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 & 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