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Feb 24, 2022
Update 2/24/22 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in February 2022.
InSite Property Group, the parent company of SecureSpace Self Storage, acquired American Storage in Atlantic Beach, Florida. The facility at 1770 Mayport Road comprises 49,331 rentable square feet in 504 units and 39 vehicle-storage spaces. It was 97% occupied at the time of sale. Based in Torrance, California, InSite has more than 50 facilities operating or under construction.
Budget Self Storage in Bridgeport, Connecticut, sold to Access Self Storage, which operates more than 20 locations in Connecticut, New Jersey and New York. The facility at 225 Boston Ave. comprises 36,697 square feet in 381 units. It also has two retail spaces for rent. The seller was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher, investment specialists for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. They were assisted by fellow M&M broker Susan Bands.
Go Store It Self Storage acquired Central Storage in Crossville, Tennessee. The facility at 1872 W. Ave. No. 102 comprises 177,556 net rentable square feet in 992 units, with room for expansion. The seller was represented in the transaction by The Hatcher Group of M&M. Founded in 2013, Go Store It operates 80 facilities in 15 states.
Extra Space Storage Inc., a self-storage real estate investment trust (REIT), acquired a Houston facility managed by REIT CubeSmart. The 3.5-acre property at 555 Bay Area Blvd. is in the Clear Lake community. The two-story office building was converted to storage in 2018 and comprises 93,715 square feet in 802 units. The seller, a Texas-based limited-liability company (LLC), was represented in the transaction by Dave Knobler, senior vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments for The LeClaire-Schlosser Group of M&M.
Andover Properties LLC, which operates the Storage King USA brand, acquired a Garland, Texas, property that was managed by CubeSmart. Built in 2018, the facility comprises 76,000 square feet. Established in 2003, New-York based Andover owns and manages 125 storage properties in 16 states, comprising 9.3 million rentable square feet.
StorageBlue LLC, which operates eight self-storage facilities in New Jersey, acquired a Teaneck, New Jersey, facility managed by CubeSmart for $10 million. The building at 123 W. Tryon Ave. comprises 40,000 square feet. The acquisition was financed by Emerald Creek Capital and arranged by Justin Horowitz and Richard Horowitz of Cooper Horowitz LLC.
Drake Storage in Giddings, Texas, sold to an LLC. Sitting on 8.36 acres, the facility at 1440 N. Orange St. contains 61,520 square feet in 304 units. It includes 3.7 acres for expansion and a satellite property with 76 units. The buyer and the seller, an LLC, were represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for M&M.
Eagle Climatized Storage in Port Neches, Texas, sold to an East Texas-based LLC. Built in 2003 on more than 3.5 acres, the facility at 2300 Nederland Ave. comprises 32,194 square feet in 237 units. The seller, a Georgia-based private investor, was represented in the transaction by Knobler of M&M. The buyer was represented by Danny Cunningham, first vice president, and Brandon Karr, senior vice president, for M&M.
Goffstown Back Road Self Storage in Goffstown, New Hampshire, sold. The facility at 376 Goffstown Back Road comprises 65,700 rentable square feet in 451 units. The seller was represented in the transaction by Coe, Coe and Hatcher for M&M.
Harmar Storage Solutions in Cheswick, Pennsylvania, sold to REIT Public Storage Inc. The facility at 805 Route 910 comprises 49,055 rentable square feet in 408 units, with room for expansion. The seller was represented in the transaction by Ryan Clark, director of investment sales, and Zachary Urow, senior vice president, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.
Holly Hill Self Storage in Alexandria, Virginia, sold. The facility at 3100 Holly Hill Road has been rebranded as CubeSmart. It comprises 51,280 rentable square feet in 544 units. The seller was represented in the transaction by Clark and David Zehendner, investment specialist, for SkyView.
Jackson Lake Storage in Monticello, Georgia, sold to an out-of-state buyer. The facility at 4451 Jackson Lake Road is fully automated. The seller was represented in the transaction by Jane H. Sauls, co-owner of Sauls Storage Group, a brokerage firm serving the Southeast.
Kane Self Storage in Marlborough, Massachusetts, sold to Suciu LLC for $1.57 million. Built in 1992, the 1-acre property at 850 Boston Post Road comprises 18,800 square feet in 136 units. Suciu is an entity registered to Alexe Suciu, who owns Exela Movers LLC, a Boston-based moving company.
