KKR purchased a self-storage facility in Marietta, GA for $18.1 million. CBRE represented the seller, private investor StorMaster, in the deal. The site has 73,300 square feet on Powder Springs Road that originally went up in 1996 on 4 acres. The facility (pictured below) has one story and is 20 miles from Atlanta. Source: ConnectCRE
CBRE also announced the sale of Apple Tree Storage in Memphis, TN for $6.55 million. It has 44,275 NRSF and 390 climate-controlled and non-climate-controlled units. Apple Tree Storage has 11 single-story buildings spread across 3.98 acres. CBRE, based in Dallas, TX, represented the seller. The buyer, Baranof Holdings, represented itself. Source: CBRE
10 Federal, based in Raleigh, NC, announced that its second equity offering, 10 Federal Self Storage Acquisition Company II, sold 19 properties to a publicly traded investment firm. The entity also sold four properties in February and has five properties remaining. The company plans a $100 million raise in Q4. Source: PR Newswire
SecureSpace, which is part of InSite Property Group in Torrance, CA, paid $22.7 million for a six-story, 580-unit, 109,059-square-foot self-storage building at 2811 Coral Way and Southwest 22nd Street near Coral Gables, FL. The buyer obtained a $22.7 million loan from Goldman Sachs. The math works out to $194 a square foot. The seller, an affiliate of Charlotte, NC-based Madison Capitol Group, sold the site for $1.5 million above its purchase price of $21.23 million. SecureSpace, in January, paid $3.3 million for a three-story self-storage facility in Homestead, also in South Florida. Source: The Real Deal
Invesco Real Estate, partnering with Baranof Holdings, bought a 1,752-unit self-storage site at 72 Florida Avenue NE in Washington, D.C. JLL’s Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager represented the seller. Foulger-Pratt found the buyer. The property has been an Extra Space Self Storage and has a seven-level climate-controlled building, a 1,000-square-foot office and 400 square feet of restrooms and bike storage. Source: ConnectCRE
Berkshire Hathaway brokered the sale of Create Space Storage, which has a 278-unit facility in Amarillo, TX. The property has 31,912 NRSF. A private ownership group sold the property to a REIT for an undisclosed price. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal. Source: REBusiness Online
Washington Street Akron LLC, which is based in Chicago, IL, bought a 150-unit self-storage facility in Newstead, NY (Erie County) for $3.55 million. It’s located at 13399 Main Road (Route 5) to 13399 Main Road LLC. Paul Stephen bought the complex in June 2008 for $450,000. Source: Buffalo Business First
Big Lenny’s Storage, located at 142 Hosiery Mill Road in Dallas, GA, has been sold. It has more than 115,000 square feet on 2.5-plus acres. Market Leader and Vice President Johnny Blue Craig and Vice President Austin McLeod completed the deal, which included Kyle Matthess, broker of record. Source: Matthews Real Estate Investment Services
JLL closed the sale of an 11-property self-storage portfolio with 6,550 units and more than 650,000 square feet with locations in the San Francisco Bay Area; Portland, OR and Austin, TX (above). JLL marketed the portfolio on behalf of the seller, Pegasus Group. The buyer is SecureSpace Self Storage. JLL’s team was comprised of Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roosslen and Jake Kinnear. The properties are located as follows:
- 2100 A St., Antioch, CA
- 2721 Shattuck Ave, Berkeley, CA
- 324 S. Main St., Milpitas, CA
- 6880 Santa Teresa Blvd., San Jose, CA
- 900 Lonus St., San Jose, CA
- 13760 E. 14th St., San Leandro, CA
- 355 W. Hedding St., San Jose, CA
- 1323 NW 16th Ave., Portland, OR
- 8200 South I-35 Service Road, Austin, TX
- 14635 West SH-71, Bee Cave, TX
- 8327 S. Congress Ave., Austin, TX
Source: REJournals.com
Marcus & Millichap
Marcus & Millichap brokered a transaction in which a Texas-based private investor purchased Trojan Self Storage, an 87,480-square-foot facility at 610 Church Ave. in Troy, TX, from a private individual. The new owner got an acquisition loan of $4.9 million originated by Alliance Bank and a seller carry-back loan of $2.6 million from Hicks Family Properties. Brandon Karr, senior vice president at Marcus & Millichap, represented the seller and found the buyer. Trojan Self Storage has 21 buildings spread around 5.2 acres. The facility has RV and boat parking. Source: Multi-Housing News
Marcus & Millichap also handled the sale of the Store Your Stuff Portfolio, comprised of two facilities totaling 748 units in Upstate New York (Clay and Baldwinsville). The facilities have 83,500 NRSF across 80 climate-controlled and 668 non-climate-controlled units. Nathan Coe, Brett R. Hatcher and Gabriel Coe represented Marcus & Millichap in the transaction, and also found the buyer, an LLC. John Horowitz was the broker of record for Marcus & Millichap. Source: REBusiness Online
In addition, Marcus & Millichap announced the sale of CubeSmart Self Storage (managed), a 64,725-square-foot self-storage facility in Oak Creek, WI. It has 397 climate-controlled units and 114 non-climate-controlled units. Brian Kelly, Brett R. Hatcher and Gabriel Coe had the exclusive listing. Todd Lindblom, Wisconsin broker of record, helped close the transaction. An LLC was the seller.
Marcus & Millichap also announced the sale of American Self Storage, a two-property self-storage portfolio, with the facilities in Alexandria, VA and Kensington, MD. The portfolio totals are 282,500-plus NRSF and almost 3,000 units. The Marcus & Millichap team included Nathan Coe, Gabriel Coe and Brett R. Hatcher. Brian Hosey, the company’s broker of record in Maryland and Virginia, also was involved in the transaction.
