March 2022 Self Storage Acquisitions and Dispositions

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. The professionals at CXRE are committed to staying on top of trends and transactions. Below is a list of November’s trades as reported by ISS, a leader in the self storage community.

The four-property A-Key Storage portfolio in Clovis, New Mexico, sold to a publicly traded real estate investment trust (REIT). Together, the properties at 421 Llano Estacado Blvd., 2121 E. Llano Estacado Blvd., 1104 E. Manaña Blvd. and 2220 Ross St. comprise 235,978 rentable square feet in 1,541 units. The seller, a private investor, was represented in the transaction by Josh Cato, senior associate, Parker Sweet, president, and Cameron Vale, senior vice president, for brokerage and advisory firm Berkshire Hathaway Commercial Real Estate. The brokers also secured the buyer.

Brookfield Asset Management (BAM) acquired a Brooklyn, New York, self-storage facility $31.4 million. The 105,000-square-foot building at 300 Sheffield Ave. was managed by self-storage REIT Cubesmart and branded under its name. The seller was an affiliate of Heitman Capital Management LLC, which bought the site in 2015 for $10.3 million. BAM is an alternative asset-management company.

Brookfield Property Partners (BPP), a subsidiary of BAM, acquired two Brooklyn, New York, self-storage facilities. American Self Storage, purchased for $32 million, is in the Clinton Hill neighborhood. The four-story building comprises 67,000 square feet. The sellers were Cayre Equities LLC, Maddd Equities LLC and Joy Construction, which bought the building in 2018 for $27 million. Treasure Island Storage at 1654 Bushwick Ave. was purchased for $26 million. The seller of the 79,000-square-foot building was an affiliate of Cayre, which bought the land for $4.5 million in 2016. BPP is a global commercial real estate firm.

Avon Self-Storage in Avon, Connecticut, sold for $21.7 million to Trea SP IV Avon CT LLC, an affiliate of REIT Extra Space Storage Inc. Built on 10.5 acres, the facility at 190 Old Farms Road comprises 86,490 square feet in 679 units. It was 97% occupied at the time of sale. The deal also includes a house on a small lot abutting the property. The seller was represented in the transaction by the Self-Storage Advisory Group of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Cavitt Street Storage in Bryan, Texas, sold to a limited-liability company (LLC). Built on half an acre, the facility at 2306 Cavitt Ave. comprises 8,100 square feet in 31 units. The seller, also an LLC, was represented in the transaction by Jon Danklefs and Arol Horkavy, investment specialists for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. Danklefs and Horkavy also procured the buyer.

A Fayetteville, Georgia, self-storage property managed by REIT CubeSmart sold. Built last year, the two-story facility at 235 Highway 314 comprises 55,160 rentable square feet in 492 units. The seller was represented in the transaction by The Hatcher Group for M&M.

A Piedmont, South Carolina, self-storage facility managed by CubeSmart sold to a national, private-equity firm. The property at 2920 Fork Shoals Road comprises 96,633 rentable square feet in 702 units. The seller, a private investor, was represented in the transaction by Sweet and Vale for Berkshire Hathaway.

A Fairfield, Alabama, self-storage property managed by REIT Extra Space sold. Built on 9.4 acres, the facility at 6500 Aaron Aronov Drive comprises 78,215 rentable square feet in 598 units. It was 99% occupied at the time of sale. The seller was represented in the transaction by Richard Riddle and Zachary Urow, executive vice presidents for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.

Global investment firm KKR acquired Glendale Storage in Denver and another Colorado facility for more than $40 million. The company also purchased Melrose Self Storage at 700 Inverness Ave. in Nashville, Tennessee, for $21.85 million. Based in New York, KKR launched Alpha Storage Properties as a self-storage investment platform in December.

