Bethesda, MD-based Boundary Cos., a real estate investment firm, sold six self-storage facilities for $90 million. Storage Rentals of America was the buyer.
Sold were two properties in Greater Washington – one at 4900 Eisenhower Ave. in Alexandria, VA (below); another at 11524 Balls Ford Road in Manassas, VA, plus four others in Virginia. In total, there are about 2,700 units across 110,000 square feet. All six deals closed June 1. Boundary bought the Eisenhower Avenue property for $15.1 million in February 2019 and the Manassas property for $4.1 million in August 2019.
Boundary was founded in 2014. It recently closed its first real estate fund of $300 million, which will invest in self-storage, multifamily, and industrial properties. Source: Boundary Cos.
The NAI Norwood Group of Concord, NH arranged the sale of 204 Fisherville Road, which has self-storage and a six-bay car-wash segment. A private equity firm purchased the site for $9.2 million. Joseph Mendola of NAI Norwood Group, who is an Argus-affiliated self-storage broker for northern New England, represented the seller and helped the buyer in the transaction. The facility has 443 self-storage units. There is room enough to expand to 14,000 square feet in an empty space inside the car wash. Source: NEREJ
Dale C. Eisenman and Hal H. Tanner of Midcoast Properties Inc. represented the seller of a two-facility American Self Storage portfolio in Havelock, NC. The site has nearly 2 acres at 603 Webb Blvd. that offer 25,050 rentable square feet in 230 units and, in a 1.84-acre property at 280 Shipman Road, 29,666 rentable square feet across 227 units. The locations are 1.5 miles apart and managed from the Shipman Road facility. Midcoast is a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.
SkyView Advisors, based in Tampa, FL, announced the sale of EZ Lock Self Storage, located in the Greater St Louis, MO Metro Area. It has 160 units across 20,275 NRSF and is located near Interstate 70, about 15 miles from downtown St. Louis. SkyView Advisors Executive Vice President Richard Riddle and Managing Director Scott Schoettlin represented the seller.
Marcus & Millichap
In addition, Marcus & Millichap, announced the sale of CubeSmart Self Storage (managed), a 72,000-square-foot self-storage facility at 124 Saint Johns Commons Road, FL. Meir D. Perlmuter, Brett R. Hatcher, Gabriel Coe and Nathan Coe, investment specialists in the firm’s Columbus, OH office, had the listing from the seller, an LLC. Ryan Nee, Florida broker of record, helped close the transaction.
Marcus & Millichap announced the sale of AAA Alder Branch Mini Storage, a 142-unit facility at 359 Alder Branch Road in Sevierville, TN. Andy Beeckman, an investment associate in the Memphis, TN office, and Anne Williams-Blackwell of the Memphis office had the listing from the seller, an LLC. The team also found the out-of-state buyer. The facility has 18,650 rentable square feet.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of International Self Storage, which has 191 units in infill in San Bernardino County and next to San Bernardino Airport, in Highland, CA. It has 19,432 square feet. Keith Phillips, an investment associate in Marcus & Millichap’s Encino, CA office, and Adam Schlosser, senior vice president investments, in the firm’s Denver, CO office, had the exclusive listing. The seller is a California-based owner-operator.
Also, the LeClaire-Schlosser Group also announced the sale of Lake Elsinore Mini Storage in Lake Elsinore, CA. It has 82,734 square feet spread across 609 units. Keith Phillips and Adam Schlosser had the listing for the seller, a California-based LLC.
