Self-Storage Real Estate Acquisitions and Sales: December 2022

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 December 2022.

10 Federal Self Storage in Durham, North Carolina, sold to a private buyer. The facility comprises 33,915 net rentable square feet of drive-up units. The seller was represented in the transaction by the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

A&D Mini Storage at 729 Scenic Highway S. in Lawrenceville, Georgia, is a 78-unit facility has room for expansion. The seller, who owned the property for more than 30 years, was represented in the transaction by Mike Patterson, an agent for Sauls Storage Group, a brokerage firm serving the Southeast.

Padlock Partners UK Fund III purchased Cinch Storage in Brighton, England, for £10.3M via a share-purchase agreement of Store 2 Capital Limited. The facility at The Depository South Road contains 13,300 net rentable square feet. A 10,600-square-foot additional was recently approved and will be completed in 10 months.

Conroe Spaces at 16481 Highway 105 W. in Montgomery, Texas, comprises 18,540 rentable square feet of storage and office warehouse space. It includes 11 units, 36 vehicle-storage spaces and a cell tower. The seller, Aranjuez Holdings, LLC, was represented by brokers Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson of Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage.

One Stop Self Storage, which operates six facilities in six states, has acquired a CubeSmart facility in Chicago. The property at 1750 N. Lawndale Ave. is the company’s first location in the city.

Amerco Real Estate Co., the parent company of Phoenix-based U-Haul International Inc., has acquired two CubeSmart facilities in Ankeny and West Des Moines, Iowa, for a combined $22 million from Omaha, Nebraska-based HFB II LLC. The nearly 4-acre Ankeny site at 1204 S.E. 16th Court contains a four-story, 149,074-square-foot, climate-controlled building that was completed earlier this year. It also includes three single-story buildings. The 3-acre parcel at 6220 Village View Drive in West Des Moines contains a three-story, 90,215-square-foot, climate-controlled building that opened in 2020. Established in 1945, U-Haul owns and manages more than 75 million square feet of storage space nationwide.

Titan Self Storage acquired EasyStore Self Storage in Bridgend, Wales. In addition to self-storage units, the property in the Brackla Industrial Estate offers rentable office space. Titan plans to add 10,000 square feet of storage to the site. It operates eight facilities in the United Kingdom.

An affiliate of real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage properties nationwide, purchased Everest Self Storage in Davie, Florida, for $17.5 million. The facility at 5370 S. University Drive comprises 72,401 square feet. The seller, an affiliate of Pasadena, California-based real estate investment firm Everest Properties, paid $4.8 million for the 4.5-acre site in 1999. Based in New York, Merit Hill operates 234 self-storage properties in 33 states.

A Stafford, Virginia, self-storage facility managed by real estate investment trust (REIT) Extra Space Storage Inc. sold to Arcland Property Co. Built on 7.2 acres, the facility at 1163 Garrisonville Road comprises 95,769 square feet in 943 units. It’ll be branded and managed by Self Storage Plus, which operates 63 facilities in Florida, Maryland, the Virginias and Washington, D.C. Based in D.C., Arcland is a real estate development and investment firm specializing in self-storage in the mid-Atlantic states.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, has purchased Friendly Self Storage in Gypsum, Colorado. The facility at 360 Gilder Way comprises 61,250 net rentable square feet in 545 units and vehicle-storage spaces. It also has room for expansion. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio of more than 15 million square feet of storage.

Moove In Self Storage, which operates 56 facilities across six states, acquired Glenmont Self Storage and Selkirk Self Storage in the Albany, New York, metropolitan area. The Glenmont facility at 560 Route 9 W. offers 1,051 units, while the Selkirk site at 78 Thatcher St. has 168 units and 12 vehicle-storage spaces. Founded in 1998, Moove In is a participating regional operator of National Storage Affiliates Trust, a self-administered, self-managed REIT.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., acquired the three-property Instorage portfolio in the Stockholm metropolitan area. Combined, the facilities comprise approximately 13,000 square meters in about 2,100 units. They were 40% occupied at the time of sale. Shurgard operates 265 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

Insite Property Group, the parent company of SecureSpace Self Storage, acquired Lake City Mini-Storage in Seattle for $18.5 million. The seller was an entity affiliated with Independent Storage Associates LLC, Lake City Storage Partners LLC, North Storage Co-Investment No. 1 LLC and Robert Morelli Family LLC. The building at 3116 and 3136 N.E. 130th St. comprises 38,076 square feet. Based in Torrance, California, InSite has more than 50 facilities operating or under construction.

Storage Ninjas purchased Waverly Self Storage in Waverly, Nebraska. The facility at 10960 N. 142nd St. comprises 27,000 square feet in more than 130 units. A 240-square-foot office for rent was included in the acquisition. Storage Ninjas operates three facilities in Nebraska and is family-owned and -operated.

Self-storage REIT Public Storage acquired a newly constructed facility in Perth Amboy, New Jersey, from development firm Poverni Sheikh Group LLC. The property at 112 New Brunswick Ave. comprises 96,600 square feet of self-storage and 3,700 square feet of ground-floor retail space. The seller was represented by consultant Ryan Blank, who works to create self-storage capital partnerships for the company, with a focus on the mid-Atlantic region.