Got Storage in Victorville, California, sold. The facility at 12276 Cobalt Road comprises 87,502 rentable square feet in 542 units and 178 RV-storage spaces, with room for expansion. The property was 99% occupied at the time of sale. The seller was represented in the transaction by The Hatcher Group of M&M.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired two facilities in San Antonio. Highland Mini Storage at 1663 Horal Drive offers 43,000 net rentable square feet in 410 units and 80 vehicle-storage spaces. The company also purchased a facility managed by REIT Life Storage Inc. The site at 17627 Overlook Loop comprises 99,833 net rentable square feet in 877 units. Founded in 1999 and based in Columbia, Missouri, StorageMart is privately owned and operated.

Cohen Investment Group, a commercial real estate investment firm, acquired a four-property IN Self Storage portfolio in the Dallas-Fort Worth metropolitan market. Together, the properties comprise 137,089 rentable square feet. They include 14799 Fishtrap Road in Aubrey (24,128 square feet), 2400 Victory Drive in Flower Mound (28,281 square feet), 2801 E. 820 S. Loop in Fort Worth (31,112 square feet) and 3825 Old Parker Road in Wylie (53,568 square feet). The transaction is Cohen’s first self-storage investment in Texas. The seller, a private investment group, and the buyer were represented in the deal by Danny Cunningham and Brandon Karr, investment specialists, for M&M. Founded in 2014, Cohen owns and operates more than 1 million square feet of multi-family, office, retail, self-storage and student housing.

A San Antonio storage facility managed by REIT Life Storage sold during Certificate of Occupancy to an undisclosed buyer. The 3.6-acre property comprises 83,350 net rentable square feet in 645 storage units and 10 office-rental suites. The Hatcher Group of M&M represented the seller.

Compass Self Storage LLC, a member of the Amsdell family of companies, purchased My RV Storage at 2175 E. State Road 44 in Wildwood, Florida, and Northern Rhode Island Self Storage at 400 George Washington Highway in Smithfield, Rhode Island. My RV offers 223 vehicle-storage spaces. Headquartered in Cleveland, Compass operates more than 100 facilities in 15 states.

A Bronx, New York, property managed by REIT Public Storage Inc. sold. Built on 2.11 acres in 2019, the facility comprises 128,642 net rentable square feet in 3,035 units. The seller was represented in the transaction by SkyView Advisors.

Regional Warehousing & Mini Storage in Southside, Alabama, sold to a local buyer. The facility at 3525 Mountain View Drive comprises 51,640 net rentable square feet in 288 units. It was built in 2005 on 10.55 acres. The buyer and the seller were represented in the transaction by Eddie Greenhalgh, first vice president of investments and senior director of the National Self Storage Group, Jake Payne, senior associate, and Lee Thornton, associate, for M&M.

S&K Self Storage in New Cumberland, Pennsylvania, sold to a private buyer. The facility at 765 Corporate Circle comprises 10,375 square feet. The seller was represented in the transaction by Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Andover Properties LLC, which operates the Storage King USA brand, acquired Storage Depot in Savannah, Georgia. The facility at 1333 Lynah Ave. comprises 112,000 square feet in 568 units and offers outdoor vehicle storage. Established in 2003, New-York based Andover owns and manages 127 storage properties in 16 states, comprising 9.3 million rentable square feet.

Storage Maxx in Homestead, Florida, sold to Insite Property Group, the parent company of SecureSpace Self Storage, which operates 23 locations in 10 states. The facility at 1496 Old Dixie Highway comprises 42,306 square feet in 350 units and 129 vehicle-storage spaces. The seller was represented in the transaction by Gabriel Coe, Nathan Coe, Brett R. Hatcher and Meir D. Perlmuter of M&M. They were assisted by fellow broker Ryan Nee.

Union Chapel Storage in Noblesville, Indiana, sold. Built in 2020, the facility at 10911 Greenfield Ave. comprises 76,854 rentable square feet in 484 units. It was 54% occupied at the time of sale. The seller, an independent owner, was represented in the transaction by Rob Schick, a broker affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage. Schick also procured the buyer.

Utah Valley Storage and RV in Orem, Utah, sold to a national self-storage operator. The facility at 243 Geneva Road comprises 76,344 square feet in 291 units. The seller was represented in the transaction by Jordan Farrer, senior investment associate, and Adam Schlosser, senior vice president of investments, for the LeClaire-Schlosser Group of M&M. Farrer and Schlosser also procured the buyer.

