Sold! Wedgewood sells TN storage operation for $17.3M
Nashville-based Wedgewood Avenue sold a four-property self-storage portfolio in Murfreesboro, TN. Wedgewood operated the portfolio via a hub and spoke model with all operations centralized at the facility located at 2425 S Church Street (below). Wedgewood acquired the facility in August 2021 for $9.8 million and deployed an extensive capex and repositioning business plan. After 18 months Wedgewood sold the properties to Highline Storage Partners for $17.3 million.
Source: Wedgewood Avenue
Montreal Mini-Storage in Quebec, Canada purchased four self-storage facilities, adding 251,491 square feet and about 1,000 units to its portfolio. The storage centers are in the boroughs of Saint-Leonard (Montreal Island) and Parc-Extension (Montreal Island), and the municipalities of Varennes (GMA South Shore) and Sainte-Julie (GMA South Shore). The company has grown to 23 locations. Montreal Mini-Storage is a subsidiary of Avenir Immobilier, a Canadian real estate group that focuses on industrial and commercial projects. Source: Montreal Mini-Storage
VERSAL announced the sale of Conroe Spaces in Montgomery, TX, about 40 miles north of Houston, TX (below). The mixed-use storage/office warehouse property has 18,540 NRSF. There are 11 units, 36 parking spaces and a cell tower. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of VERSAL represented Aranjuez Holdings LLC, the Houston seller. VERSAL is based in Austin, TX and Los Angeles.
Michael Morrison of Midcoast Properties Inc. represented the buyer in the sale of Kenly Mini Storage at 667 W. 2nd St. in Kenly, NC. He represents both buyers and sellers in the Southeast. The facility has standard drive-up units. Kenly is about 40 miles southeast of Raleigh, NC. Source: Midcoast Properties Inc.
Matthews Real Estate Investment Services closed on the sale of Beeville Storage, 3901 N. Saint Marys St. in Beeville, TX. The property has 21,000 square feet on a 1.64-acre lot. Associate Brad Fina and Vice President Austin McLeod represented the seller in the transaction. Source: Matthews Real Estate Investment Services
Marcus & Millichap
Marcus & Millichap announced the sale of Northwest Indiana U-Stor-It portfolio and development, a combined 90,935 square feet of self-storage space at 800 E. North St. in Crown Point, IN and 8757 Louisiana St., Merrillville, IN. The two facilities have more than 700 units across 90,000 rentable square feet. There is room to expand by 50,000 RSF. Jeffrey Herrmann and Sean Delaney had the listing and also found the buyer. Josh Caruana, Indiana broker of record, helped close the transaction.
Marcus & Millichap announced the sale of High Performance Properties, 5932 E. Antioch Road in Springville, TN. It has 274 units and takes up 113,160 square feet. Andy Beeckman and Anne Williams had the listing and found the buyer. The site is about three miles from Paris Landing State Park.
Investors pour billions into private self-storage funds
Recently two real estate funds announced that they had exceeded their fundraising goals, each closing with ten-figure sums with which to buy storage properties across the United States.Keep Reading
The Roll Up: LSC completes 1,691-unit storage site in Queens
Located near LaGuardia Airport, the new facility offers more than 90,000 square feet of space to be managed by Life Storage.Keep Reading
Sold! Olympia storage facility sells for $7.4 million
TJY Properties sold Capital City Storage in Olympia, WA for $7.4 million. It has 417 units spread across 14 buildings.Keep Reading