Sold! Weekly Self-Storage News Round Up 7.20.22
Invesco and Westport Properties partnered in four transactions to buy eight self-storage properties totaling 3,844 units in Tennessee, Oregon and North Carolina, as follows:
- Clarksville, TN, 471 units at 4351 Guthrie Highway
- Clarksville, TN, 505 units at 1280 Parkway Place
- Clarksville, TN, 371 units at 117 Old Excell Road
- Raleigh, NC, 686 units and 52 parking spaces at 6401 Town Center Drive (pictured below)
- Durham, NC, 646 units at 112 W. Seminary Ave.
- Bend, OR, 550 units at 202030 Powers Road;
- Bend, OR, 124 units at 345 Cleveland Ave.
- Winston Salem, NC, 491 units at 395 University Parkway.
Houston, TX-based Hines Global Income Trust spent a total of $102 million on five self-storage properties in Greater Nashville, TN: one in Sylvan Park, one in Franklin, one in Hendersonville and two in Murfreesboro. All five are CubeSmart properties formerly owned by Nashville-based Nicol Investment Co. Ashley Compton of Colliers brokered the deal, which covers 3,204 units.
Harrison Street Capital bought two CubeSmart self-storage properties in the Seattle, WA area, for a combined cost of $69.9 million. Columbia Pacific Advisors, based in Seattle, was the seller both times. In one deal, Harrison Street bought a 129,261-square-foot site at 16750 Aurora Avenue N. in Shoreline for $32.5 million (pictured belo). The second transaction was for a 95,527-square-foot building at 15902 Woodinville-Redmond Road NE in Woodinville for $37.4 million. Harrison Street was founded in 2005 and has invested in senior housing, student housing, health care, life sciences, storage and more. The company has approximately $44 billion in assets under management. Source: The Registry
Gordon Storage sold a 10-acre industrial outdoor storage lot called AAA RV and Boat Storage, at 5775 Tennyson St. in Arvada, CO to Outdoor Acquisitions LLC, a Delaware LLC, for $8.05 million. Jason White and Nick Steitz of JLL served as the seller’s representatives. The buyers plan to operate the facility as is. The sellers bought the property in December 2020 for $5.65 million. Source: Mile High CRE
Snapbox Self Storage bought a 900-unit self-storage facility in North Miami, FL, with Anna Siradze Hrdina, director of acquisitions, making Snapbox’s 58th purchase. Snapbox North Miami has approximately 110,000 square feet spread across four stories in a newly built structure at 15025 NE 18th Ave. Snapbox, based in Philadelphia, PA is a national self-storage management company that operates about 4 million square feet of storage. Source: Snapbox Self Storage
Marcus & Millichap arranged the sale of a Store Space-managed self-storage portfolio that has three properties, with one each in Atlanta, GA; Cincinnati, OH; and Orlando, FL. They have a combined 2,062 units spread across 213,960 NRSF. Nathan Coe, Gabriel Coe and Brett Hatcher represented the seller, Home Star Storage, and also found the buyer. There are expansion plans for the Cincinnati and Atlanta properties. John Leonard, Michael Glass and Ryan Nees are Marcus & Millichap’s brokers of record in Georgia, Ohio and Florida, respectively. Source: Marcus & Millichap
Midcoast Properties Inc. sold Clemson Climate Storage, located at 981 S. Mechanic St. in Pendleton, SC, to a regional buyer. Michael Morrison was the leader broker and Midcoast Properties represented the buyer. The facility takes up about 2.2 acres and is just minutes from Clemson University. Source: Midcoast Properties Inc.
Secure Space Self Storage, which is based in the Los Angeles, CA area, purchased Nalley Valley Storage in Tacoma, AZ for $17.8 million. Seattle-based Urban Self Storage last owned the 108-year-old building at 2201 S. Tacoma Way and planned to put up a four-building, 55,000-square-foot complex. InSite Property Group is the parent company of SecureSpace Self Storage. Source: Puget Sound Business Journal
Golden, CO-based Spartan Investment Group made its first acquisition under the firm’s new self-storage fund, Spartan Storage Fund I. It purchased FreeUp Storage Havelock, a 1,528-unit facility at 400 McClotter Blvd. in Havelock, NC. It incudes 27 buildings with nearly 200,000 square feet and is 95 percent occupied. FreeUp Storage is Spartan’s brand of self-storage facilities. Source: Spartan Investment Group
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
We interviewed Nathan McElmurry, SecureSpace’s head of self-storage acquisitions, regarding the announcement of their biggest acquisitions deal in the company’s history.Keep Reading