Vista, CA, for $26.4 million. HomeFed was the buyer in an off-market transaction. The property has 95,000 square feet of climate-controlled units. Willam Warren Group will manage the property and rebrand the site as StorQuest. Source: REBusiness Online
Midcoast Properties Inc. of Hilton Head Island, SC, announced the sale of Colonial Self Storage, 1118 E. South Blvd., Montgomery, AL. Midcoast represented the seller, with Dale C. Eisenman as lead broker. An out-of-state buyer made the purchase. The property is 2.83 acres, and has 54,620 rentable square feet and 481 drive-up units. Recent fixups include new paving, new facia, new fencing, new bollards and full rental office remodel. Source: Midcoast Properties
Potomac Yard Mini U Storage LLC, in partnership with Elevation Fund 8 LLC, purchased a self-storage facility at 405 Swann Ave., Alexandria, VA from an institutional investor. Self Storage Plus formerly managed it. Steve Mellon at JLL brokered the deal. The Mini U Storage property is Dahn Corp.’s sixth property in Virginia, and it has 934 units and more than 120,000 square feet. Renovations are planned, designed by BWD Architects. Source: The Dahn Corp.