Self-Storage

PEBB, Banyan Underway on 10-Acre Mixed-Use Project in Delray Beach, Florida

by John Nelson July 11, 2023

DELRAY BEACH, FLA. — PEBB Enterprises and Banyan Development have started construction on Atlantic II, a 10-acre mixed-use project located at 8778 W. Atlantic Ave. in Delray Beach. Upon completion, which is scheduled for mid-2024, the development will feature a 10,000-square-foot, multi-tenant retail building, 100,000 square feet of self-storage space and a car wash outparcel. The outparcel is currently under contract for sale, and Paradise Grills has signed a lease to occupy 6,000 square feet in the retail building. Liberty Investment Properties, which develops self-storage properties, is partnering with the joint venture on the development.

July 11, 2023

Acquisitions Georgia Self-Storage Southeast

Spartan Investment Group Acquires 515-Unit Self-Storage Facility in Macon, Georgia

by John Nelson July 10, 2023

MACON, GA. — Colorado-based Spartan Investment Group has purchased Max Storage, a 515-unit self-storage facility located at 1955 Dove St. in Macon. The seller and sales price were not disclosed. The buyer plans to rebrand the property to FreeUp Storage Macon Dove Street. The 10-building asset totals 66,705 rentable square feet, about a third of which is climate-controlled. The facility also features a 13,800-square-foot warehouse that Spartan plans to lease. The Macon facility is the 15th FreeUp property in Georgia and fourth in Macon.

July 10, 2023

Acquisitions Industrial Self-Storage Washington Western

Colliers Arranges Sale of 46,265 SF Self-Storage Property in Tacoma, Washington

by Jeff Shaw July 7, 2023

TACOMA, WASH. — Colliers has brokered the sale of a self-storage property located at 8233 S. Hosmer in Tacoma. Hosmer Self Storage LLC sold the property, spanning 46,265 square feet and consisting of 454 storage units, to Merit Hill Capital. The price was not disclosed. The facility offers a range of storage unit sizes, including drive-up units and options for indoor vehicle storage. The Colliers de Jong | Becher Self Storage Team represented the seller in the negotiation process.

July 7, 2023

Acquisitions Florida Self-Storage Southeast

CBRE Brokers $23.1M Sale of New Self-Storage Facility in Orlando

by John Nelson July 5, 2023

ORLANDO, FLA. — CBRE has brokered the $23.1 million sale of Windermere Storage, an 89,145-square-foot self-storage facility located at 8550 Old Winter Garden Road in Orlando. CBRE’s Self Storage Advisory Group represented the seller, locally based Schrimsher Properties, in the transaction. Wentworth Properties was the buyer. Built in the second quarter of this year, Windermere Storage features a two-story building comprising 609 climate-controlled units ranging in size from 25 to 450 square feet, as well as a 2,000-square-foot office building and 351 parking spaces.

July 5, 2023

Acquisitions Industrial Self-Storage Texas

Hinze Capital Acquires 222-Unit Self-Storage Facility in Spicewood, Texas

by Taylor Williams June 29, 2023

SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.

June 29, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 180-Unit Self-Storage Facility in West Tawakoni, Texas

by Taylor Williams June 29, 2023

WEST TAWAKONI, TEXAS — Marcus & Millichap has brokered the sale of Valor Storage, a 180-unit self-storage facility in West Tawakoni, located about 50 miles east of Dallas. The property was built in 2000 and spans 20,400 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based private investor, in the transaction. The duo also procured the Austin-based buyer. Both parties requested anonymity.

June 29, 2023

Industrial Loans Midwest Ohio Self-Storage

Red Oak Capital Provides $5.5M Bridge Loan for Acquisition, Conversion of Former Kmart Store in Ohio

by Kristin Harlow June 29, 2023

ENGLEWOOD, OHIO — Red Oak Capital Holdings LLC has provided a $5.5 million bridge loan for the acquisition and conversion of a former Kmart store in Englewood, a northwest suburb of Dayton. The borrower, United Storage 360 LLC, plans to convert the property into an Extra Space Storage-branded facility. The site includes an 85,000-square-foot building that was constructed in 1975. Redevelopment plans call for a 60,000-square-foot self-storage facility with 546 units. The borrower plans to exit Red Oak’s bridge loan with permanent financing or a sale following completion of renovations, which are scheduled for later this year.

June 29, 2023

Acquisitions Arizona Industrial Self-Storage Western

Buchanan Street Buys Two Self-Storage Facilities Near Phoenix for $41M

by Jeff Shaw June 23, 2023

CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.

June 23, 2023

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Acquires 57,700 SF Northlynn Mini-Storage in Seattle

by Jeff Shaw June 21, 2023

SEATTLE — SecureSpace has acquired Northlynn Mini-Storage in the Lynnwood area of Seattle. The facility is located at 15620 Highway 99. It contains a total of 57,700 net rentable square feet. The ground-floor units consist of drive-up and interior units, with two dozen rentable parking spaces. SecureSpace plans a substantial renovation to enhance the appeal of the facility for the 134,000 residents residing within a three-mile radius. The property will be rebranded as SecureSpace Self Storage Lynnwood, becoming the eighth store under that brand in the Seattle MSA.

June 21, 2023

Acquisitions Industrial Oregon Self-Storage Western

Marcus & Millichap Negotiates $6M Sale of Mountain View RV & Mini Storage in Madras, Oregon

by Jeff Shaw June 20, 2023

MADRAS, ORE. — Marcus & Millichap has arranged the sale of Mountain View RV & Mini Storage in Madras. The original developers sold the 49,675-square-foot self-storage facility to an out-of-state buyer for $6 million. It features 358 self-storage units. The asset was constructed in two phases in 2020 and 2022 at 2086 NW Andrews Drive. The successful sale highlights the ongoing demand and investment opportunities in the self-storage sector, according to Marcus & Millichap. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Seattle office exclusively listed and marketed the property on behalf of the sellers.

June 20, 2023

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