InSite Property Group, a Redondo Beach, CA-based operator and investor, purchased the Self Storage Plus facility in Lanham, MD for an undisclosed amount. The facility, at 10108 Greenbelt Road, is part of the Washington D.C. metro area and located near NASA’s Goddard Space Flight Center. The 100,000-square-foot facility will be rebranded under the name SecureSpace—InSite’s wholly-owned management platform.
A significant renovation is slated for the property’s appearance and infrastructure. New signage, landscaping, paint, asphalt, and lighting will transform the exterior. The leasing office will be replaced with SecureSpace’s signature lounge layout, free WiFi will be provided throughout, and security systems upgraded to the latest technology.
“We are pleased to announce our first SecureSpace store in the D.C. area. This property has no direct competitors and the renovation will serve the needs of the substantial residential growth taking place in the immediate area,” said Nathan McElmurry, the firm’s head of acquisitions.
Andover Properties reports the following:
Andover Properties LLC, whose facilities operate under the Storage King USA brand, recently acquired 18 properties in a multi-state portfolio transaction. Combined, the properties total over 1.3 million square feet of rentable space across 10,000 units.
Newmark Self Storage Group reports the following:
The GoodFriend Self-Storage facility at 588 North State Road in Briarcliff Manor, NY was purchased by an unnamed party. The 50,513-square-foot facility has 561 units. The property was 91% occupied at the time of sale.
NitNeil Partners report the following:
NitNeil Partners purchased the facility at 850 Baseline Road in Brighton, CO. The 450-unit facility spans 64,850 square feet, with room for expansion. The facility will be third party managed by CubeSmart. The property is NitNeil’s first in the Denver MSA, expanding their portfolio to 24 assets in 11 states.
HPI Real Estate Services & Investments
Texas-based HPI Real Estate Services & Investments has acquired a 668-unit, 78,930 square foot facility in Las Vegas. The property, which is managed by Shield Storage, is located at 3251 N. Dapple Gray Rd. in Summerlin. The facility was opened in August 2020 and was nearly 30% occupied at sale. The all-cash deal marks the second acquisition in HPI’s recently launched self-storage acquisition fund, which aims to close over $125 million in transactions over the next 12 months. With the addition of the Summerlin property, HPI now owns three storage facilities in Las Vegas, including one in North Las Vegas that is set to open next month.
Argus Self Storage Advisors reports the following:
Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, broker affiliates of Argus Self Storage Advisors, represented the seller and procured the buyer for the sale of Dakota Mini Storage in Hastings, MN. The facility consists of 14,550 rentable square feet of self-storage, along with 3,354 square feet of warehouse and office space. The property sold for $1,410,000 to a regional group of buyers and was placed under contract the same day it was listed.
Marcus & Millichap report the following:
- SVT Self Storage, a 34,350-square foot self-storage facility at 460 Industrial Drive in Galt, CA, closed at full list price for $2.3 million, or $66.96 per square foot. The facility sold at a 6.06% cap rate. Christopher R. Secreto and Tru Petrilli of the Marcus & Millichap National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor based in California. Secreto and Petrilli procured the buyer, a private investor also based in California. The Sacramento County mixed-use facility was under contract in less than two weeks.
Medina Lake Mini Storage, a 15,380 square foot storage facility located in Lakehills, TX, has sold. The LeClaire-Schlosser Group of Marcus & Millichap had the exclusive listing on behalf of the seller. The buyer, a local private self storage investor, was represented by Jon Danklefs of the Marcus & Millichap San Antonio office. The facility was built in 1994 and has 91 units. It is located 30 minutes from San Antonio.
Permian Storage, a 15,513-square foot self-storage located in Odessa, TX, has been sold. Arol Horkavy and Jon Danklefs, investment specialists in Marcus & Millichap’s Austin and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Permian Storage is located at 525 W 42nd St in Odessa, TX. The property currently sits on 0.85 acres and maintains 123 non climate-controlled units ranging anywhere from 45 to 280 square-feet.
- Banana River Self Storage, a 16,825-square-foot self-storage facility located in Merritt Island, FL, has been sold. Meir Perlmuter, Brett R. Hatcher, Gabriel Coe, and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was also secured and represented by the Columbus office. The facility, located at 900 N Banana River Drive features 132 climate-controlled units and 78 non-climate-controlled units. It also offers 116 RV/boat spaces for rent.