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 April 2023.
Five Star Storage, which operates 33 facilities in the Dakotas, Minnesota and Montana, acquired A+ RV and Mini Storage in Billings, Montana. The facility at 3209 Grand Ave. offers more than 600 traditional self-storage units and vehicle-storage spaces.
CHR Storage and Rentals at 677 Wilkinsville Highway in Gaffney, South Carolina, comprises 12,000 rentable square feet in 106 units. The seller was represented by Veronica Lee, a broker for Sauls Storage Group, which specializes in self-storage brokerage throughout the Southeast.
Greenville Self Storage in Dallas sold to self-storage real estate investment trust (REIT) Extra Space Storage Inc. Completed in 2019, the four-story building at 7557 Greenville Ave. comprises 83,000 square feet in 741 units. The seller, Wentworth Property Co. LLC, was represented in the transaction by managing directors Steve Mellon and Brian Somoza, and directors Adam Roossien and Matthew Wheeler of JLL Capital Markets, a provider of capital solutions for real estate investors and occupiers.
Storage Ninjas, in partnership with New York-based development firm Upper Space Group, purchased Haslet Boat & RV Storage in Haslet, Texas. The facility at 800 Blue Mound Road E. comprises 112,000 square feet in canopy, enclosed and uncovered vehicle-storage spaces as well as some traditional storage units. Storage Ninjas, which also operates three facilities in Nebraska, is family-owned and -operated.
Lafayette Parkway Self Storage sits on 7.84 acres at 1379 Lafayette Parkway in Lagrange, Georgia. The seller was represented in the transaction by Austin McLeod, vice president of Matthews Real Estate Investment Services, which specializes in commercial properties.
A pair of Storage Etc. self-storage facilities in Southern California sold for a combined $69.6 million in separate deals to The William Warren Group, a privately held real estate company that operates the StorQuest Self Storage brand. The location at 21320 Golden Springs Drive in Diamond Bar comprises 18,000 square feet in five single-story structures, while the property at 6030 Canoga Ave. in Woodland Hills encompasses 107,000 square feet. The Woodland Hills site was purchased through a joint venture with CBRE Investment Management, a global investment-management firm. StorQuest operates more than 200 locations nationwide.
Turbo Storage in Shelbyville, Tennessee, sold to a private buyer. The facility at 803 E. Lane St. comprises 9,300 rentable square feet. The seller was represented by John Lindsey, co-founder, and Matt Rosendale, broker, for Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.
A partnership between equity-capital provider Peaceable Street Capital and Prestige Storage, which operates more than 50 facilities in the Midwest, acquired a 12-property portfolio in Fruitport, Kent City, Muskegon, Spring Lake and West Olive, Michigan. Together, the purchases comprise 490,302 square feet in 2,956 units across 96.23 acres.
The following sales were brokered by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
- Chesdin Storage in Petersburg, Virginia, sold to self-storage REIT Public Storage Inc. The 3.66-acre property at 23150 Airpark Drive offers 40,600 rentable square feet in 331 units.
- Heartland Drive Self Storage in Kernersville, North Carolina, sold to a regional buyer. Newly constructed on 2.15 acres, the four-story facility at 1410 Heartland Drive comprises 68,219 rentable square feet in 557 units.
The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:
- Budget Self Storage in Laredo, Texas, sold to a limited-liability company (LLC). The facility at 5906 San Bernardo Ave. sits on 1.6 acres and contains 199 units. The buyer and the seller, also an LLC, were represented by investment specialist Jon Danklefs.
- Cameron U Store M in Cameron, Texas, sold to an LLC. The facility at 2001 W. 4th St. sits on 2.48 acres and offers 179 units. The seller, also an LLC, was represented by investment specialists Danklefs and Arol Horkavy.
- The five-property Cuzins’ Vehicle Storage portfolio in Bonita Springs, Ft. Myers, Largo and Sarasota, Florida, comprises a combined 645,588 net rentable square feet in 1,499 parking spaces.
- Built in 2004, Powells Point Self Storage in Powells Point, North Carolina, comprises 22,100 square feet in 148 units and 42 outdoor vehicle-parking spaces. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher of the Hatcher Coe Group. They were assisted by fellow broker Ben Yelm.
- The Port St. Lucie, Florida, facility managed by Public Storage at 540 S.E. Becker Road comprises 84,608 square feet in 833 units and 17 vehicle-storage spaces. The three-story structure was built in 2021 on 2.5 acres. The seller and developer, Atlanta-based Mequity Cos., was represented by Charles “Chico” LeClaire, Ian Lindahl and Adam Schlosser. They were assisted by fellow broker Ryan Nee.
- The two-property Rolla Self Storage portfolio in Rolla, Missouri, sold to a private-equity group. Combined, the facilities at 1344 S. Bishop Ave. and 12773 U.S. Highway 63 comprise 26,571 square feet in 221 units. They were 93% occupied at the time of sale. The seller, an LLC, was represented by investment specialists Marla Čolić and Anne Williams.
- Sun Basin Self Stor in Othello, Washington, sold to a family trust for $5.5 million. The facility at 610 S. 1st Ave. comprises 68,629 square feet in 501 units. It was 91% occupied at the time of sale. The buyer and seller, an LLC, were represented by investment specialist Christopher R. Secreto.
The following sales were brokered by Storage Exchange LLC, a value-focused real estate brokerage platform:
- Bedico Storage at 27455 Louisiana Highway 22 in Ponchatoula, Louisiana, comprises 35,550 square feet, with room for expansion. The seller was represented by Taylor Cahn, vice president of investment sales.
- A six-property Ideal Self Storage portfolio in Central Texas comprises 155,765 rentable square feet across 24 acres. The seller was represented by Liam Duddy, director of investment sales.
- Whaley Street Storage at 1500 E. Whaley St. in Longview, Texas, comprises 29,775 square feet, with room for expansion. The seller was represented by Duddy.
- Xtra Space Self Storage at 2369 Arizona Highway 89 in Chino Valley, Arizona, comprises 48,475 square feet on 10 acres, with room for expansion. The seller was represented by Parker Johnson, associate, and Hunter Molnar, managing director.
Multi-Housing News, Richmond Self Storage Changes Hands
REBusiness Online, JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas
The Real Deal, William Warren Group Pays $70M for Self-Storage Sites