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

Self-storage properties are continually altering arms, and Inside Self-Storage is repeatedly notified of those market transactions. Right here’s an summary of exercise taking place in April 2023.

5 Star Storage, which operates 33 amenities within the Dakotas, Minnesota and Montana, acquired A+ RV and Mini Storage in Billings, Montana. The ability at 3209 Grand Ave. affords greater than 600 conventional self-storage models and vehicle-storage areas.

CHR Storage and Leases at 677 Wilkinsville Freeway in Gaffney, South Carolina, includes 12,000 rentable sq. toes in 106 models. The vendor was represented by Veronica Lee, a dealer for Sauls Storage Group, which makes a speciality of self-storage brokerage all through the Southeast.

Greenville Self Storage in Dallas bought to self-storage actual property funding belief (REIT) Further Area Storage Inc. Accomplished in 2019, the four-story constructing at 7557 Greenville Ave. includes 83,000 sq. toes in 741 models. The vendor, Wentworth Property Co. LLC, was represented within the transaction by managing administrators Steve Mellon and Brian Somoza, and administrators Adam Roossien and Matthew Wheeler of JLL Capital Markets, a supplier of capital options for actual property traders and occupiers.

Storage Ninjas, in partnership with New York-based growth agency Higher Area Group, bought Haslet Boat & RV Storage in Haslet, Texas. The ability at 800 Blue Mound Street E. includes 112,000 sq. toes in cover, enclosed and uncovered vehicle-storage areas in addition to some conventional storage models. Storage Ninjas, which additionally operates three amenities in Nebraska, is family-owned and -operated.

Lafayette Parkway Self Storage sits on 7.84 acres at 1379 Lafayette Parkway in Lagrange, Georgia. The vendor was represented within the transaction by Austin McLeod, vice chairman of Matthews Actual Property Funding Providers, which makes a speciality of business properties.

A pair of Storage And so on. self-storage amenities in Southern California bought for a mixed $69.6 million in separate offers to The William Warren Group, a privately held actual property firm that operates the StorQuest Self Storage model. The situation at 21320 Golden Springs Drive in Diamond Bar includes 18,000 sq. toes in 5 single-story buildings, whereas the property at 6030 Canoga Ave. in Woodland Hills encompasses 107,000 sq. toes. The Woodland Hills web site was bought by way of a three way partnership with CBRE Funding Administration, a worldwide investment-management agency. StorQuest operates greater than 200 places nationwide.

Turbo Storage in Shelbyville, Tennessee, bought to a personal purchaser. The ability at 803 E. Lane St. includes 9,300 rentable sq. toes. The vendor was represented by John Lindsey, co-founder, and Matt Rosendale, dealer, for Lindsey Self Storage Group, which makes a speciality of self-storage brokerage, growth and administration.

A partnership between equity-capital supplier Peaceful Avenue Capital and Status Storage, which operates greater than 50 amenities within the Midwest, acquired a 12-property portfolio in Fruitport, Kent Metropolis, Muskegon, Spring Lake and West Olive, Michigan. Collectively, the purchases comprise 490,302 sq. toes in 2,956 models throughout 96.23 acres.

The next gross sales had been brokered by Michael Morrison, a dealer with Midcoast Properties Inc., a business actual property brokerage targeted on self-storage in Alabama, the Carolinas and Georgia.

  • Chesdin Storage in Petersburg, Virginia, bought to self-storage REIT Public Storage Inc. The three.66-acre property at 23150 Airpark Drive affords 40,600 rentable sq. toes in 331 models.
  • Heartland Drive Self Storage in Kernersville, North Carolina, bought to a regional purchaser. Newly constructed on 2.15 acres, the four-story facility at 1410 Heartland Drive includes 68,219 rentable sq. toes in 557 models.

The next gross sales had been brokered by Marcus & Millichap (M&M), a business actual property funding agency with places of work all through Canada and the US:

  • Finances Self Storage in Laredo, Texas, bought to a limited-liability firm (LLC). The ability at 5906 San Bernardo Ave. sits on 1.6 acres and accommodates 199 models. The customer and the vendor, additionally an LLC, had been represented by funding specialist Jon Danklefs.
  • Cameron U Retailer M in Cameron, Texas, bought to an LLC. The ability at 2001 W. 4th St. sits on 2.48 acres and affords 179 models. The vendor, additionally an LLC, was represented by funding specialists Danklefs and Arol Horkavy.
  • The five-property Cuzins’ Car Storage portfolio in Bonita Springs, Ft. Myers, Largo and Sarasota, Florida, includes a mixed 645,588 internet rentable sq. toes in 1,499 parking areas.
  • In-built 2004, Powells Level Self Storage in Powells Level, North Carolina, includes 22,100 sq. toes in 148 models and 42 outside vehicle-parking areas. The vendor, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher of the Hatcher Coe Group. They had been assisted by fellow dealer Ben Yelm.
  • The Port St. Lucie, Florida, facility managed by Public Storage at 540 S.E. Becker Street includes 84,608 sq. toes in 833 models and 17 vehicle-storage areas. The three-story construction was in-built 2021 on 2.5 acres. The vendor and developer, Atlanta-based Mequity Cos., was represented by Charles “Chico” LeClaire, Ian Lindahl and Adam Schlosser. They had been assisted by fellow dealer Ryan Nee.
  • The 2-property Rolla Self Storage portfolio in Rolla, Missouri, bought to a private-equity group. Mixed, the amenities at 1344 S. Bishop Ave. and 12773 U.S. Freeway 63 comprise 26,571 sq. toes in 221 models. They had been 93% occupied on the time of sale. The vendor, an LLC, was represented by funding specialists Marla Čolić and Anne Williams.
  • Solar Basin Self Stor in Othello, Washington, bought to a household belief for $5.5 million. The ability at 610 S. 1st Ave. includes 68,629 sq. toes in 501 models. It was 91% occupied on the time of sale. The customer and vendor, an LLC, had been represented by funding specialist Christopher R. Secreto.

The next gross sales had been brokered by Storage Change LLC, a value-focused actual property brokerage platform:

  • Bedico Storage at 27455 Louisiana Freeway 22 in Ponchatoula, Louisiana, includes 35,550 sq. toes, with room for enlargement. The vendor was represented by Taylor Cahn, vice chairman of funding gross sales.
  • A six-property Best Self Storage portfolio in Central Texas includes 155,765 rentable sq. toes throughout 24 acres. The vendor was represented by Liam Duddy, director of funding gross sales.
  • Whaley Avenue Storage at 1500 E. Whaley St. in Longview, Texas, includes 29,775 sq. toes, with room for enlargement. The vendor was represented by Duddy.
  • Xtra Area Self Storage at 2369 Arizona Freeway 89 in Chino Valley, Arizona, includes 48,475 sq. toes on 10 acres, with room for enlargement. The vendor was represented by Parker Johnson, affiliate, and Hunter Molnar, managing director.

Multi-Housing Information, Richmond Self Storage Modifications Palms
REBusiness On-line, JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas
The Actual Deal, William Warren Group Pays $70M for Self-Storage Websites


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