Extra Space Storage Inc. bought its location at 408 N. Primrose Drive in Orlando, FL, for $16.03 million on Dec. 6 from the original developer, an entity tied in with Titan Properties, based in Winter Park, FL. Titan built the three-story, 98,052-square-foot facility in The Milk District. The property sits on 1.3 acres. Extra Space Storage licensed its branding and was managing the facility. Source: Orlando Business Journal
Berkshire Hathaway Commercial recently arranged the sale of two storage facilities. The first is an Extra Space Storage in Johnson City, TN with 52,245 NRSF and 480 units. Private Equity Group was the buyer. Berkshire Hathaway’s Cameron Vale, senior vice president; Andrew Plunkett, vice president; and Parker Sweet, president, represented the seller and found the buyer. The company also arranged the sale of a StorQuest Self Storage facility in Arvada, CO, with 80,010 NRSF and 672 climate-controlled units. Private Equity Group was the buyer. Vale and Sweet represented the seller and secured the buyer.
Alan and Linda Linsky of Amherst, NY, through Skylin Storage, bought a self-storage facility in Niagara County, purchasing 3.2 acres of storage property at 3502 Saunders Settlement Road in Cambria for $860,000. Teetos Self Storage was the previous owner. It has 38 indoor storage spaces and 66 large outdoor areas for campers, RVs, trailers and boats. The Linskys’ grandson, Max Linsky, will manage the complex. Source: Buffalo News
Eastern Union secured $58 million in bridge financing for Cohen Investment Group, which purchased a self-storage complex, Castleton Commerce Center, in Virginia Beach, VA. The property has 390,380 square feet and is Cohen’s latest buy; it has added 11 storage properties this year. David Merkin, Eastern Union managing director, closed the loan for Cohen, which is based in Norfolk, VA. Source: MPA
Campus Self Storage, part of the Amsdell family of companies based in Cleveland, OH, purchased two self-storage centers. One is at 3498 Canoe Creek Road in St. Cloud, FL, and has 62,330 NRSF. The other is at 1370 W. Highland Road in Howell, MI and has 52,000 NRSF. Both facilities offer indoor climate-controlled units. Source: GlobeNewswire
Heitman LLC, a real estate investment management firm, and Life Storage Inc. formed a joint venture to buy 13 newly constructed self-storage properties spread across seven cities: Boston, MA; Charlotte, NC; Dallas, TX; Naples, FL; Nashville, TN; Newark, NJ and St Louis, MO. It’s the seventh partnership formed by the two companies. Source: GlobeSt.com
Michael D. Bohn paid $665,000 to Richard Yurich for 53.45 acres at 2420 E College Ave. in Guthrie, OK. An expansion of self-storage and warehouse facilities is planned. Jeff Lester, with NAI Sullivan Group, provided brokerage services to the buyer and seller. Source: The Oklahoman
HPI Real Estate, based in Austin, TX, bought a newly built 662-unit, 112,172-square-foot storage facility that includes 52 RV parking spaces. CubeSmart will manage the facility, located in Fort Myers, FL. It’s the eighth acquisition in HPI’s second storage fund, with plans to close more transactions in 2022. HPI recently raised an additional $50 million for its third storage fund, which will focus on ground-up development. Source: HPI Real Estate
Andover Properties (dba Storage King USA) bought The Storage Space in Mesquite, TX, about 15 minutes from downtown Dallas. It has 74,000 NRSF across 553 climate- and non-climate-controlled units. It’s Andover’s 13th buy in the Dallas-Fort Worth area. Andover has more than 8.7 million rentable square feet in 114 facilities in 16 states. Source: Andover Properties
The Planet Self Storage facility in Mount Kisco, NY, sold for $1 million over the asking price. Nick Malagisi, national chair of the SVN National Self Storage team, and Hans Hardisty, senior advisor and managing director of SVN, closed the $10.5 million sale, and represented both the sellers and buyers. The facility has four two-story buildings, 32,500 NRSF and 350 units with 92% occupancy. The facility was owned by the family of the original developer and the buyer is a top 20 self-storage operator from California. Source: SVN
Skyview Advisors announced the sale of L&D Self Storage, located in Norrisville, NC. It has 48,568 NRSF and 251 units. David Zehendnerp, senior associate, and Ryan Clark, director of investment sales, represented the seller. Source: Skyview Advisors
The Storage Acquisition Group announced the closing of Pensacola Self Storage in Pensacola, FL. The facility is located at 1130 West Nine Mile Road Pensacola, FL. The facility offers 66,623 net rentable square feet across 483 units of both climate and non-climate-controlled space and is conveniently located near Interstate 10 and major retailers. The buyer was represented by Monty Spencer, CEO of The Storage Acquisition Group and vice president of Mid Atlantic Commercial Realty in Yorktown, VA, and the seller was represented by Adam Schlosser, senior vice president with Marcus & Millichap.
Marcus & Millichap
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Right Move Storage at Mainland City Centre in Texas City, TX. It has 64,455 square feet and 545 climate-controlled units. Dave Knobler, senior vice president investments in the Houston, TX office and Charles LeClaire, executive managing director investments in the Denver, CO office, had the listing. The seller is a Galveston County-based LLC. The building originally a J.C. Penney store built in 1991 and was converted to storage in 2019.
The company also announced the sale of US Storage Centers (managed), an 85,215-square-foot facility in Richmond, TX. Knobler and LeClaire had the listing. The seller is a Texas-based partnership. The facility has 752 units, with 641 of them being climate-controlled, with 61,425 NRSF. There’s also 100 drive-up, non-climate-controlled units with 18,400 NRSF and 11 covered parking spaces, with 5,390 NRSF. The property sits on 3.32 acres and has one two-story building, one single-story building and one canopy parking structure.
In addition, the LeClaire-Schlosser group arranged the sale of a 103,467 net-rentable square foot self-storage facility located in Windsor Mill, Maryland (pictured at top). The facility was managed by Extra Space Storage. Ian Lindahl, investment associate, and Adam Schlosser, senior vice president investments, in Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the Seller, a Baltimore-based regional developer. Snapbox Self Storage was the buyer.