Sold! Weekly Self-Storage News Round Up 5.25.22
Jack Ruh, president of Secure Storage Inc., through its Quaker Self-Storage Inc. affiliate, sold two Orchard Park, NY centers to Life Storage Inc. of Amherst, NY. Life Storage paid $5.3 million for the Quaker Self-Storage center at 95 Mid-County Road and $8.52 million for a second one at 6010 Big Tree Road. The total sale was $13.82 million. Both sites will operate under the Life Storage brand, with a total of 584 units. Ruh is building a $9 million, 687-unit self-storage center at 836 Niagara Falls Blvd. in North Tonawanda, with 487 being climate-controlled. It’s expected to open later this year. Source: Buffalo News and BizJournals
Strategic Storage Trust VI Inc., an affiliate of SmartStop Self Storage REIT Inc., bought Vault Storage & RV, which has 590 units in Chandler, AZ. The facility takes up 8.4 acres at 12220 E. Riggs Road, and includes 14 buildings and 81,400 NRSF with both climate-controlled and non-climate-controlled units. It’s the firm’s 13th acquisition in the Phoenix, AZ market. Source: Multi-Housing News
SkyView Advisors, based in Tampa, FL, closed two sales: A two-property self-storage portfolio in Fort Mill, SC with 469 units across 57,928 NRSF, and a My Space indoor storage and retail site (above) with 380 units at 84,294 NRSF in South Bend, IN. The latter transaction has 39,994 NRSF of storage and 44,300 NRSF of retail space. Source: SkyView Advisors
Michael Morrison of Midcoast Properties Inc. represented the seller in the sale of three South Carolina properties to an out-of-state investment company. The properties are StowAway Storage of Hilton at 2116 Wessinger Road in Chapin, StowAway Storage at 1864 Dutch Fork Road of Ballentine in Irmo and StowAway Storage of Irmo at 1824 Rauch Metz Road in Irmo, all in the submarket of Columbia near Lake Murray. The Irmo site is newly built with multiple stories. The three facilities have a combined 174,000-plus rentable square feet and 54 parking spaces. Source: Midcoast Properties Inc.
Andover Properties (Storage King USA) purchased a self-storage property with 73,000 square feet in McKinney, TX. It has 594 climate-controlled and drive-up units.
Andover Properties also purchased another Texas property in Cypress, about 30 minutes northwest of Houston, TX. It has 109,000 square feet, including climate-controlled, drive-up and enclosed RV storage. That gives the company 138 facilities in 16 states, with 43 in Texas.
Marcus & Millichap
Marcus & Millichap brokered the sale of Self Storage Solutions, a three-property, 55,600-square-foot self-storage portfolio located north of the Nashville, TN MSA. Properties included are Self Storage Solutions at 130 E. 25th St., Hopkinsville, KY; 1942 Highway 41 S, Greenbrier, TN; and 5177 US-41, Springfield, TN. They have a total of 424 units and 55,600 rentable square feet. Andy Beeckman, associate in Marcus & Millichap’s Nashville office, and Anne Williams-Blackwell, first vice president investments in the firm’s Memphis office, had the listing. The seller is a Tennessee-based partnership.
In addition, Anne Williams-Blackwell brokered the sale of the climate-controlled, 323-unit, 48,275-square-foot All Seasons Storage at 4305 Benton Drive in Chattanooga, TN (above). Williams-Blackwell had the listing and found the buyer, a private investor. The property sits on 3.80 acres of land.
Also, Marcus & Millichap brokered the sale of Starpoint Self Storage & Business Park in the eastern Dallas suburb of Mesquite, TX. It has 327 units and spans 70,590 NRSF. Brandon Karr of Marcus & Millichap represented the seller, a privately held investment partnership. He also found the buyer, a publicly traded REIT.
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