Storage Post Self Storage acquired a four-property New York portfolio it has managed since 2016. Together, the facilities at 50 Carnation Ave. in Floral Park, 1000 Axinn Ave. in Garden City, 280 Broadway in Huntington Station and 1760 Front St. in Yorktown Heights comprise more than 370,000 gross square feet. Headquartered in Atlanta, Storage Post has locations along the East Coast and in the South.

Andover Properties LLC, which operates the Storage King USA brand, acquired AA Stor All and B’s Stor All in Texas. Built in 1979 at 11931 O’Connor Road in San Antonio, AA Stor All comprises 24,750 rentable square feet in 170 units and 38 vehicle-storage spaces. Built on 3.6 acres at 868 S. State Highway 46 in New Braunfels, B’s Stor All comprises 32,320 rentable square feet in 237 units and 49 vehicle-storage spaces. It was built in 1986 and expanded in 1995. The seller, a limited liability company (LLC), was represented in the transaction by Jon Danklefs, first vice president of investments, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Andover also acquired Storage Post in the Little Havana neighborhood of Miami. The building at 641 N.W. 12th Ave. comprises 75,900 square feet in 930 units. Established in 2003, New-York based Andover owns and manages 127 storage properties in 16 states.

AAA Mini Storage in Riverside, California, sold to RightSpace Storage, which operates more than 70 locations nationwide. The facility at 1385 W. Blaine St. comprises 37,854 net rentable square feet in 261 units and 12 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.

Advantage Storage in Melissa, Texas, sold. The newly constructed facility at 1702 Fannin Road comprises 56,525 rentable square feet in 459 units. The seller was represented in the transaction by Gabriel Coe, Brett R. Hatcher and Brian Kelly, investment specialists for M&M. The brokers also secured the buyer.

Phoenix-based U-Haul International Inc. purchased Bonanza Mini Storage in Las Vegas. The facility at 2210 W. Bonanza Road contains 155 drive-up units. Established in 1945, U-Haul owns and manages more than 71 million square feet of storage space nationwide.

A Durham, North Carolina, facility managed by self-storage real estate investment trust (REIT) CubeSmart sold to a private buyer. The facility offers 142 vehicle-storage spaces. The seller was represented in the transaction by Lindsey Self Storage Group, a commercial real estate agency based in Durham.

A Fort Collins, Colorado, self-storage facility managed by CubeSmart sold to Guardian Storage. The property at 1057 Buckingham St. comprises 83,735 rentable square feet. Guardian is also planning to build a second, 89,500-square-foot Fort Collins location, scheduled to open in spring 2023. Established in Pittsburgh in 1987, Guardian operates 20 locations in the Pittsburgh, Pennsylvania, metro area and 12 in Colorado.

A Red Bank, New Jersey, facility managed by CubeSmart sold. The buyer was a partnership between Invesco Real Estate, a global real estate investment manager, and Dallas-based self-storage developer Baranof Holdings LLC. Constructed in 2019, the three-story building at 6 Central Ave. comprises 59,100 square feet in 537 units. The seller, Tresnan Property Group, was represented in the transaction by Robert Bloch, Mike Mele and Noah Obuchowski, investment specialists with Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Freedom Mini Storage in San Angelo, Texas, sold. Built on 1 acre, the facility at 910 W. 29th St. comprises 14,290 square feet in 73 units. The seller, an LLC, was represented in the transaction by Danklefs and Arol Horkavy, investment specialist, for M&M.

IN Self Storage in Sacramento, California, sold. The facility at 1295 Exposition Blvd. has been rebranded as Sunset Expo Self Storage. It comprises 22,308 net rentable square feet in 229 units. The seller was represented in the transaction by The Hatcher Group of M&M.

A two-property self-storage portfolio in Saanichton and Mill Bay, British Columbia, Canada, sold for $36.3 million. Together, Keating Self Storage at 6822 Veyaness Road in Saanichton and Rite Self Storage at 1185 Shawnigan Lake-Mill Bay Road in Mill Bay comprise about 77,500 square feet. The deal was brokered by Connor Braid and Patrick Wood of William Wright Commercial Real Estate Services.

