Self-Storage Real Estate Acquisitions and Sales: June 2021

Self-storage properties are constantly changing hands and Inside self-storage is regularly informed about these market transactions. Here is an overview of the activities in June 2021.

A three house Advantage of storage Portfolio sold in Odessa, Texas. Facilities at 5101 E. 52nd St., 6501 E. Business 20, and 5136 E. University Blvd. comprise 252,506 net rentable square meters in 1,428 units. The 52nd Street location was expanded in 2019 and offers space for future developments. Advantage operates more than 50 self-storage facilities in Arizona, Colorado, and Texas. The seller was represented in the transaction by The Hatcher Group by Marcus & Millichap (M&M), a commercial real estate investment firm with offices across Canada and the United States.

Allsafe self-storage in Cedar Hill, Texas, to a private foreign investor. The facility at 611 E. Beltline Road was built in 2000 and expanded in 2011, encompassing 85,550 square feet in 599 units. The buyer and seller, a private developer and investor, were represented in the transaction by Kyle Newswanger, an investment specialist from Colliers International, an investment firm operating in 67 countries.

Amar Road self storage in City of Industry, California. The facility at 15870 Amar Road, built in 2009, has 48,460 square meters of net rental space in 438 units and 28 parking spaces for vehicles. At the time of sale, the property had a physical occupancy rate of 96.4%. The Hatcher Group of M&M represented the seller in the transaction.

Public Storage, a self-storage real estate investment trust (REIT) and management company, is acquired Arbor Town camp and University store in Estero and Fort Meyers, Florida by Seagate Development Group, which built the properties in 2019 and 2020, respectively. Arbor Town on Tiburon Way 20091 covers 76,000 square feet in 663 units. The three-story university warehouse at 10688 Colonial Blvd. offers 63,275 square meters in 601 units. The transaction was brokered by SW Management & Realty LLC, a subsidiary of Seagate. Seagate is a development company specializing in construction, custom renovations, interior design, management and leasing.

Andover Properties LLC, which operates the Storage King USA brand, bought Baghdad mini warehouses in Milton, Florida. The property at 4065 Garcon Point Road comprises 37,000 square meters of net rentable space in 288 units and 97 parking spaces for vehicles. The Hatcher Group of M&M represented the seller in the transaction. Founded in 2003 and based in New York, Andover owns and manages more than 75 warehouse properties in 16 states, spanning 5.7 million square feet across 42,500 units.

Black box self-storage in Tanner, Alabama. The facility at 20285 Huntsville Brownsferry Road, built in 2016, has 75,225 square meters of net rental space in 388 units and 51 vehicle spaces. The Hatcher Group of M&M represented the seller in the transaction.

The three property Cornerstone Storage LLC Portfolio in Council Bluffs and Omaha, Nebraska, sold to Missouri and Pennsylvania buyers. Together, the facilities at Rue St. 1911 in Council Bluffs and 8787 S. 192nd St. and 6100 S. 72nd St. in Omaha comprise around 45,000 square meters of net rental space in 309 units. The seller was represented in the transaction by Bill Bellomy and Michael Johnson of Bellomy & Co., a commercial real estate company with offices in Austin and Houston, Texas. Bellomy and Johnson also brokered the buyers.

A newly built self-storage facility by REIT. is managed CubeSmart sold in Stratford, Connecticut. The four story building at 225 Lordship Blvd was built on 1.25 acres. comprises 84,555 lettable square meters in 914 units. The facility received its certificate of operation in April. The seller was represented on the transaction by Matt Davis, Vice President, Thomas K. Gustafson, National Director, and Enzennio Mallozzi, Managing Director of Colliers International’s Self Storage Group.

Envy Self-Storage & Motorhome of Gilbert, Arizona, to Arizona-based JLL Arizona Self Storage LLC for $ 17.5 million. The facility at 18612 S. Lindsay Road comprises 127,745 square meters of net rental space in 757 units. The property is in the middle of being expanded to include a further 39 covered and three open motorhome parking spaces. The seller, 202 Storage LLC based in Arizona, was represented in the transaction by Denise Nunez, Managing Director, and Victoria Filice, Associate, of NAI Horizon, a member of NAI Global, a managed network of independent commercial real estate firms.

Strategic Storage Trust VI Inc. (SST VI), a private REIT sponsored by a subsidiary of SmartStop Self Storage REIT Inc., is acquiring Full house self storage in Las Vegas. The facility at 8570 S. Durango Drive was completed nearly a year ago and covers 52,200 square feet in 335 units. It is the third acquisition for the newly established SST VI and the tenth SmartStop-owned property in the Las Vegas market or managed by SmartStop. Maryland-based SST VI invests in self storage and related real estate investments in Canada and the United States.

