An archive of weekly acquisition news from the month of October.

News from the week of 10/14/20:

Seattle-based Urban Storage purchased the Storage One self-storage facility at 1105 Sunset Boulevard NE in Renton, WA for $12.2 million, according to local property records. The property was sold by Spencer Renton LLC, which purchased the property for $4.6 million in 2004.

Source: Daily Journal of Commerce

Pogoda Companies report the following:

Farmington Hills, MI-based Pogoda Companies completed the acquisition of six self-storage properties in the Grand Rapids and Detroit metro areas. The deal closed in September. The additions increase Pogoda’s portfolio by 2,114 units and 240,757 sq. ft. Pogoda now has 51 locations with over 3.5 million sq. ft. in the Michigan and Ohio markets. The newly acquired locations were all built within the last 5 years and all have been rebranded as National Storage Centers.

Pogoda acquired the properties with an $18 million loan from Alliant Credit Union, according to the Commercial Observer.

The locations are as follows:

  • National Storage Centers – Byron Center offers 483 units, 51,755 sq. ft., and it is fully climate controlled.
  • National Storage Centers – Grand Rapids North, built in 2015 with all climate-controlled units. It has 337 units, 33,140 sq. ft.
  • National Storage Centers – Livonia-North, built in 2017 the property offers 357 units, 51,150 sq. ft.
  • National Storage Centers – Walker, built in 2017 the property offers 357 units, 40,545 sq. ft.
  • National Storage Centers – Jenison Port Sheldon (which includes the Georgetown Annex which is counted as the sixth property), built in 2017 the property offers 580 units, and 64,176 sq. ft.

CBRE reports the following:

  • CBRE announced the sale of a self-storage facility in Yuma, Ariz. for $4.5 million. CBRE’s Walter Brauer represented the seller, a private investor. The buyer, Best Self Storage, represented themselves internally. Located at 2251 West 24th St., the 48,425 square-feet building is currently called StorageMax.
  • Big Rock Properties LLC, a Minnesota-based self-storage investment company, purchased two self-storage facilities in Raymore, MO for an undisclosed amount. Nick Walker, Adam Alexander, Trevor Roberts and Matt Bukhshtaber represented the seller, a private investor. The facilities, operating as American Self Storage, are located one-half-mile apart at 103 Evans Ave. and 308 E Walnut St. Together, the facilities total 223,660 square feet.

Andover Properties reports the following:

Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired Olive Road Mini Storage in Pensacola, FL, making its third acquisition in the area and 21st acquisition in the state. The property is a 46,715-square-foot facility, containing a mix of climate and drive up units.

Marcus & Millichap report the following:

  • Inver Grove Storage  (pictured above) in Inver Grove Heights, MN was acquired by Public Storage in a deal brokered by the LeClaire-Schlosser Group of Marcus & Millichap. The facility offers 54,250 square feet of self-storage space.
  • The 19,776-square-foot Cubesmart self-storage facility at 3 Chestnut Street in Worcester, MA was sold to an unnamed LLC. The seller was also an unnamed LLC. The property offers 301 units and was more than 95% occupied at time of sale. Both parties were represented by the Columbus office led by Nathan Coe, Brett Hatcher and Gabriel Coe.
  • Old Hickory Self Storage, a 28,489-square-foot facility in Nashville, TN changed hands. The Columbus office represented the unnamed seller. The unnamed buyer was represented by Sean Delaney of the firm’s Chicago Oak Brook office. The facility at 101 Matterhorn Drive offers a total of 200 units.
  • The Southland Storage Centers portfolio traded hands in a deal arranged by the Columbus office. The portfolio consists of two facilities at 11520 Richcroft Avenue and 9190 Parkway Drive in Baton Rouge, LA. Together the facilities offer 948 total units and 103,850 square feet of self-storage space.

Argus Self Storage Advisors report the following:

  • Chad Snyder and Tyler Trahant of Dominus Commercial, sold Country Place Mini Storage in Bridgeport, TX. The facility offers 18,000 square feet and sits on 2 acres. The sale closed on October 5th , 2020 after enduring many COVID related challenges. The new ownership plans on upgrading the management of the facility while also expanding on the existing acreage.
  • Joan Lucas, of Joan Lucas Real Estate Services, and Ben Vestal and Cole Carosella, of Argus Self Storage Advisors, arranged the sale of Cañon Personal Warehouses and Orchard Personal Warehouses in Cañon City, Colorado. The sale closed October 2020. The seller built these two facilities based on the demand for storage within the community.

News from the week of 10/21/20:

Los Angeles-based Trojan Storage purchased Hawthorne Mini Storage in Salem, OR for $8.3 million.

CBRE’s Nick Walker, Trevor Roberts and Morgan Windbiel represented the seller, a private investor. Trojan Storage was self-represented.

Located at 1241 Hawthorne Ave. NE, the 99,435 square-foot property consists of 654 self-storage units ranging in size from 25 to 750 square-feet. The facility also offers covered RV and boat parking spaces.

Marcus & Millichap reports the following:

The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of the Storage Max portfolio, a seven property storage portfolio located across Minnesota and North Dakota. The seven sites combined offer 382 units and 48,710 net rentable square feet.

