Sold! Weekly Self-Storage News Round Up 7.13.22
Invesco Real Estate Income Trust Inc. purchased two self-storage portfolio buys of five properties in Bend, OR and Clarksville, TN. The combined purchase price was $42 million, raising INREIT’s self-storage portfolio to over $128 million.
INREIT acquired two single-story, drive-up self-storage properties located within a mile of each other in Bend, totaling 62,805 square feet across 674 units:
- 20230 Powers Road is a 49,523-square-foot, 550-unit property located in a commercial district.
- 345 Cleveland Ave. is a 13,282-square-foot, 124-unit facility in the commercial district.
For the Clarksville buy, INREIT acquired three single-story, drive-up self-storage properties totaling 204,425 square feet across 1,347 units:
- 1280 Parkway Place is a 67,350-square-foot, 505-unit facility in a residential area.
- 4351 Guthrie Highway is an 80,275-square-foot, 471-unit facility close to the Kentucky border.
- 117 Old Excell Road is a 56,800-square-foot, 371-unit facility near new residential developments. Source: PR Newswire
Shibber Khan’s Criterion Group of Queens, NY sold a self-storage facility at 31-08 Northern Blvd., Long Island City, NY to the Carlyle Group for $80 million (below). The commercial condo unit covers 180,000 square feet, taking up part of the building’s first floor and all the remaining floors. Public Storage manages the facility. Criterion bought the development site in 2015 from Joel Gluck for $40 million. Source: The Real Deal
Matthews Real Estate Investment Services brokered the sale of a 530-unit self-storage facility at 785 County Road 61 in Florence, AL. Associate Hunter Reynolds, Vice President Austin McLeod and Johnny Blue Craig, market leader and vice president, represented the seller in the sale. Kyle Matthews served as broker of record and found the buyer, a top-30 self-storage owner-operator in the United states. Source: Matthews Real Estate Investment Services
SecureSpace Self Storage purchased a three-story facility at 7200 E. 36th Ave. in Denver, CO’s Park Hill neighborhood. It has 56,707 rental square feet of climate-controlled units. The store opened in spring 2019. The site will be rebranded as SecureSpace Park Hill Denver. Source: Yahoo!
SecureSpace Self Storage also purchased Vault Storage at 212 Church Road in North Wales, PA, a northeast suburb of Philadelphia. The site has 82,080 square feet of climate-controlled ground-floor units plus 168 rentable parking spaces. The building was completed in 2018. It will be rebranded as SecureSpace North Wales. SecureSpace is based in Redondo Beach, CA. Source: Globe Newswire
Strategic Storage Trust VI Inc. purchased an approximately 490-unit self-storage facility at 10030 Ew Pappy Road in St. Johns, FL, near Jacksonville. It’s the 14th acquisition in SST VI. It has approximately 60,000 square feet of rental space with climate-controlled units, exterior drive-up units and outdoor RV parking. Overall, the REIT, launched in Q1 2021, has purchased about $205 million of self-storage facilities and properties to be developed into self-storage. SST VI is sponsored by an affiliate of SmartShop Self Storage REIT Inc. Source: Yahoo!
Midcoast Properties Inc. announced the sale of Bluewater Self Storage in Murrells Inlet, SC. It sits on about 2.44 acres and has 265 standard and climate self-storage units, plus boat and RV parking, and storage containers. The facility is located at 11088 Highway 707, about 15 miles south of Myrtle Beach, SC. Michael Morrison of Midcoast Properties represented the seller. The buyer is from the region. Source: Midcoast Properties
Hines, the global real estate giant based in Houston, TX, purchased a Sylvan Park self-storage building, 4311 Alabama Ave., in Nashville, TN for $21.25 million. Hines already plans to reinvent Midtown Nashville’s former Reed automotive site. Source: Nashville Post
York, PA-based Moove in Self Storage has purchased a two-property portfolio for $14.7 million in Forks Township, PA. CBRE was the brokerage in the transaction. Source: Lehigh Valley Business
Marcus & Millichap announced the sale of B&B Mini Storage, at 2422 Government St. in Ocean Springs, MS. It has 19,009 square feet and 116 non-climate-controlled units and 38 that are climate-controlled, for a total of 154 units. Matthew Porter and Anne Williams-Blackwell, both of the firm’s Memphis, TN office, marketed the property for the seller and secured the buyer, South Carolina-based Overflow Storage LLC. Source: Marcus & Millichap
Big changes have come to MCSS Self Storage Development & Investment, which has renamed itself Basis Industrial, already made two acquisitions in Florida and widened its investment focus to include industrial properties in high-value markets nationwide. Its new subsidiary, BaySpace, purchased the former MegaCenter Palmetto, which is a mixed-use property with self-storage, small-bay industrial and co-working suites, for $33 million (above). The building has more than 180,000 square feet and sits on 9 acres next to the Palmetto Expressway. In Orlando, BaySpace bought a 33,000-square-foot small-bay industrial building for $4.5 million. BaySpace will manage both properties as well as two more industrial properties it will buy this fall in Central Florida and on Florida’s Space Coast. Daniel Weinstein, Basis Industrial partner, and fellow industry veterans Jay Messiaen and Stephen Garchik, founded Basis Industrial. The company has more than 2 million square feet of self-storage and industrial real estate, and expects to close on another 1 million square feet this year. Source: Basis Industrial
Talonvest Capital Inc. and Store Space Self Storage closed a $300 million bridge lending facility for Store Space. It will support a partnership between Store Space and a Canada-based global real estate company. The venture is capitalized to build a $1 billion portfolio of self-storage assets across the United States. A British universal bank funded the loan, which includes an accordion feature to increase the facility to $500 million. Source: Talonvest Capital Inc.
The Roll Up: Weekly Self-Storage Development News 8.10.22
SOLD! Weekly Self-Storage News Round Up 8.10.22
SecureSpace Self Storage Announces Biggest Deal in Company’s History
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