Self-Storage Real Estate Acquisitions and Sales: April 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 April 2022.

Ace Self Storage in Lawrence, Kansas, sold to a limited-liability company (LLC). The facility at 2400 Franklin Road, just a couple of miles from the University of Kansas, comprises 43,900 square feet in 236 units and 53 outdoor vehicle-storage spaces. It also has eight retail spaces for rent and an apartment. The buyer and the seller, also an LLC, were represented in the transaction by Robert Cook, associate, and Sean M. Delaney, senior vice president for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. They were assisted by fellow broker Colby Haugness.

Andover Properties LLC, which operates the Storage King USA brand, purchased Alameda Mini Storage in Denver. The facility at 9898 E. Alameda Ave. comprises 74,000 net rentable square feet.

Andover also purchased a self-storage property in Argyle, Texas, its 16^th in the Dallas metro area. Built on 22 acres, the 197,000-square-foot facility has been expanded twice and has room for further growth. Established in 2003, New-York based Andover owns and manages 129 storage locations in 16 states.

Alpha Storage Centers in Arlington, Texas, sold to 10 Federal Self Storage, a diversified real estate firm that operates more than 25 locations in the Southeast. The 88,107-square-foot facility at 2920 Ave. F shares the property with a warehouse that’s leased to a commercial trucking company. The seller, a private investor, was represented in the transaction by Danny Cunningham and Brandon Karr, investment specialists for M&M.

American Self Storage in Spring Lake, North Carolina, sold to an out-of-state buyer. Built on 5 acres, the 477-unit facility at 14396 Lillington Highway also offers boat and RV storage. The seller was represented in the transaction by Hal H. Tanner III, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

The two-property Baton Rouge Mini Storage portfolio in Baton Rouge, Louisiana, sold to Merit Hill Capital for $8.8 million. Together, the facilities at 7649 Airline Highway and 8922 Greenwell Springs Road comprise 126,180 rentable square feet in 970 units, with room for expansion. The seller, Utah-based real estate investment firm Tunbridge Peak, was represented in the transaction by Scott Schoettlin, managing director, for SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage. Merit Hill is a New York-based real estate investment firm that acquires, owns and manages self-storage properties nationwide. It operates 130 facilities in 30 states.

A Fayetteville, Georgia, facility managed by self-storage real estate investment trust (REIT) CubeSmart sold. Opened a year ago, the building at 235 GA-314 comprises 55,160 net rentable square feet. The buyer and the seller, an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher of The Hatcher Coe Group of M&M. Fellow broker John Leonard assisted.

Discount Storage in Justin, Texas, sold to a private investor making his second self-storage acquisition. The facility at 9605 Industrial Road comprises 15,500 square feet. It was expanded in 2019 and 2020. The buyer and the sellers, who are first-time self-storage owners, were represented in the transaction by Cunningham and Karr for M&M.

Fairchild Mini Storage in West Spokane, Washington, sold. Built in 1994 on 10 acres, the facility at 1529 S. Craig Road comprises 43,140 rentable square feet, with room for expansion. The property is near the entrance to the Fairchild Air Force Base. The seller was represented in the transaction by Ryan Layton, president of Area Commercial Real Estate, and Thomas Wolter, associate of RE/MAX Integrity, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage.

Foothill Vineyard Storage in Roseville, California, was acquired by Trojan Storage for $13.3 million. The facility at 1550 Vineyard Road comprises 68,950 square feet of self-storage and 32,880 square feet of RV storage. Trojan will rebrand the facility under its name. The company operates 34 locations along the West Coast.

Jensen Beach Storage in Jensen Beach, Florida, sold to Southern Star Self Storage, which operates four facilities in Colorado, Florida and Texas. The facility at 3250 N.E. Candice Ave. comprises 23,644 net rentable square feet in 245 units and 80 lockers. It also offers 22 commercial spaces. The seller was represented in the transaction by The Hatcher Coe Group of M&M.

