SOMERSET, PA. — Marcus & Millichap has brokered the sale of Edgewood Grove Storage, a 265-unit self-storage facility in Somerset, about 65 miles southeast of Pittsburgh. The property, which also features a residential component of seven houses and five apartments, was built in phases beginning in 1997 and totals 35,100 net rentable square feet of storage space. Jared Houck, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
KEA’AU, HAWAII — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility located at 16-180 Mikahala Place in Kea’au. Dallas-based Baranof Holdings acquired the asset from a Hawaii-based limited liability company for an undisclosed price. StorQuest Self Storage offers 879 units spread across 77,363 net rentable square feet. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and the buyer in the deal. Adam Attia of Marcus & Millichap served as broker of record for the transaction.
IRVING, TEXAS — A joint venture between LaTerra Development and Platinum Storage has received a $21 million loan for a self-storage redevelopment project in Irving. The site at 2488 Market Place Blvd. formerly supported retail use and is adjacent to an existing Home Depot store and a future H-E-B grocery store. The project will transform the former retail site into a 195,000-square-foot facility. The number of units was not disclosed, but the facility will feature climate-controlled space and RV storage capabilities. An affiliate of New York City-based Andover Properties provided the loan.
LOS ANGELES — PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility. Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower. The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.
MURFREESBORO, TENN. — SmartStop Self Storage REIT Inc. has expanded its presence in the Tennessee market after acquiring a storage facility at 1323 N.W. Broad St. in Murfreesboro, roughly 35 miles southeast of downtown Nashville. The seller and sales price were not disclosed. The newly acquired facility spans 62,100 rentable square feet and features 471 storage units, including 384 drive-up units and six RV units distributed across 12 single-story buildings. California-based SmartStop has an owned or managed a portfolio of 217 operating properties in 23 states, Washington, D.C., and Canada, comprising approximately 155,700 units and 17.5 million rentable square feet.
HOUSTON — Houston-based Hines has recapitalized a portfolio of 14 self-storage facilities totaling approximately 9,700 units via new joint venture equity with the operator, CubeSmart. The properties collectively total more than 1.2 million square feet of net rentable space and are scattered across the Dallas-Fort Worth (DFW) metroplex. Aaron Swerdlin and Andrew Warin led the Newmark team that structured the recapitalization on behalf of Hines. CubeSmart is now the majority owner of the portfolio, though additional details of the transaction were not disclosed.
ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.
ROCKINGHAM, N.C. — New York-based Andover Properties has purchased a self-storage facility located at 102 W. Greene St. in Rockingham, about 70 miles southeast of Charlotte. Renovated in 2022, the property comprises nearly 500 climate-controlled units and spans 63,000 square feet. The facility represents the 15th North Carolina facility for Andover’s Storage King USA brand. The property features three loading docks, multiple levels of storage units, keypad-controlled entry and 24/7 video surveillance. The seller and sales price were not disclosed.
BAILEY, COLO. — Kaufman Hagan Commercial Real Estate has arranged the sale of a self-storage facility, located at 63716 US Highway 285 in Bailey. The asset traded for $1.3 million, or $80.02 per square foot. Situated on 2 acres, the property offers 123 self-storage units. Ryan Floyd of Kaufman Hagan handled the transaction. The names of the seller and buyer were not released.
WAUWATOSA, WIS. — Steve Rolfe of Midland Commercial Development Corp., William Wirth of Luft Consulting Inc. and Jordan Nelson of Nelson Development have purchased a development site at 5151 W. State St. with plans to build Wauwatosa Self Storage. The temperature-controlled self-storage facility will total 63,500 net rentable square feet divided across 444 units in over two dozen configurations. There will be 23 units in the main drive-thru aisle specifically laid out to accommodate automobile storage. The property will be attended by an onsite manager and will incorporate high-resolution cameras throughout. Brett Deter and Scott Revolinski of Founders 3 Real Estate Services represented the buyers. The project is slated for completion late this summer.