Sold! Weekly Self-Storage News Round Up 9.21.22
Extra Space Storage Inc. paid $590 million to purchase Storage Express, adding 107 remotely-operated facilities to its portfolio. The purchase included all the assets of Indianapolis, IN-based Storage Express in Indiana, Ohio, Illinois and Kentucky, plus 14 future development sites. The buy also included E-Tracker, a storage software operating platform that supports Storage Express locations. Jefferson Shreve, founder and owner of Storage Express, will join the board of Extra Space Storage.
Source: Extra Space Storage
Elevation Capital Group, based in Orlando, FL, and its affiliates announced that Elevation Fund 8 finished the purchase of Oakville Self Storage, which is located across from Potomac Yard in Alexandria, VA. Oakville is now called Mini U Storage Potomac Yard. It is Fund 8’s second buy. The facility is in the path of National Landing, which is Northern Virginia’s fastest-growing submarket. Elevation focuses on manufactured housing communities and self-storage facilities. Elevation has acquired properties worth more than $600 million and has owned more than 200 properties across more than 30 states. Source: PR Newswire
CBRE announced the $23.6 million sale of two Extra Space Storage facilities, totaling 136,994 square feet, outside of Charlotte, NC. Lakewood Village purchased the portfolio from an undisclosed private investor. The deal includes Extra Space Storage facilities in Salisbury and Mooresville, NC. Morgan Windbiel, senior vice president with CBRE’s Self Storage Advisory Group, represented the seller in the transaction. Source: The Mecklenburg Times
Berkshire Hathaway reported the sale of Loris Self Storage in Loris, SC (above). It has 39,250 NRSF and 335 units. Berkshire Hathaway’s Cameron Vale, Parker Sweet and Matt Brandal represented the seller and found the buyer, both of whom are private. Source: Berkshire Hathaway
Merit Hill Capital purchased Auburn and North Urban, both in Auburn, CA for $20.85 million. The buyer is a real estate investment firm based in the Flatbush area of Brooklyn, NY. Source: CoStar
Marcus & Millichap
Marcus & Millichap announced the sale of Scituate Self Storage in Scituate, MA. It has 28,950 square feet, 56 climate-controlled units, 198 non-climate-controlled units, four flex spaces and one apartment. Nathan Coe, Brett R. Hatcher and Gabriel Coe marketed the property. Thomas Shihadeh, Massachusetts broker of record, assisted in the transaction. The seller is an LLC.
The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of Guardian Safe Storage in Nampa, ID. It has 88,340 square feet. Jordan Farrer in the Salt Lake City, UT office, represented the seller, a local investment and development group. Marcus & Millichap also found the buyer.
In addition, the LeClaire-Schlosser Group of Marcus & Millichap arranged the sale of Allsafe Storage in Cypress, TX, a Houston suburb. It has 59,625 square feet, 648 units and four single-story buildings spread over almost 8 acres. There are 354 climate-controlled units, 107 drive-up non-climate units and 187 open parking spaces. Dave Knobler and Charles “Chico” LeClaire had the listing and also found the buyer. The seller is a Texas-based LLC and the buyer is a national REIT.
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