Karam Self Storage in Galveston, Texas, sold for $6.8 million to Radiant Storage, which operates seven facilities in Alabama, Louisiana, Mississippi and Texas. The six-story building at 3316 Church St. comprises 47,080 net square feet in 439 units. The former Falstaff Brewery was converted to self-storage in 2019, and includes a 13,000-square-foot event venue on the top floor. The seller, a Texas-based LLC, was represented in the transaction by Knobler and LeClaire of The LeClaire-Schlosser Group of M&M.
SmartStop Self Storage REIT Inc., which operates 163 properties in 19 U.S. states and Toronto, acquired Next Door Self Storage in Algonquin, Illinois. The facility at 1910 E. Algonquin Road comprises 109,000 square feet in 900 units.
Secure One Storage in Red Wing, Minnesota, sold to an entity related to National Storage Affiliates Trust (NSAT), a self-storage REIT. Built in 2020, the facility at 790 Tile Drive comprises 22,350 rentable square feet in 165 units and 50 outdoor vehicle-storage spaces. The buyer and the seller were represented in the transaction by Tom Flannigan, Matt Haugen and Alex Ihrke of KW Commercial Minneapolis, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage.
SecureStore in Daleville, Virginia, sold to a national operator. Built in 2021, the split-level, two-story facility at 70 Market Ridge Lane comprises 55,650 rentable square feet in 483 units. The seller, a developer, was represented in the transaction by Patrick Kidder, president of Meridian Storage Group, a St. Petersburg, Florida, brokerage. Kidder also secured the buyer.
Shipshewana Mini Storage in Shipshewana, Indiana, sold to a private buyer. The facility at 1005 N. Van Buren St. comprises 20,100 rentable square feet. The seller was represented in the transaction by John Lindsey, president of Lindsey Self Storage Group, a Durham, North Carolina, brokerage.
Space Shop Self Storage in Roswell, Georgia, sold to global investment firm KKR. Built in 2020 on 1.5 acres, the facility at 90 Oak St. comprises 96,187 rentable square feet in 835 units. It was developed and owned by a joint venture between Coro Realty and DG Real Estate Partners. The seller was represented in the transaction by Luke Elliott, executive managing director, and Mike Mele, vice chairman, of the Self-Storage Advisory Group for Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Atlanta-based Space Shop is the operating brand for Stein Investment Group.
KKR also purchased three self-storage facilities in Atlanta; St. Petersburg, Florida; and Alexandria, Virginia. They were acquired in separate transactions with three sellers for $70 million. They were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III. The sites were built in 2018, 2020 and 2021, and contain 2,000 units. KKR launched Alpha Storage Properties as a self-storage investment platform in December.
Stor-All Self Storage in Alachua, Florida, sold to Personal Mini Storage, a participating regional operator of NSAT. The facility at 13701 N.W. U.S. Highway 441 offers more than 240 units and some vehicle storage. It’s the 47th location for Personal Mini, which will rebrand the property under its name. Headquartered in Greenwood, Colorado, NSAT operates more than 1,000 self-storage facilities in 40 states and Puerto Rico comprising about 65 million rentable square feet.
Storage Depot in Savannah, Georgia, sold. The facility at 1333 Lynah Ave. comprises 111,640 rentable square feet in 399 units, 35 warehouse spaces and 36 vehicle-storage spots. It was 96% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.
A Storage Sense facility in Hallandale Beach, Florida, sold to an affiliate of Boundary Cos. for $23 million. Built in 1979 on 8.4 acres, the structure at 450 Ansin Blvd. comprises 136,591 square feet. Founded in 2014, Boundary is a real estate investment firm with interests in industrial, office, residential and retail properties. Storage Sense is one of the operating brands of City Line Capital, a Philadelphia-based real estate investment firm, which specializes in self-storage.
The 3-acre Yuma Self Storage property at 2090 W. 24th St. in Yuma, Arizona, sold in an off-market deal. The buyer was represented in the transaction by Jeff Gorden of KW Commercial, an Argus affiliate.
2/9/22 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in February 2022.
56 Self Storage in Dover, New Hampshire, sold. The facility at 56 6th St. comprises 44,619 rentable square feet in 619 units. The seller, a private owner, was represented in the transaction by Ken DeVaul, senior associate, and Patrick Kidder, president, of Meridian Storage Group (MSG), a St. Petersburg, Florida, brokerage. DeVaul and Kidder also secured the buyer.
