Versal Partners announced the closing of a Life Storage managed facility in North Las Vegas, NV (below). It has 90,875 rentable square feet and three stories, as well as climate-controlled facilities with interior and drive-up units. The seller was HPI Self Storage LLC.
HPI Real Estate bought the CubeSmart at 3510 Lakeland Highlands Road in Lakeland, FL. It has 74,250 rentable square feet spread across 754 units. HPI now owns six operating facilities in Florida and plans to break ground on four more within 12 months. Source: HPI Real Estate
Strategic Storage Growth Trust III bought two self-storage facilities in The Villages, a 5,600-acre master-planned community in Central Florida. California-based Strategic Storage Growth Trust III is a private company that plans to qualify as a REIT sponsored by an affiliate of SmartStop Self Storage REIT. It launched in May. The portfolio has 187,400 square feet. The assets include a 1,010-unit property at 5688 Florida Highway 44 in Wildwood and a 750-unit facility at 175 Rolling Acres Road in Lady Lake. Source: REBusiness Online
Make Space Capital Partners, located in Vancouver, British Columbia, Canada spent $51.6 million (CAD) to buy seven storage investments. Their locations include Vancouver Island, BC; Edmonton, Alberta; Calgary, Alberta; Kitchener, Ontario and Mississauga, Ontario. The transaction adds more than 3,800 units and more than 450,000 square feet of NRSF to the portfolio. The fund, launched in July 2019, has bought more than $77 million of storage assets this year and now operates 950,000 square feet of rentable space. Source: EIN Newswires
SafeStorage Investors of Hicksville, NY sold Arnold Self Storage, a 373-unit, 42,055-square-foot self-storage facility at 3577 N. Eastman Road, Midland, MI. EquiCap’s Scott Rihm and Jesse Luke, along with Frank DeSalvo and David Pelleshi of Sands Investment Group handled the transaction. Occupancy was at 97% at the time of the sale. Source: Benzinga
The former Columbiana Phobia Factory haunted house attraction at 455 Shelby County 70 in Columbiana, AL, will become a climate-controlled storage facility. Star Columbiana LLC owns the building and plans to open the facility in spring 2023. Source: Shelby County Reporter
Argus broker affiliates Tom Flannigan, Alex Ihrke and Matt Haugen announced the sale of Clark Storage in Council Bluffs, IA (below) to Public Storage, making it the latter’s first foray into Iowa. The newly built facility has 338 units and 58,430 rentable square feet of drive-up storage. Flannigan, Ihrke and Haugen are the Argus Self Storage Advisors broker affiliates representing Minnesota, North Dakota and Iowa. Argis’ headquarters are in Denver, CO. Source: Argus
Marcus & Millichap
Marcus & Millichap announced the sale of Area Storage, a two-property portfolio with 785 combined units in Outer Banks, NC. Nathan Coe, Gabriel Coe and Brett R. Hatcher handled the transaction, along with Benjamin Yelm, Marcus & Millichap’s broker of record in North Carolina. Source: Marcus & Millichap
Alpine Storage, a three-property portfolio in Boynton Beach, Haverhill and Lake Worth, FL, was sold to a new owner. The facilities are all within 10 miles of each other in the West Palm Beach area. They have 1,946 total units and 171,851 NRSF. Gabriel Coe, Brett R. Hatcher and Meir Perlmuter represented the seller and found the buyer. Ryan Nee, the company’s broker of record in Florida, also aided the transaction.
In addition, the LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of VIP Self Storage, a 24,000-square-foot facility in El Cajon, CA. It has 376 units and is located on Magnolia Avenue. The buyer is a nationwide real estate investment firm and the seller is a partnership that has owned the asset for more than 25 years. Keith Phillips and Charles “Chico” LeClaire had the listing.
Marcus and Millichap announced the sale of Pack Rat Mini Storage, a 22,650-NRSF facility in Lake Wales, FL. Pack Rat has 32 climate-controlled units, 66 non-climate-controlled ones and 132 semi-climate-controlled units totaling 22,650 NRSF. M&M’s Meir D. Perlmuter, Brett R. Hatcher, Gabriel Coe and Nathan Coe had the listing to market the property and found the buyer. The seller is an LLC. Ryan Nee, Florida broker of record, helped with the transaction.
