Public Storage has purchased a portfolio of 28 self-storage facilities in and around Ocala, FL from regional operator Neighborhood Storage (below). The seller retains a single facility in the market. The portfolio spans more than one million square feet of storage space in total and was approximately 85% occupied before the transaction. It has a mix of climate-controlled and non-climate-controlled units. Nathan Coe, Gabriel Coe and Brett R. Hatcher represented the seller and found the buyer. Ryan Nee is Marcus & Millichap’s Florida broker of record.
Argus Self Storage Advisors arranged the sale of a Keystone Self Storage property at 5000 N. Keystone Ave. in Indianapolis, IN for $9.5 million. It has 541 units and 69,700 square feet. Rob Schick of Argus represented the seller and Public Storage was the buyer. The facility was 94% leased when it was sold. Source: Argus Self Storage Advisors
Andover Properties bought Melbourne, FL-based Eau Gallie Self Storage, located at 914 St. Clair St., from a private owner for $4.2 million. It has 57,996 square feet spread across eight two-story buildings and 2.6 acres. The sale was completed out of bankruptcy action. The property will operate as Storage King USA. The property last traded in 2010. It has climate-controlled and non-climate-controlled units. Andover now owns 154 facilities in 18 stores nationwide with 40 of them in Florida. Source: Multi-Housing News
KO Storage, based in Minnetonka, MN, bought three facilities in Harrison, AK from Crockett Properties, based in Harrison. KO said it was a multimillion-dollar deal; figures were not disclosed. KO Storage operates in 24 states. Source: Arkansas Democrat Gazette
CBRE
CBRE announced three separate sales of self-storage businesses:
- A $24.8 million sale of an Extra Space Storage-managed facility of 76,051 square feet and 814 units at 12330 US-15 501 North in Chapel Hill, NC, to Dallas, TX-based Rosewood Property Co. CBRE’s Self Storage Advisory Group represented the seller, Carolina Storage Partners LLC. The facility also has 67 wine storage units.
- The sale of Chino Mini Storage at 13555 Ramona Ave. in Chino, CA for $18.8 million (above). It has 80,862 square feet spread across 13 buildings, with 701 units. CBRE represented the seller, Legacy Interests LLC, a private investor. The buyer is Westport Properties Inc. of Irvine, CA. The property sits on 4.39 acres and has outdoor boat, RV and car parking.
- The sale of a 550-unit facility at 2401 E. Ben White Blvd. in Austin, TX. CBRE represented seller KKR, a global investment company. The buyer, Extra Space Storage Inc., is based in Salt Lake City, UT. The facility has 52,203 rentable square feet.