All Aboard Storage in Flagler Beach, Florida, sold to a private operator. The facility comprises 56,625 rentable square feet in 339 units. The seller, a regional operator, was represented in the transaction by Kidder of MSG, who also secured the buyer.
All Town Storage in Granby, Massachusetts, sold. The facility at 138 W. State St. comprises 34,250 square feet in 242 units. It also has approval to add two structures totaling 7,600 gross square feet. The seller was represented in the transaction by Gabriel Coe, Nathan Coe, Luke Dawley and Brett R. Hatcher, investment specialists for The Hatcher Group of Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.
Broad Street Self Storage in Bristol, Connecticut, sold to LocalStorage Group, which operates 26 locations in 10 states. The facility at 531 Broad St. comprises 16,300 square feet in 155 units and eight vehicle-storage spaces. The buyer and the seller were represented in the transaction by Coe, Coe and Hatcher of The Hatcher Group. They were assisted by fellow M&M broker Susan Bands.
Andover Properties LLC, which operates the Storage King USA brand, purchased two facilities in Calabash and Winnabow, North Carolina. Together, Calabash Road Self Storage at 230 Calabash Road N.W. and M&M Mini Storage at 20 Edgewood Lane offer 106,000 total square feet in 771 units. The Calabash facility contains 63,308 square feet of rentable storage space, while the other comprises 35,278.
Andover also acquired Crossroads Moving & Storage in College Station, Texas. The facility at 15745 Farm to Market Road 2154 comprises 89,000 square feet in 875 units, plus 18,000 square feet of outdoor vehicle storage. Established in 2003, New-York based Andover owns and manages 124 storage properties in 16 states, comprising 9.3 million rentable square feet.
A five-property Drop It & Lock It self-storage portfolio in Victoria, Texas, sold to a private buyer. Combined, the properties comprise 166,456 rentable square feet in 1,280 units. The seller, a private owner, was represented by DeVaul and Kidder for MSG, who also sourced the buyer.
Inland Boat and Storage in Fairhope, Alabama, sold to a private equity-investment group consisting of Stoic Equity Partners and 68 Ventures LLC. The facility at 20585 County Road 13 comprises 74,325 net rentable square feet in climate-controlled, drive-up and vehicle-storage units. It’ll be managed by StorEase and branded under its name. The loan was originated by Richard Alexander of Grandbridge Real Estate Capital. Founded by Jeremy Friedman and Grant Reaves, Stoic is expanding through acquisitions and ground-up development in the Northern Gulf Coast. 68 Ventures is a vertically integrated construction, development and real estate firm.
Main Gate Storage in Hinesville, Georgia, sold to a regional operator. The facility at 404 Fraser Circle comprises 47,847 rentable square feet in 365 units. The seller, a private owner, was represented in the transaction by Taylor Dooley, senior associate, and Kidder for MSG, who also sourced the buyer.
A two-property portfolio in Tuscaloosa, Alabama, sold for $5.8 million to NSA Property Holdings LLC, an affiliate of real estate investment trust (REIT) National Storage Affiliates Trust. Together, Premier Self Storage at 6130 Old Greensboro Road and T Town Mini Storage at 580 Southview Lane comprise 50,354 rentable square feet in 524 units. The sites are 1.9 miles apart and sit on nearly 8 acres. The seller, Premier Self Storage LLC, was represented in the transaction by Ashley Compton, national director of the Self Storage Group for Colliers International.
Premier Storage of Zanesville in White Cottage, Ohio, sold and has been rebranded as StakIt Storage of Zanesville. The facility at 5230 Maysville comprises 14,400 net rentable square feet in 102 units, with 6,600 square feet for expansion. The seller was represented in the transaction by The Hatcher Group.
SafelyStor in Weare, New Hampshire, sold. The facility at 424 S. Stark Highway comprises 35,900 rentable square feet in 246 units and 60 RV-storage spaces, with room for expansion. The seller was represented in the transaction by The Hatcher Group.
Shannon Mini Storage in Union City, Georgia, sold. The facility at 5100 Highway 138 comprises 51,252 rentable square feet in 439 Units. The seller was represented in the transaction by Kidder of MSG, who also secured the buyer.