Madison Self Storage in Nashville, Tennessee, sold. The facility at 111 Woodruff St. comprises 9,675 square feet in 110 units. The seller, an LLC, was represented in the transaction by Anne Williams-Blackwell, first vice president of investments, and Andy Beeckman, associate broker, for M&M.

The five-property McWhorter Mini Storage portfolio in Courtland and Moulton, Alabama, sold to an out-of-state buyer. Together, they comprise 78,150 net rentable square feet in 567 climate-controlled and drive-up units. The seller was represented in the transaction by Hatcher and Gabriel Coe, investment specialist, for M&M. They were assisted by Eddie Greenhalgh, first vice president of investments for M&M.

The Moving Storage Center of Long Island in Islip, New York, sold to a New York City-based investment firm that owns and manages self-storage. Built on 1.6 acres, the facility at 260 Moffitt Blvd. comprises 217 units and 30 outdoor vehicle-storage spaces. The seller, the original owner who developed the property, was represented in the transaction by Linda Cincelli and Edan Cohen of LC Realty, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage. Cincelli and Cohen also procured the buyer.

A two-property portfolio consisting of Outer Space Mini Storage and Pell City Mini Storage in Pell City, Alabama, sold to a Louisiana-based buyer for $3.75 million. Together, the adjacent facilities at 2630 and 2632 Martin Street S. comprise 58,400 rentable square feet in 411 units. The buyer and the seller, an LLC, were represented in the transaction by Greenhalgh, and Jake Payne and Lee Thornton, investment specialists, for M&M.

Apple Self Storage, which operates 40 facilities in Canada, acquired Parry Sound Storage in Seguin, Ontario. The facility at No. 4 12th Concession Road is off Lake Joseph Road, near Ontario Highway 400. Founded in 1975, family-owned Apple operates properties in New Brunswick, Nova Scotia and Ontario.

A self-storage facility managed by REIT Public Storage Inc. in the Morrisania neighborhood of New York City sold to Storage Post Self Storage for $65 million. The recently constructed building at 3350 Park Ave. comprises 160,000 square feet in about 3,300 units. The seller was Wildflower Ltd., which developed the facility. Less than a mile from Yankee Stadium, this location is the fifth in the Bronx for Storage Post, which is actively expanding in New York. Based in Atlanta, the company operates 30 facilities in Louisiana, New Jersey and New York.

The two-property Security Self Storage portfolio in Meriden and Wallingford, Connecticut, sold to Moove In Self Storage, which operates 44 locations in six states. Located five miles apart, the facilities at 73 Chamberlain Highway and 52 N. Plains Industrial Road offer a combined 45,587 net rentable square feet in 345 units and 33 vehicle-storage spaces. The seller was represented in the transaction by The Hatcher Group of M&M.

Stor-Ette Storage in Dade City, Florida, sold. The facility at 16031 US-301 comprises 42,125 square feet in 382 climate-controlled and drive-up units, 61 portable-storage units, and 16 vehicle-storage spaces. The buyer and the seller were represented in the transaction by Nathan Coe, Coe, Hatcher and Meir D. Perlmuter of M&M.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired Storage Shack of Spokane, in Spokane, Washington. The facility at 16715 E Trent Ave. comprises 47,900 rentable square feet in 273 units, with room for expansion. It’s the company’s first location in Washington state. Founded in 1999 and based in Columbia, Missouri, StorageMart is privately owned and operated by the Burnam Family. Its portfolio consists of more than 15 million square feet of storage.

The three-property Tri-Village Self Storage portfolio in Columbus, Dublin and Grandview Heights, Ohio, sold. Together, the properties comprise 200,006 rentable square feet in 1,653 units. Built in 2015, the Columbus facility was expanded in 1019. The Dublin and Grandview locations were built in 2018. The seller was represented in the transaction by The Hatcher Group of M&M.

Source: Inside Self Storage https://www.insideselfstorage.com/investing-and-real-estate/self-storage-real-estate-acquisitions-and-sales-march-2022

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