AUSTIN, TEXAS — Dallas-based investment firm Baranof Holdings has purchased a 1,041-unit self-storage facility in Austin. The site offers frontage along I-35 on the city’s north side. Pennsylvania-based REIT CubeSmart manages the facility, which comprises 100,417 net rentable square feet of climate-controlled space and was 90 percent occupied at the time of sale. Nick Walker and Nate Holash led a CBRE team that represented the seller, global investment firm KKR, in the transaction.
WAUSEON, OHIO — Franklin Street has arranged the sale of a 100-unit self-storage facility in Wauseon, about 30 miles west of Toledo. The sales price was undisclosed. Built in phases between 1989 and 1994, the value-add property features 10 parking spaces and newly installed security cameras. The transaction includes 0.3 acres of developable land for potential expansion. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. