Sold! Weekly Self-Storage News Round Up 4.27.22
Adams Property Group sold a Monster Self Storage facility at 5109 Robinhood Village Drive in Winston-Salem, NC, as part of a portfolio deal for a combined $48.5 million. Also sold were facilities in Charleston, SC and Savannah, GA. Life Storage was the buyer and all three sites have been rebranded as Life Storage. Source: Winston-Salem Journal
Strategic Storage Trust, a SmartStop Self Storage REIT arm, bought two newly built self-storage facilities in Newark, DE and Levittown, PA for a combined $40.7 million. The Newark facility, which cost $19.7 million and is at 401 Bellevue Road (above), has 830 climate-controlled units across 80,650 square feet. The Levittown site, 1723 Woodbourne Road, opened in October 2021 and has 810 climate-controlled units across 78,000 square feet. It cost $21 million. The two properties are SST VI’s 11th and 12th acquisitions since the private REIT opened in Q1 2021. Source: Multi-Housing News
DealPoint Merrill, based in Woodland Hills, CA, sold a climate-controlled, 982-unit self-storage facility in Benbrook, which is a southwestern suburb of Fort Worth, TX, for $20 million. The property has two stories with 112,000 square feet. It also includes a 10,036-square-foot Goodwill store. The buyer was not identified. Source: REBusiness Online
JLL Capital Markets closed the sale of an eight-property portfolio with a total of 4,317 units in Chicago, IL; Raleigh and Fayetteville, NC; and Dallas, TX. JLL marketed the properties on behalf of the seller, Harrison Street. Life Storage was the purchaser. Price was not disclosed.
The properties are located at:
- 6331 N. Broadway St., Chicago, IL
- 2845 McDermott Road, Plano, TX
- 11901 FM 423, Little Elm, TX
- 3341 W. Campbell Road, Garland, TX
- 2711 Justin Road, Flower Mound, TX
- 1651 TW Alexander Drive, Durham, NC
- 9300 Fayetteville Road, Raleigh, NC
- 809 Chapel Hill Road, Spring Lake, NC
The JLL Capital Markets team representing the seller included Managing Directors Steve Mellon and Brian Somoza; Directors Adam Roossien, Matthew Wheeler, Steven Rutman and Dan Reynolds; Analyst Robert Westerfield and Senior Managing Director Ryan Clutter. Source: JLL Capital Markets
Atlanta, GA-based Storage Post Self Storage made its ninth acquisition of 2022, buying a 92,470-square-foot property in lower Manhattan’s East Village at 440 E. 10th St. in New York City, NY. It will be called Storage Post East Village and is the company’s 28th property in the New York MSA. Storage Post plans to add units as well as to upgrade the HVAC, lighting and security systems. Source: PR Newswire
Storage Ventures, based in Greenwich, CT, announced its acquisition of Storage Station in Concord, NH (above). The business is 2.5 miles from the New Hampshire State Capital Building and has six buildings, drive-up self-storage and a rental apartment, plus outdoor parking for cars, RVs and boats. Source: Storage Ventures
Diamond Point Development, based in Roswell, GA, plans to transform a vacant 3-acre site on Mill Plain Road in Danbury, CT into its first Connecticut location, a 100,000-square-foot self-storage building. The developer plans to build a three-story structure on Mill Plain Road at Aunt Hack Road, across the street from a Caraluzzi’s Market planned to open soon. The city’s planning commission will have a public hearing about the development on June 1.
Also in Danbury, a developer wants to build a 48,000-square-foot self-storage building between two existing self-storage facilities. Source: NewsTimes.com
Marcus & Millichap
Marcus & Millichap closed the sale of Northside Self Storage at 3160 Lansing Ave., Jackson, MI. It has 35,910 square feet with 343 drive-up units on 5.13 acres. Its construction happened in phases starting in 1994. Tom Berlin, an investment specialist in Marcus & Millichap’s Detroit office, had the listing and also worked with the seller, an LLC. The buyer is an out-of-state investment group.
Marcus & Millichap also announced the sale of Storage Depot in Beaumont, TX. It has 59,120 square feet. Dave Knobler, an investment specialist in Marcus & Millichap’s office in Houston, TX office and a member of the LeClaire-Schlosser Group, partnered with the firm’s Fort Worth, TX-based Karr-Cunningham Storage Team to market the property. The seller is a Texas-based investment group. The buyer is Riverbend Development, an El Paso, TX-based LLC procured by Knobler, Brandon Karr and Danny Cunningham.
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