The following sales were brokered by JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers:

• HPI Real Estate Services & Investments acquired a three-property Extra Space Storage portfolio in Texas. Together, the facilities comprise more than 200,000 square feet in 1,743 units. The 3.4-acre property at 8060 Precinct Line Road in Colleyville contains six two-story buildings comprising nearly 80,000 square feet. The 3-acre property at 6818 FM 2499 Road in Denton has four two-story buildings comprising more than 70,000 square feet. The 3.3-acre property at 864 E. Belt Line Road comprises four buildings totaling nearly 60,000 square feet. The buyer and the seller, a joint venture between Advantage Self Storage and Harrison Street, were represented by managing directors Steve Mellon and Brian Somoza, directors Matthew Wheeler and Adam Roossien, and analyst Jake Kinnear.
• Savannah HWY6 Self Storage in Rosharon, Texas, sold to Dallas-based Montfort Capital Partners. Opened this fall, the 6.14-acre property at 14215 Highway 6 consists of six single-story buildings containing 678 units. The seller, Quintet Capital Group, was represented by Mellon, Somoza, Roossien and Wheeler.

The following sales were brokered by Matthews Real Estate Investment Services, which is based in Scottsdale, Arizona:

• Beeville Storage at 3901 N. Saint Mary’s St. in Beeville, Texas, spans 21,000 square feet on a 1.64-acre lot. The seller was represented by vice president Austin McLeod and associate Brad Fina.
• POC Boat Storage at 72 Bayview Drive in Port O’Connor, Texas, comprises 43,008 square feet in 109 units. The seller was represented McLeod and Fina.
• X-Tra Storage at 11102 S. Oakwood Court in Lucasville, Ohio, was built in 2000 and contains 96 units. The seller was represented by McLeod and associate Ford Imbornone.

 

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

• Alpha Storage in Hammond, Indiana, sold to a Chicago-based limited-liability company (LLC). The facility at 252 Wildwood Road comprises 68,277 rentable square feet in 595 units, with room for expansion. The buyer and seller, a local LLC, were represented by Sean M. Delaney, senior managing director, and Jeffrey L. Herrmann, senior associate. Broker Josh Caruana assisted.
• Azco Center Point Storage in Azle, Texas, sold to a private partnership. The facility at 11400 Farm to Market Road 730 N. comprises 37,228 rentable square feet in 276 units. The seller, a local investment group, was represented by investment specialists Danny Cunningham and Brandon Karr, who also procured the buyer.
• The five-property Champion Storage portfolio in Sheboygan, Wisconsin, sold to Rogers Equity Group IV LLC. Combined, the facilities offer 1,167 units and were 95% occupied at the time of sale. The seller, JGSS LLC, was represented by Sean Delaney, senior managing director of investments, who also procured the buyer.
• Storage General in Layton, Utah, sold to an unnamed self-storage REIT. The facility at 184 E. Antelope Drive contains 11 single-story buildings comprising 86,105 square feet. The buyer and the seller, a local investment and development group, were represented by Jordan Farrer, senior investment associate, and Adam Schlosser, senior manage director of investments.
• Wildcat Self Storage at 4131 1st Ave. in Nitro, West Virginia, offers 25,826 square feet in 192 units. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. They were assisted by fellow broker Sean Beuche.
• A two-property U-Stor-It portfolio in Northwest Indiana sold to a Chicago-based LLC. The facilities at 800 E. North St. in Crown Point and 8757 Louisiana St. in Merrillville comprise 90,935 rentable square feet in more than 700 units. The buyer and seller, a local LLC, were represented by Delaney and Herrmann. Caruana assisted.

The LeClaire-Schlosser Group of M&M represented the sellers in the following transactions:

• Security Mini Storage in Beeville, Texas, sold to a Colorado-based LLC in a 1031-exchange. The facility at 2100 S. Washington St. comprises 74,800 square feet in 604 units. It contains 21 single-story buildings across 5.86 acres. The Nevada-based seller was represented by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments, who also secured the buyer.
• South Weber Storage in Ogden, Utah, sold to a Colorado-based capital fund. The facility at 2192 E. South Weber Drive comprises 26,060 rentable square feet in 136 units. The seller, a local partnership, was represented by Jordan Farrer, senior investment associate, and Adam Schlosser, senior managing director, who also procured the buyer.

The following sales were brokered by Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia:

• Fish Hatchery Self Storage in West Columbia, South Carolina, sold to a regional buyer. The 9-acre property at 2598 Fish Hatchery Road offers drive-up units and outdoor vehicle storage. The buyer was represented by Michael Morrison.
• Kenly Mini Storage at 607 W. 2nd St. in Kenly, North Carolina, comprises four single-story buildings. The buyer was represented by broker Michael Morrison.

Sources:
Business Record, Arizona-Based Entity Buys Self-Storage Properties in Ankeny, West Des Moines
Digital Journal, One Stop Self Storage Extends its Presence in Chicago, IL
Insider Media Limited, Self Storage Firm Moves Into Wales With Acquisition
Multi-Housing News, HPI Real Estate Buys Dallas-Area Storage Portfolio
PR Newswire, StorageMart Continues Expansion into Gypsum, Colorado with Newest Acquisition
The Real Deal, Merit Hill Capital Pays $18M for Davie Self-Storage Facility
The Registry, InSite Buys 38,076 SQFT Self Storage Facility for $18.5MM
Yahoo, Padlock Partners UK Fund III Completes Acquisition Of Brighton Self-Storage Property With Option to Purchase a Seaford Property
JLL, Dallas-Based Investor Picks up Fort Bend County Self-Storage Facility
Globe Newswire, Ryan Blank Completes Woodbridge Self-Storage Facility Sale
Poverni Sheikh Group, Woodbridge, NJ, Storage Development
PRWeb, Arcland Property Company Acquires Facility in Stafford, Virginia
REBusiness Online, Marcus & Millichap Brokers Sale of 276-Unit Self-Storage Facility in Azle, Texas
REBusiness Online, Marcus & Millichap Brokers Sale of 604-Unit Self-Storage Facility in Beeville, Texas
WisBusiness, Marcus & Millichap: Brokers Self-Storage Portfolio Sale in Sheboygan, Wisconsin