This post is an archive of self-storage acquisition news from the month of December 2020. For the latest acquisition news, check out the most recent edition of Sold! by clicking here.
Acquisition news from 12/2/2020
Garage Plus Self Storage in Spanaway, WA was sold for $14.1 million, representing a cap rate of 7%.
Christopher R. Secreto of the Seattle office of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor based in Washington. The buyer was a limited liability company also based in Washington.
The 107,820-square-foot self-storage facility is located on two parcels at 21607 Mountain Highway East totaling more than 20 acres. The facility features 218 self-storage units, as well as large garage-sized units for commercial and residential tenants.
The site’s active-use permit allows tenants to work on vehicles, have active workshops, store business inventory, and operate small businesses. Other unique facility amenities include a car wash & pressure washing station, an RV dump station, 2 & 4-post vehicle lifts available for rent, and a modern clubhouse with several amenities of its own.
Marcus & Millichap reports the following:
- Bell Mini Storage, a 99,440-square-foot self-storage facility located in Killeen, TX was sold to a new owner. Brian Kelly, Brett R. Hatcher, Gabriel Coe and Tyler Ranft, investment specialists in the firm’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the firm. The facility is located at 5904 E Veterans Memorial Boulevard and 442 N Roy Reynolds Drive. The combined sites feature 570 non-climate-controlled units, 137 enclosed parking spaces, 10 offices, 11 commercial tractor trailer spaces, and 72 parking spots. They have a combined net rentable square feet of 99,440.
- Dry Dock Self Storage, a 43,485-square foot self-storage located at 3538 Paint Rock Rd in San Angelo, TX was sold. Arol Horkavy and Jon Danklefs, investment specialists in the firm’s Austin and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The facility sits on 3.36 acres and maintains 131 climate-controlled units that range from 25-300 square-feet. The facility also offers 188 non climate-controlled units that range from 25-600 square-feet, as well as ten, 12×45 parking spots.
- The 66,338-square foot self-storage facility at 13806 Galm Rd. in San Antonio, TX was purchased by Andover Properties LLC, operator of the Storage King brand of self-storage facilities. The property currently contains a total of 534 units, of which 518 are climate-controlled. Jon Danklefs had the exclusive listing to market the property on behalf of the seller, a developer. Danklefs also procured the buyer.
- Bargain Storage Portfolio (pictured above), a two property self-storage portfolio located in Houston, TX, has been sold. The asset has 454 units and 69,757 net rentable square feet. Dave Knobler and Charles “Chico” LeClaire of the Denver office, had the exclusive listing to market the property on behalf of the seller, an Oregon based LLC. The buyer—national self-storage owner, Merit Hill Capital, based in New York with 130 properties in 30 states—was also secured by the firm. The two properties are about one-half mile from one another and sit on a combined 3.84 acres with 18 metal framed single story buildings. Included in the square footage are 68 portable units that were delivered in 2019. The facilities are located at 11539 Canemont and 12151 Ormandy streets in Houston, TX.
- Storage Bank, a multi-story storage facility located in the urban core of Albuquerque, NM was sold to a new owner. Thomas Parsons, Adam Schlosser, Charles “Chico” LeClaire in the Denver office had the exclusive listing to market the property on behalf of the seller, a local LLC. The buyer was a national self storage operator with substantial U.S. real estate holdings. Storage Bank is located on San Pedro Boulevard.
Andover Properties LLC reports the following:
- Andover Properties, operator of Storage King USA, has recently acquired Fig Garden Self Storage in Fresno, CA. The property is a 70,273-square-foot facility, containing a mix of interior non-climate and drive up units.
- Andover Properties purchased the self-storage facility 157 Self Storage (pictured above) in Euless, TX, marking its sixth acquisition in the state of Texas. The property is a 91,675-square-foot facility comprised of drive-up, climate-controlled, and covered RV/boat units, in addition to the recent expansion of 96 outdoor parking spaces.
