DALLAS — Locally based investment firm Apricus Realty Capital has acquired a nine-acre industrial outdoor storage facility located at 11801 C.F. Hawn Freeway in southeast Dallas. The fenced facility, which was fully leased at the time of sale, houses more than 200 truck/trailer parking spaces as well as a 12,950-square-foot building for repairs and maintenance. The seller and sales price were not disclosed.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Bear Creek Boat & RV Storage, a 625-unit self-storage facility located in the western Houston suburb of Katy. The property consists of 14 buildings on a 15.4-acre site totaling 287,804 net rentable square feet. The facility also includes 15 outdoor storage spaces for boats and RVs. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were Texas-based limited liability companies that requested anonymity.
SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …
LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Budget Self Storage, a 199-unit facility located in the Rio Grande Valley city of Laredo. The facility was built in 1970 and totals 25,600 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
NEW YORK CITY — Manhattan Mini Storage is underway on a self-storage redevelopment project on the Upper West Side that will add 1,200 units to the local supply. The company, which is owned by Missouri-based developer and operator StorageMart, plans to redevelop the site of the former CMX Cinema into a six-story self-storage building that offers 65,000 net rentable square feet of space. The project, which is slated for a 2024 completion, will also function as an addition to Manhattan Mini Storage’s existing facility at 420 E. 62nd St.
DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.
CAMERON, TEXAS — Marcus & Millichap has brokered the sale of Cameron U Store M, a 179-unit self-storage facility that sits on a 2.5-acre site about 50 miles south of Waco. The property was built in 1950 and spans 29,128 net rentable square feet of non-climate-controlled space. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
DES MOINES, IOWA — Area Commercial Real Estate Advisors has brokered the sale of a CubeSmart Self Storage facility in Des Moines for an undisclosed price. The property was formerly a Gordmans department store that was converted into self-storage space in November 2021. The facility features roughly 68,000 rentable square feet of climate-controlled space. Tom Flannigan, Alex Ihrke and Matt Haugen of Area brokered the sale and serve as the Minnesota, Iowa and North and South Dakota broker affiliates for Argus Self Storage Advisors. U-Haul was the buyer.
HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
HUNTINGTON PARK, CALIF. — North Palisade Partners has opened its first self-storage facility, located at 2200 Nadeau St. in Huntington Park, just south of Los Angeles. The three-story, 133,000-square-foot facility sits on two acres and features more than 1,500 units. Extra Space Storage will operate the property, which is named Palisade Nadeau Storage.