Loveland Store-N-Lock in Loveland, Ohio, sold. Built on 14 acres, the facility at 10900 Loveland Madeira Road comprises 78,206 rentable square feet in 403 units, 26 commercial spaces and 46 vehicle-storage spots. The seller was represented in the transaction by The Hatcher Coe Group for M&M.

Melrose Self Storage in Nashville, Tennessee, sold. Built in 2018, the five-story facility at 700 Inverness Ave. comprises 53,410 net rentable square feet in 600 units and 45 lockers. The seller was represented in the transaction by The Hatcher Coe Group.

Midway Self Storage in Carlisle, Pennsylvania, sold. The facility at 1545 Holly Pike comprises 94,990 rentable square feet in 645 units, two commercial spaces and 121 vehicle-storage spots. It was 99% occupied at the time of sale. The seller was represented by The Hatcher Coe Group.

Strategic Storage Trust VI Inc. (SST VI), a private REIT sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired two recently constructed self-storage facilities in Portland, Oregon, and Vancouver, Washington. Built in June 2020, the three-story Northwest Self Storage at 4836 S.E. Powell Blvd. in Portland comprises 56,500 rentable square feet in 520 units. Built in February 2020, the Vancouver site at 16600 S.E. 18th St. was previously managed by REIT Extra Space Storage Inc. and branded under its name. It comprises 99,200 rentable square feet in 1,090 units. The seller was Banner Real Estate Group. These are the ninth and 10th acquisitions for SST VI since launching in early 2021.

The three-property Ozark Storage portfolio in Harrison, Arkansas, sold to a fund manager for $12.5 million. Together, the facilities comprise 151,000 rentable square feet in 957 units and 32 vehicle-storage spaces. The buyer and the seller, a local private investor, were represented in the transaction by Christopher R. Secreto and Samuel Olson, investment specialists for M&M.

Paluxy Drive Self Storage in Tyler, Texas, sold to an East Texas-based investor. Built in 1999 and expanded in 2010, the facility at 6435 Paluxy Drive comprises 35,892 square feet. The buyer and the seller, a family partnership, were represented in the transaction by Karr for M&M.

The Park Self Storage in Arlington, Washington, sold to Simply Self Storage, which operates more than 200 locations nationwide. Built in 2019, the facility at 3716 166th Place N.E. comprises 45,458 net rentable square feet in 311 units. The seller was represented in the transaction by The Hatcher Coe Group.

A Linden, New Jersey, facility managed by REIT Public Storage Inc. sold to Storage Post Self Storage, which operates more than 30 facilities in Louisiana, New Jersey and New York. The facility at 1051 Edward St. comprises 83,314 net rentable square feet in 821 units. The seller was represented in the transaction by SkyView Advisors.

Storage Post also acquired a newly built facility in Staten Island, New York. The multi-story building at 600 Richmond Terrace comprises 148,000 square feet. Storage Post was represented in the deal by Marc Boorstein, principal for MJ Partners Real Estate Services, a real estate brokerage and investment banking company.

Rosemount Self Storage in Portsmouth, Ohio, sold to an LLC. The facility at 3368 US-23 comprises 23,000 square feet in 178 units. The seller, a private investor, was represented in the transaction by Delaney and H. Paul Robertson, associates for M&M. They were assisted by fellow broker Michael Glass. Delaney also represented the buyer.

Scenic Self Storage in Littlefield, Arizona, sold to a private investor. The facility at 3030 Scenic Blvd. comprises 34,845 square feet in 245 units and 113 outdoor vehicle-storage spaces. The seller, an LLC, was represented in the transaction by Cook and Delaney. The buyer was represented by Jordan Farrer, senior associate; Charles “Chico” LeClaire, executive managing director; and Adam Schlosser, senior vice president for M&M. Fellow broker Ryan Sarbinoff assisted.

InSite Property Group, the parent company of SecureSpace Self Storage, acquired Stadium Storage in Everett,…