Self-storage properties are continuously altering palms, and Inside Self-Storage is frequently notified of those market transactions. Right here’s an summary of exercise taking place in February 2020.
AAA Self Storage in Cheyenne, Wyo., offered for $Eight million. The power at 200 S. Faculty Drive includes 74,750 sq. toes in 517 drive-up models and 103 vehicle-storage areas. The vendor, an area investor, was represented within the transaction by Charles “Chico” LeClaire, govt managing director; Neville Rustomjee, dealer; and Adam Schlosser, senior vp of investments for Marcus & Millichap (M&M), a industrial actual property funding providers agency with workplaces all through Canada and the US.
AC Self Storage in Memphis, Tenn., offered to an unidentified purchaser. The power at 6105 Apple Tree Drive includes 44,100 sq. toes in 397 models. The property has room for enlargement. The vendor was represented within the transaction by James Ashley Compton, nationwide director of the Self Storage Group for Colliers Worldwide Group Inc.
Cedar Storage Southeast in Cedar Rapids, Iowa, offered for $5.525 million. The power at 804 Vernon Valley Drive includes 83,286 sq. toes in 374 models and contains vehicle-storage areas. The client and the vendor, a private belief, have been represented within the transaction by Sean M. Delaney, senior vp of investments, and Britney Hendricks, affiliate, for M&M. They have been assisted by fellow dealer Jon Ruzicka.
Conyers Self Storage in Conyers, Ga., offered to Benefit Hill Capital LP. The power at 1840 Iris Drive S.W. includes 59,253 sq. toes of unit house and 16,320 sq. toes of boat/RV storage. The personal vendor was represented within the transaction by Charmel Storage Capital, a Los Angeles-based boutique industrial brokerage that focuses on self-storage. Primarily based in Brooklyn, N.Y., Benefit Hill acquires, develops and manages self-storage services nationwide.
A three way partnership between self-storage operator Benefit Storage and investment-management agency Harrison Avenue Actual Property Capital bought Lakewood Self Storage in Lakewood, Colo. Inbuilt 2018, the power at 9300 W. Colfax Ave. sits on 1.78 acres, containing 872 climate-controlled models and 10,000 sq. toes of retail house. The vendor, Banner Lakewood Storage LLC, an affiliate of Banner Actual Property Group, was represented within the transaction by managing administrators Stephen Mellon and Brian Somoza, and Paul Schloff, senior vp for JLL Capital Markets, a full-service world supplier of capital options for actual property buyers and occupiers.
Spartan Funding Group, an actual property funding firm that focuses on self-storage and residential investments, bought Proper Transfer Storage in Fort Value, Texas. The power at 2000 Inexperienced Oaks Street sits on 2.63 acres, comprising 126,985 sq. toes in 1,070 inside, climate-controlled models. The location was transformed from a two-story Macy’s division retailer to storage final yr. The client and the vendor have been represented within the transaction by LeClaire, Brandon Karr, senior vp of investments, and Danny Cunningham and Dave Knobler, first vice presidents of investments.
Secured Self Storage in Lake Elsinore, Calif., offered to Benefit Hill Capital. The power at 29135 Riverside Drive includes 67,495 rentable sq. toes in 562 models. The personal vendor was represented within the transaction by Charmel Storage Capital.
A 3-property Stor-All Self Storage portfolio in Wichita, Kan., offered to Wichita Self Storage Group LLC for $8.175 million. Collectively, the services comprise 122,900 internet rentable sq. toes in 780 models. The property at 2359 N. Amidon Ave. includes 43,930 sq. toes in 330 models, and the power at 122 S. Hydraulic Ave. encompasses 11,450 sq. toes in 85 models. The most important of the three belongings, 4545 E. Pawnee St., includes 67,520 sq. toes in 365 models. The services are inside three miles of one another. The sellers, Leon J. and Susan L. Moeder, have been represented by Nathan Farha, a industrial specialist with actual property agency NAI Martens, and Denise Nunez, senior vp of NAI Horizon, a full-service industrial actual property firm serving Arizona.
Enterprise Den, JLL Reports the Following Deal
RE Journals, Marcus & Millichap Sells 83,000-Square-Foot Self-Storage Facility in Iowa
REBusiness On-line, Marcus & Millichap Arranges $8M Sale of AAA Self Storage in Cheyenne, Wyoming