Cushman & Wakefield reports the following:

  • A private investor purchased Arizona Storage Center (pictured above), a 54,976-square-foot self-storage facility in Goodyear, AZ. Located at 18211 W McDowell Rd., the property consists of 424 units including 175 RV/Boat Storage spaces. The property was purchased by FRC Goodyear LLC. Executive Directors Paul Boyle and Rick Danis with Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the seller in the transaction.
  • Reliant Real Estate Management, doing business as Midgard Self Storage, acquired the 63,550-square-foot self-storage facility at 7275 Carolina Beach Road in Wilmington, NC. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller.  The 438-unit property was completed in 2018 and was 90 percent occupied at time of sale. According to New Hanover County records, the purchase prices was $6.9 million. The buyer obtained a loan of $5.3 million from F&M Bank.
  • A joint venture between Merchants Retail Partners and a private investor paid $14 million for Safe & Sound Palm City, a 78,521-square-foot self-storage facility located at 3501 SW Martin Downs Blvd in Palm City, FL. The deal was funded with a $10.3 million loan from ServisFirst Bank, according to Commercial Property Executive. The seller was a private investor. The CubeSmart-managed facility offers 652 units. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller.

Commercial Property Executive reports the following:

  • North Star Storage, a 66,900-square-foot self-storage facility in Hermiston, OR, has changed hands. The property sold for $4.2 million as part of a 1031 exchange. The deal was financed with a $3.4 million loan from Hapo Community Credit Union.
  • Greens Global purchased the CubeSmart-managed self storage property located at 8023 W. Parmer Lane in Austin, TX. CSW Development was the seller. The off-market transaction was funded with a $9.2 million loan from Happy State Bank. The storage facility was completed in September 2019 and features 1,152 units totalling 110,505 square feet of storage space.

Williams Storage Group and EquiCap Commercial reports the following:

Chicago-based National Storage Operations LLC purchased the 52,200-square-foot Clarksville Self Storage facility at 2732 Trenton Rd in Clarksville, TN. The facility totals 424 units and was built in 2018. Anne Williams-Blackwell of the Williams Storage Group of Marcus & Millichap and Jesse Luke of EquiCap Commercial represented the seller.

News from the week of 10/28/2020

CubeSmart Self Storage has snapped up a portfolio of eight self-storage facilities in New York City for $540 million. The facilities were sold by New York-based storage developer Storage Deluxe.

The facilities, located in Brooklyn, Queens, and The Bronx, were already branded and third-party managed by CubeSmart. Together the facilities span more than 780,000 square feet of rentable storage space.

“The acquisition of this portfolio expands our presence in attractive submarkets within each outer borough that have positive demographic trends and a strong growth outlook. The timing of this opportunity allows us to take advantage of strong fundamental trends for self-storage in the boroughs,” said CubeSmart CEO Chris Marr in a statement.

The deal is slated to closed in phases during the fourth quarter. The purchase includes $201.7 million in cash, $183.7 million to be paid in operating partnership units, and $154.6 million in assumed debt.

Storage Deluxe founder and chairman Steven Guttman added: “Over the last ten years we have been a seller, customer and partner of CubeSmart, and with this transaction we will add investor…CubeSmart’s impressive operating platform, coupled with their position as a market leader in New York, makes us highly optimistic about the future performance of our investment in CUBE.”

Commercial Property Executive reports the following:

Clark Properties/All Aboard Storage has purchased the 70,900-square-foot self-storage facility at 2728 W. 25th St. in Sanford, FL for $9 million. The purchase was financed by a 10-year, $8 million loan from Valley National Bank, according to CPE. The seller was PREFERRED Realty & Development, who unloaded the property as part of a 1031 exchange.  The seller developed the property after purchasing the 7-acre parcel for $1.1 million in 2016. The seller was represented by Cushman & Wakefield.

Marcus & Millichap reports the following:

  • Carbondale Self Storage, a 10,036-square-foot self-storage facility in Carbondale, IL has traded hands. The purchase of the 99-unit facility includes an additional 1.5 acres of land the buyer plans to use to develop additional storage. The sale was brokered by Anne Williams-Blackwell and Marla Čolić of Marcus & Millichap’s Memphis, TN and St. Louis, MO offices.
  • An unnamed buyer purchased the 103,475-square-foot Mini U Storage facility in Athens, GA. The seller, Dahn Corporation, was represented by the LeClaire-Schlosser Group. The facility offers 707 units.

The Storage Acquisition Group reports the following:

An Extra Space Storage branded facility in Snellville, GA has changed hands. The facility is located at 3220 Centerville Hwy on 10.8 acres with 14 buildings and 823 units across 94,954 net rentable square feet.  The facility offers both climate and non-climate-controlled space with an additional 110 spaces and 50,000 square feet of uncovered outdoor parking. David Spencer, Vice president and senior advisor with The Storage Acquisition Group and agent at Keller Williams Commercial in Atlanta, GA, and TSAG CEO & president Monty Spencer, Jr. negotiated the transaction.

Argus Self Storage Advisors report the following:

Sauls Storage Group, the Argus Self Storage Advisor broker affiliates covering the state of Georgia have had two recent closings, A Quality Storage in Douglasville, GA and Sunset Storage in Jesup, GA. A Quality Storage on Fairburn Road consists of over 28,000 square feet of storage and 8,000 square feet of retail space with room for expansion.  Sauls joined forces with Weaver Realty Group, Inc. to  sell the Sunset Storage Portfolio in Jesup, GA. This value-add transaction was purchased by an independent investor. These three facilities offer a combined total of 420 units and 48,000+ square feet of climate and non-climate self-storage units.



Alexander Harris