Acquisition news from 12/9/2020
California-based Insite Property Group purchased an A Storage Place facility in the greater San Diego area in an off-market deal. The purchase price was $20.5 million, according to county records researched by Commercial Property Executive.
Now rebranded as a SecureSpace Self Storage, the 92,000-square-foot facility is located at 11902 Campo Rd in Spring Valley, CA.
Positioned at Jamacha Junction, where the CA-94 and the CA-54 intersect, over 60,000 vehicles per day pass in front of the store. All access to the climate-controlled and drive-up units are from ground level. The facility opened in the fall of 2019 and is also buoyed by two commercial tenants.
Berkshire Hathaway Storage Group reports the following:
Eagle One Self Storage in Columbia, SC has traded hands for $2,550,000. Cameron Vale and Parker Sweet represented the seller, Eagle One Self Storage LLC, and secured the buyer, Jefferson Home Builders LLC, in the transaction. The facility has 41,275 net rentable square feet and 331 non-climate units with room to expand.
Commercial Property Executive reports the following:
CubeSmart purchased a self-storage facility in Las Vegas for $16.8 million. StorageOne, a 47,481-square-foot facility in Las Vegas, was sold by a private investor The two-story building came online in 2005 and occupies a 3-acre parcel at 1135 S. Hualapai Way.
Worcester Business Journal reports the following:
Florida self-storage investment firm SROA Capital purchased two storage operations in Massachusetts for $15 million. SROA acquired the facilities at 241 Southwest Cutoff and 160 Otis Street in Northborough and the facility at 35 Balm of Life Spring Road in Uxbridge. The Northborough sites are managed by CubeSmart, the Uxbridge facility is branded as Storage Rentals of America.
Midcoast Properties reports the following:
Kensington Self Storage, located in Spartanburg, SC, was recently sold. Midcoast Properties, Inc. represented the seller, with Bobby Moss as lead broker. The facility was sold to a national buyer. Kensington Self Storage is a 329 unit self storage facility, located on two parcels with 30,550 rentable square feet of traditional and climate units.
Marcus & Millichap reports the following:
- Angeles & Bayview Mini Storage, a two-facility portfolio in Port Angeles, WA totaling 31,055 square feet closed for $3,400,000, representing the equivalent of $109.48 per square foot. The facility sold at a 6.45% cap rate. Christopher R. Secreto, senior managing director Investments at the firm’s Seattle office and Tru Petrilli had the exclusive listing to market the property on behalf of the seller, a private investor based in Washington. The buyer was a limited liability company also based in Washington. The portfolio is comprised of Angeles Mini Storage (pictured above) located at 919 West Lauridsen and Bayview Mini Storage, located at 62 South Bayview Avenue in Port Angeles. The facilities together have 323 units comprising 31,055 net rentable square feet. Located only five miles apart, the two facilities are co-managed from one location, keeping expenses low.
- Dublin Self Storage, a 11,025-square-foot self-storage facility located in Dublin, TX has changed hands. Brian Kelly, Brett R. Hatcher, Gabriel Coe and Garrett Wolfe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller. Tim Speck, division manager and broker of record, assisted in closing this transaction. The facility is located at 337 Highland Avenue in Dublin, TX. This property features 71 non-climate-controlled units totaling 11,025 net rentable square feet with room to expand. This facility is stabilized and cash-flowing with a physical occupancy of over 92 percent.
- Two Florida self-storage properties in DeLand and Orange City totaling 58,487 net rentable square feet of self-storage was recently sold. The Columbus office, had the exclusive listing to market the property on behalf of the seller and also secured the buyer in the transaction. Ryan Nee, district manager and broker of record, assisted in closing this transaction. The two sites are conveniently located just over five miles apart from one another and consist of 58,487 net rentable square feet and 414 units. Additional details were not disclosed.
