Sold! Weekly Self-Storage News Round Up 4.20.22
Morningstar Properties paid almost $30 million to purchase two self-storage facilities in Flagler Village in Fort Lauderdale, FL. Urban Street Development, through an affiliate, sold the properties located at 421 Northwest First Ave. and 125 Northwest Fourth St. The facilities have been rebranded from Extra Space Storage to Morningstar Storage, owned and operated by Morningstar Properties. The building along First Avenue totals 85,479 square feet, while the one along Fourth Street has 50,200 square feet. Fort Lauderdale-based Urban Street Development paid a combined $3.1 million for the lots in two deals in 2008 and 2016. Morningstar Properties, based in Matthews, NC, has developed about 250 self-storage projects nationwide, totaling more than 15 million square feet since 1981. Source: The Real Deal
Cohen Investment Group bought Copper Safe Storage, a 21-property portfolio with a total of 3,058 units in Alabama, Florida, Georgia, Mississippi and Tennessee. Bill and Bob Copper were the sellers. The Greenhalgh Storage Group of Marcus & Millichap, including Eddie Greenhalgh, senior associate Jake Payne and associate Lee Thornton represented the sellers and found the buyer. Greenhalgh, Ryan Nee, John Leonard, Mickey Davis and Jody McKibben are the brokers of record for Alabama, Florida, Georgia, Mississippi and Tennessee respectively.
Tom de Jong, senior vice president, and Dana Chobor, transaction coordinator, both with Colliers Self-Storage Group, represented both the buyer, Northwest Building LLC, and the seller, Hammer Lane LLC, in the $24.975 million purchase of the Hammer Lane Self Storage facility at 6220 Sampson Road in Stockton, CA (above). It was the fourth Colliers Self-Storage Group deal with Northwest Building LLC as buyers and the first closing with Hammer Lane LLC as the seller. The property has 109,800 square feet of fixed storage in 526 units, plus another 49,064 square feet of parking in 99 units. The sales price equates to $227 per rentable square foot. Source: Colliers Self Storage Group
Andover Properties (dba Storage King USA) purchased a 39,000-square-foot facility in Pace, FL. The buy also includes 4 acres of land for expansion, and Andover plans to more than double the size of the site. Storage King USA now has 131 facilities in 16 states, with 34 in Florida, with seven of the latter in the Pace-Pensacola area. Source: Andover Properties
The Loeffler Self-Storage Group Inc. arranged the sale of the 781-unit Castle Park Mini Storage in Atwater, CA (above) for $10.25 million. Bobby Loeffler and Tyler Skelly represented the seller. Owner-operator Purely Storage of California was the buyer, also represented by LSSG. Castle Park Mini Storage has 63,490 NRSF on 8.76 acres along California County Route J7. The site has seven steel frame storage buildings, including a manager’s office and residence. Source: Loeffler Self-Storage Group Inc.
U-Haul bought two former Maine Storage Plus facilities, with U-Haul Moving & Storage of Northwest Ellsworth at 349 Bangor Road and U-Haul Moving & Storage of West Ellsworth at 255 Bucksport Road. The two sites have a combined 532 units with climate-controlled options. Source: Yahoo!
The Storage Acquisition Group
The Storage Acquisition Group, based in Yorktown, VA, announced the closing of an Extra Space-managed self-storage facility at 969 Shawmut Ave., New Bedford, MA. It has 58,665 NFSF across 532 units of both climate-controlled and non-climate-controlled space. Bill Sitar Jr., affiliate agent at The Storage Acquisition Group and vice president at Sitar Realty Co. in Iselin, NJ; Thomas Palumbo, an affiliate agent at The Storage Acquisition Group and Monty Spencer, CEO of The Storage Acquisition Group, negotiated the deal.
The Storage Acquisition Group also announced the closing of a CubeSmart-managed self-storage facility at 1500 Elmwood Ave., Cranston, RI. It has 82,085 NRSF spread across 798 units, with both climate-controlled and non-climate-controlled spaces. Bill Sitar Jr., Thomas Palumbo and Monty Spencer negotiated the transaction. The company is based in Yorktown, VA.
The Storage Acquisition Group also announced the closing of a two-phase CubeSmart-managed facility at 262 Swansea Mall Drive in Swansea, MA. It has 68,155 NRSF across 717 units of both climate-controlled and non-climate-controlled space. The site is right off I-195. Bill Sitar Jr., Thomas Palumbo and Monty Spencer negotiated the transaction. Source: The Storage Acquisition Group
Meridian Storage Group
Aaron and Montana Self Storage (above), located at 2500 Iris Drive in Conyers, GA, and which has 64,850 NRSF spread across 504 drive-up units, sold on March 16. Patrick Kidder represented the seller, a private owner, and found the buyer, a national purchaser.
A Main Street Storage in Statesboro, GA, a portfolio with three properties, sold to a regional operator. It has 30,410 NRSF across 326 units. Kenneth DeVaul represented the seller and found the buyer.
Midtown Storage in Kansas City, MO, was sold to a large private operator. It has 31,616 NRSF spread across 368 units. Kenneth DeVaul handled the sale on behalf of the seller, a family office.
Tangi Stor All in Hammond, LA, which has 33,150 NRSF across 271 units, was sold to a private group. Taylor Dooley represented the seller, a local owner/operator, and found the buyer.
Sold! Wedgewood sells TN storage operation for $17.3M
Nashville-based Wedgewood Avenue sold the four-property self-storage portfolio in Murfreesboro, TN to Highline Storage Partners.Keep Reading
The Roll Up: Baranof sells stake in newly built SoCal facilities
Clarion Partners is Baranof’s new partner, buying out the ownership stake formerly held by Invesco Real Estate. The facilities are located in Los Angeles and San Diego.Keep Reading
The Roll Up: Public Storage and Atlanta Botanical Garden strike land swap deal
A Public Storage facility next to the Atlanta Botanical Garden will be torn down to make room for expansion. A replacement facility will be constructed on an alternate site nearby.Keep Reading