Storage operator iStorage recently expanded its presence in New Jersey with the $2.97 million purchase of a self-storage facility in Burlington.
The 54,165-square-foot, 565-unit facility, at 555 Mitchell Ave., formerly operated as Planet Self Storage (pictured at top). It was 70 percent occupied at the time of sale.
Winter Garden, FL-based iStorage operates 60 self-storage facilities in 11 states. Before the purchase, the company had 12 facilities in New Jersey, including one in Burlington.
David Kohn, vice president of MJ Partners Real Estate Services, represented the buyer and the seller.
Silver Bayou LLC recently bought Storage Masters Self Storage in Mesa, AZ, for $6.5 million. The seller was Val Vista Lakes Self Storage LLC.
The 558-unit facility, at 3840 E. Baseline Road, covers 61,700 square feet. It includes 50 RV parking spaces. The facility was 83 percent occupied at the time of sale.
Norman Herd, a partner at Empire Commercial Real Estate, represented the seller.
The facility has been rebranded Storage West Self Storage. Storage West is operated by Los Angeles, CA-based LAACO Ltd., which has more than 45 facilities in Arizona, Texas, California and Nevada.
Urban Self Storage
AAA Discount Mini-Storage in Cottonwood, AZ, is being sold for $3.43 million, according to the listing broker, Charles LaBenz of Phoenix, AZ.
The 435-unit facility is 95 percent occupied. Property records list the seller as David M Barnard Defined Pension Plan and Fancher Enterprises LLC.
The 55,540-square-foot facility now is operated by Urban Self Storage Inc., a Seattle-based operator with more than 55 facilities.
Other notable deals
- Steve and Janice Disbrow, owners of Maximize Self Storage Management, recently bought Holly Hill Mini Storage in Holly Hill, FL, for $1.4 million. The seller was Horace Smith Jr. Chris Butera, a commercial broker with NAI Realvest, represented the buyers. The facility, at 1480 N. Nova Road, features 292 units and 50,000 square feet.
- AAA Storage in Buda, TX, recently was sold to an unidentified buyer for $3 million. The seller was Portland, OR-based Palleroni & Leite LLC. John Danklefs and Nicholas Ling of Marcus & Millichap represented the seller and secured the buyer. The 49,344-square-foot facility, at 227 Park 35 Cove North, features 317 self-storage units. The facility was built in 2000 and expanded in 2004.
- A local investor bought two self-storage facilities in Mobile, AL, for $1.27 million. The facilities, branded as Schillinger Mini Storage, have more than 400 units. Keith Vaughan, owner of KV Properties, represented the seller, PBGP LLC. Loyd Marston of SpringHill Real Estate represented the buyer. The facility at 2610 Schillinger Road covers 35,000 square feet, and the facility at 1550 Leroy Stevens Road covers 30,000 square feet.