Interstate mini storage in Gainesville, Florida. The facility at 2707 SW 40th Blvd. comprises 106,883 net rentable square meters in 831 units and 63 vehicle parking spaces. It includes a manager’s residence. The property had a physical occupancy rate of 83% at the time of sale. The Hatcher Group of M&M represented the seller in the transaction.

A joint venture between Blue Vista Capital Management LLC and Montfort Capital Partners LLC has acquired a San Antonio facility owned by REIT. is managed and branded Life Storage Inc.that it will continue to monitor. The property at 12991 Potranco Road is 79,810 square feet in 694 units. The seller was represented in the transaction by Jon Danklefs, an investment specialist at M&M, who also brokered the buyer. Blue Vista, based in Chicago, is a real estate investment management firm. Montfort is a Dallas-based company that invests exclusively in self-storage nationwide. The purchase is the eighth from Montfort, Texas.

Londonderry warehouse in Middletown, Pennsylvania. The facility at 4043 E. Harrisburg Pike was built in 1999 and expanded to an adjacent property in 2003 and offers 49,250 square meters of net rental space in 371 units. The seller, a limited liability company, was represented in the transaction by Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists for the Hatcher Group. They were supported by M&M broker Sean Beuche.

Meadows self-storage of Castle Rock, Colorado, to a joint venture between Invesco Real Estate and Westport Properties that operates the US Storage Centers brand. The facility in 4395 Regent St., built in 2018, comprises 54,102 lettable square meters in 472 units and vehicle parking spaces. The seller was Castle Rock Development. Invesco is the global real estate investment management arm of Invesco Ltd. He invests in direct real estate and publicly traded real estate stocks. Founded in 1985, US Storage Centers manages more than 10 million rentable square feet.

Acquired Storage Express, which owns and operates 114 properties in Indiana, Illinois, Kentucky, Ohio and Tennessee Mount Tabor granary in New Albany, Indiana. The two year old facility at 614 Mt. Tabor Road covers 40,000 square feet in 370 units. The buyer and seller were represented in the transaction by Hunter Sells, a senior associate of SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm specializing in self-storage.

Acquired SmartStop Self Storage, which operates 154 properties in 19 states and Ontario, Canada Great memory in Riverside, California. The facility at 6637 Van Buren Blvd. comprises 69,800 square meters in 379 units and 71 vehicle parking spaces. SmartStop manages $ 1.7 billion in real estate assets, including 11.8 million square feet of rentable self-storage.

Purchased iStorage Self Storage Union Road Self Storage in the White House, Tennessee. The 6-acre property at 2979 Union Road comprises 74,270 square feet of lettable space in 362 units. The facility was built in 2004 and expanded in 2017. Buyer and seller were represented in the transaction by Coe and Hatcher. They were supported by M&M Regional Manager Jody McKibben. iStorage, which operates facilities in 13 states, is owned by the National Storage Affiliates Trust, a Maryland REIT specializing in self-storage.

Acquired SpareBox Storage, which operates 41 facilities in five states four properties in Niceville, Florida and Edmond, Oklahoma, from multiple vendors. Together they cover 306,000 square meters of net rental space and more than 2,000 units. SpareBox Storage was launched last year and is sponsored by Rizk Ventures, an operations and investment platform focused on healthcare, real estate and technology.

Andover also acquired a Self-storage portfolio with five properties in Aubrey, Crowley and Wylie, Texas. Together, the facilities comprise 278,840 lettable square meters in 1,736 units and 329 vehicle parking spaces. The sale included additional land for expansion. The Dallas-based seller was represented in the transaction by Bellomy and Johnson by Bellomy & Co., who also brokered the buyer.

Swell:

Business watchers, developers are selling a pair of self-storage facilities
Business Wire, Strategic Storage Trust VI, Inc. to acquire recently developed storage facility in Las Vegas, NV
Business Wire, SpareBox Storage Announces Acquisition of Stabilized Self Storage Properties in Oklahoma and Florida
Fort Worth Business Press, Colliers sells self-storage facilities
Multi-Housing News, Self Storage in Denver Area is changing hands
REBusiness Online, Colliers Arranged for Sale of 599-Unit Allsafe Self-Storage Facility in Metro Dallas
REBusiness Online, Marcus & Millichap Brokers are selling 371-unit self-storage facility in Middletown, Pennsylvania
The Argus Press, SmartStop Self Storage REIT, Inc. to acquire self storage facility in Riverside, California