Pinnacle Storage Properties reports the following:
Pinnacle Storage Properties, based in Katy, Texas, recently purchased two more Texas self storage properties, Storage Plus of Mineral Wells and Storage Plus of Stephenville. These properties represent the 23rd and 24th additions to the Pinnacle portfolio. Storage Plus of Mineral Wells, formerly Security Storage – Mineral Wells, is located at 3101 MH 379, Mineral Wells, Texas, approximately 50 miles west of Fort Worth. Storage Plus of Stephenville, formerly Security Storage – Stephenville, is located at 1038 Glen Rose Road, Stephenville, Texas, approximately 70 miles southwest of Dallas.
Acquisition news from 12/16/2020
Carefree Covered RV Storage, a division of Business Property Trust, recently purchased a 23-acre facility in Chandler, Arizona, that will become the largest covered RV site in the state. Paul Boyle, executive director with Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the buyer in the transaction. M&T Bank provided the acquisition financing.
RV SuperStorage, as it is currently known, offers 594 covered, enclosed and open-air parking spots, in addition to 53 storage units. Upon acquisition, the property will undergo more than $4 million in improvements, including the addition of 450 new covered parking stalls, security upgrades and a complete renovation of the office/welcome center.
“We are ecstatic about our newest Carefree Covered acquisition,” said Barry Raber, BPT’s president and chief executive officer. “When done, this will be the largest covered RV storage property in Arizona”
The Chandler site joins its sister property, in Apache Junction, as the second in the Carefree Covered RV Storage portfolio. The new property is located within Lone Butte Development Park, established by the Gila River Indian Community to economically develop the area. Carefree Covered RV Storage is seeking additional all-RV storage properties to expand its brand in the Phoenix and Dallas, Texas, metropolitan areas.
Cushman & Wakefield also announced the sale of the Nest Self Storage portfolio located in Salem, Oregon near Portland. The two-property portfolio was recently completed and approximately 85% occupied at closing. The properties total 166,877 rentable square feet in 1,135 storage units. The buyer was global real estate investment manager Invesco Real Estate, in partnership with Baranof Holdings, who plans to rebrand the facilities. Greg Wells, Jim Lewis, Luke Elliott and Mike Mele with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction. The seller included MWIC Parkway, LLC and MWIC Turner Road LLC, the original developers of the property.
“The opportunity to acquire a newly built portfolio of single-story drive up assets in a fast growth Pacific Northwest market is rare,” said Greg Wells.
Andover Properties reports the following
- Andover Properties, LLC (dba Storage King USA) has recently acquired the Life Storage facility on Galm and Culebra in San Antonio, TX (above). The purchase marks Andover’s first acquisition in San Antonio and seventh acquisition in the state of Texas this year. The 66,300-square-foot multi-story facility was built in 2018 and formerly managed by LifeStorage. The site will be integrated into the firm’s Storage King USA portfolio.
- The firm also purchased a Life Storage-managed facility in Haslet, TX marking its second acquisition in the Dallas-Fort Worth metro area and eighth acquisition in the state of Texas. The Class A, 78,850 SF single-story facility sits on nearly 9 acres and contains a mix of climate and non-climate controlled units, as well as outdoor parking.
The Storage Acquisition Group reports the following:
Ray’s Self Storage in Burlington, NC has been sold to a new owner. The main facility is located at 1907 Maple Avenue with a satellite location at 860 Plantation Drive. Ray’s offers 63,405 net rentable square feet at the Maple Ave. location and 8,800 net rentable square feet on Plantation Drive for a total net rentable square feet of 72,205 across 629 units. The facility offers both climate and non-climate-controlled space and is conveniently located in the Greensboro-Winston Salem-High Point MSA. David Spencer and Cowles M. “Monty” Spencer, Jr. negotiated the transaction.
Marcus & Millichap reports the following:
Lock Up Storage Services, a 34,691-square foot self-storage located in Odessa, TX has changed hands. 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, an individual/personal trust. Lock Up Storage Services is located at 2440 E 8th St in Odessa, TX. The property is located on 2.07 acres of land and maintains 204 climate-controlled units.
