Southern Self Storage has made its second acquisition since selling its entire portfolio to Public Storage in 2013.
Southern bought a three-story, 65,540-square-foot facility at 4927 E. County Highway 30A in Santa Rosa Beach, FL, for $10 million, according to local property records. Southern obtained $7 million in financing from Northern Trust Co. to buy the property (pictured at top).
The facility, built in 2006, features 577 units. The seller, Seagrove Beach Self Storage LLC, bought the facility for $3.5 million in December 2013.
Southern Self Storage, based in Palm Beach Gardens, FL, has been a self-storage operator since 1985.
Loeffler Self-Storage Group
The Loeffler Self-Storage Group, an El Dorado Hills, CA-based real estate brokerage, recently arranged the sale of Redtop Storage in Chico, CA.
Bobby Loeffler and Tyler Skelly represented the seller, BVI Redtop LLC. An undisclosed private investor paid $3.15 million for the 77,000-square-foot, 589-unit facility.
PhilMor Real Estate Investments
PhilMor Real Estate Investments LLC, operator of Casey Storage Solutions, recently bought two self-storage facilities in Connecticut.
The purchase of Cromwell AAA Storage at 10 Hillside Road in Cromwell and Lock Tight Self Storage at 785 Sherman Ave. in Hamden brings PhilMor’s owned portfolio to 11 locations in Connecticut, Massachusetts, Rhode Island and Vermont.
Additional information about the facilities wasn’t available.
“These additions are very complementary to our growing New England self-storage portfolio and can help us leverage our multifamily acquisitions in these markets,” PhilMor co-founder Morgan Hanlon said.
Other notable deals
- San Diego, CA-based Lockaway Storage bought I-35 Self Storage in Schertz, TX, for $5 million. The 447-unit, 73,570-square-foot facility, built in 2000, was 95 percent occupied at the time of the sale. Bill Brownfield of MKP Self Storage LLC represented the seller.
- Cordova, TN-based Absolute Storage bought the 56,000-square-foot Cubby Hole USA Storage facility at 8015 Geyser Springs Road in Little Rock, AR, for $2.35 million. Mortgage financing of $1.88 million was obtained from Centennial Bank. The property now operates as Little Rock Storage at Geyser Springs.
- Memphis, TN-based Premier Storage Investors bought a 59,500-square-foot self-storage facility at 5916 Robertson Ave. in Nashville, TN, for $2.56 million. The facility was known as AAA Storage Briley of Robertson.
- Calabasas, CA-based BDT Seabrook Property bought the 104,000-square-foot Coastal Storage facility at 3018 Bayport Blvd. in Seabrook, TX, for $3.7 million. Herbert L. Miller was the seller.
- 1711 Union Road Associates bought a self-storage facility at 1711 Union Road in West Seneca, NY, from West Seneca Self Storage for $1.05 million.