Self-Storage Actual Property Acquisitions and Gross sales: March 2023


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 March 2023.

Modern Storage in Little Rock, Arkansas, sold for $8.8 million to Westport Little Rock Cunningham Self Storage LLC, an affiliate of Westport Properties Inc., a privately held real estate investment company that operates the US Storage Centers brand. The 3.57-acre property at 8500 Cunningham Lake Road offers 675 units. The seller was Modern SW LLC.

KKR Real Estate Partners Americas III, an equity real estate fund of New York-based global investment company KKR, sold four self-storage facilities in two separate transactions for $80 million. The deals included two properties in Austin, Texas, one in Phoenix, Arizona, and one in Riverside, California. KKR manages multiple alternative asset classes. Across its real estate funds, it owns 25 self-storage facilities in 10 U.S. markets.

The following sales were brokered by the Self Storage Advisory Group of CBRE Group Inc., a commercial real estate services and investment firm:

  • A 14-property Storage Etc. portfolio in Southern California and Utah sold to a fund sponsored by CBRE Investment Management, a global investment-management firm that operates as an independent affiliate of CBRE Group. The 8,697-unit portfolio was 95% occupied at the time of sale. It’ll be managed and branded by StorQuest Self Storage. The seller was represented by Nick Walker, vice chairman of CBRE’s Self Storage Advisory Group. The fund that acquired the portfolio owns 100 self-storage facilities nationwide.
  • The two-property Sundance Self Storage portfolio in Roseville, California, sold for $35.5 million to Wentworth Property Co., a Phoenix-based real estate development firm. The facilities at 1351 Baseline Road and 8040 Brady Lane comprise a combined 188,950 square feet in 1,244 units. The seller was Seaview Financial, an investment firm based in Orange County, California.

The following sales were brokered by Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management:

  • Cypress Mini Storage at 4601 Cypress St. in West Monroe, Louisiana, comprises 21,000 net rentable square feet. The seller was represented by John Lindsey, co-founder and president; Dezmon Fortenberry, broker; and Jim Ritchie, senior broker.
  • KO Storage at Oak Grove Road in Kings Mountain, North Carolina, comprises 60,300 net rentable square feet. The seller was represented by Lindsey and Kirk Martin, broker.   

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • Alliance Self Storage in Lockhart, Texas, sold to a limited-liability company (LLC). Built on 5 acres in 2002, the facility at 1901 S. Colorado St. comprises 70,750 net rentable square feet in 532 units. The buyer and the seller, also an LLC, were represented by Jon Danklefs, first vice president of investments.
  • Creekside Storage in Grand Rapids, Michigan, sold to a private investor. It’ll be managed and branded by self-storage real estate investment trust (REIT) Extra Space Storage Inc. Built in 2019 on 9.9 acres, the facility at 6535 Creekside View Drive S.E. contains eight buildings comprising 122,900 square feet in 658 units. The seller was represented by investment specialists Gabriel Coe, Nathan Coe, Brett R. Hatcher and Brian Kelly. They were assisted by fellow M&M broker Steve Chaben.
  • A CubeSmart-managed facility in Broussard, Louisiana, sold for $14 million. The 8.8-acre property at 1321 Evangeline Thruway, developed in 2008, comprises 83,675 square feet in 704 units. The buyer and the seller were represented by Eddie Greenhalgh, Jake Payne and Lee Thornton. They were assisted by fellow broker Chris Shaheen.
  • U-Stor-It in Lansing, Michigan, sold to U-Haul International Inc., a Phoenix-based company that owns and manages more than 75 million square feet of storage space nationwide. Built on 2.5 acres in 1988, the facility at 3625 W. St. Joseph St. offers 41,600 square feet in 385 units. The seller, an LLC, was represented by Coe, Coe, Hatcher and Meir D. Perlmuter. They were assisted by Chaben.

The Hatcher Coe Group of M&M brokered the following transactions:

  • The two-property All Steel Storage portfolio at 215 Crestmore Drive in Lake Placid and 11011 Twitty Road in Sebring, Florida, comprises a total of 42,754 net rentable square feet in 277 units. The Sebring property has room for expansion.
  • Hanover Self Storage at 90 Filbert St. in Hanover, Pennsylvania, comprises 32,150 rentable square feet in 278 units. It was 92% occupied at the time of sale.
  • The two-property Jonestown Self Storage portfolio in Jonestown, Pennsylvania, comprises a combined 42,380 rentable square feet in 266 units. The properties were 95% occupied at the time of sale. Both facilities underwent renovations in 2021 and 2022.
  • Old Town Storage at 3801 Wabash Blvd. in Winston-Salem, North Carolina, comprises 7,200 net rentable square feet in 75 units and 40 vehicle-storage spaces. It was built in 1995 and has room for expansion. The seller was an LLC. M&M broker Ben Yelm assisted in the transaction.
  • Premier Storage at 313 Boyle St. in Akron, Ohio, comprises 21,200 rentable square feet in 148 units.

Multi-Housing News, Michigan Self Storage Changes Hands
REBusiness Online, Marcus & Millichap Arranges Sale of 532-Unit Self-Storage Facility in Lockhart, Texas
REJournals, Marcus & Millichap Sells 41,600-Square-Foot Storage Facility in Lansing
Arkansas Business, Modern Storage Sale Closes at $8.8 Million
Business Wire, KKR Sells Four Self-Storage Properties


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