Invesco Real Estate, a global real estate investment manager, acquired The Storage Court in Mill Creek, Washington, in a partnership with Dallas-based self-storage developer Baranof Holdings LLC. The facility at 17811 Bothell Everett Highway will be managed by self-storage REIT Extra Space Storage Inc. and branded under its name. It contains seven, single-story structures and one two-story building comprising a total of 82,860 square feet. It also has 29 vehicle-storage spaces. The seller, Azose Commercial Properties Inc., was represented in the transaction by Charmel Storage Capital, a boutique commercial real estate firm.
Swift Self Storage in Bradenton, Florida, sold. Opened in January, the facility at 6424 14th St. W. comprises 65,700 square feet in 873 units. The seller was represented in the transaction by Coe, Coe, Hatcher and Meir D. Perlmuter, investment specialist, for M&M. The brokers also secured the buyer.
A two-property Top Line Storage portfolio in Sevierville, Tennessee, sold for $2.5 million to a New Jersey-based partnership. Built in 2018, the facility at 1315 Dolly Parton Highway comprises 119 units. The one at 2635 Dolly Parton Highway, built in 2016, encompasses 108 units. The seller was represented in the transaction by Wendy Davis, associate, for M&M, who also secured the buyer.
Voyageur Storage in Motley, Minnesota, sold. The facility at 297 Highway 10 S. comprises 5,360 rentable square feet in 30 units. It also contains a three-room, 4,334-square-foot rental home. The buyer and the seller were represented in the transaction by Tom Flannigan, Matt Haugen and Alex Ihrke, brokers with KW Commercial Minneapolis, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Store Space Self Storage, which operates more than 80 self-storage facilities in 20 states, acquired 10 properties across seven states during the fourth quarter of 2021. Including expansion projects, the facilities add approximately 700,000 rentable square feet in 5,800 units to the company’s portfolio. They include three properties in Florida, two in Wisconsin, and the operator’s first location in North Carolina. In Florida, the facility at 2711 Broadway Center Blvd. in Brandon comprises 67,550 square feet in 645 units, while the site at 10777 103rd St. in Jacksonville encompasses about 120,000 square feet in approximately 800 units. In Wisconsin, the property at N112W18518 Mequon Road in Germantown comprises more than 94,000 square feet in 635 units, while the location at N92W15800 Megal Drive in Menomonee Falls encompasses more than 92,000 rentable square feet in 679 units. In Elon, North Carolina, the facility at 937 E. Haggard Ave. comprises approximately 53,000 rentable square feet in about 650 units. Based in Winter Garden, Florida, Store Space operates more than 5.3 million square feet of self-storage space.
A Melissa, Texas, self-storage facility sold. Opened last year, the 3.52-acre property offers 56,252 net rentable square feet in 459 units. The seller was represented in the transaction by The Hatcher Group.
Boston Real Estate Times, Marcus Brokers 65,700-SF Self-Storage Facility in New Hampshire
Business Wire, KKR Acquires Three Self-Storage Properties Serving the Atlanta, St. Petersburg and Washington D.C. Markets
Business Wire, SmartStop Self Storage REIT, Inc. Acquires Self Storage Facility in the Chicago Metropolitan Area
Globe Newswire, InSite Property Group Acquires American Storage in Jacksonville MSA
Multi-Housing News, 2 Houston-Area Storage Facilities Change Hands
Newswires, Founder of E! Entertainment Television & StorageBlue Continues North Jersey Self-Storage Domination
PR Newswire, Central Florida-based Personal Mini Storage Acquires 47th Self-Storage Location in Alachua, Florida
PR.com, Argus Broker Affiliate Announces Sale of Arizona Self Storage Facility
The Real Deal, Hallandale Beach Self-Storage Facility Sells for $23M
Worcester Business Journal, Marlborough Self-Storage Facility Sells for $1.6M
Boston Real Estate Times, Marcus & Millichap Brokers the Sale of 34,250-SF All Town Storage
Marcus & Millichap, Marcus & Millichap Arranges $2.5 Million Self-Storage Deal
Multi-Housing News, Andover Properties Acquires 2 Storage Assets in North Carolina
PR.com, Argus Broker Affiliates Announce Sale of Minnesota Self Storage Facility
PR Newswire, STOIC Equity Partners Continues Growth with Year-End Acquisition of $6.6 Million Self Storage Asset
PR Newswire, Store Space Announces 10 Acquisitions to Close Out Q4 2021
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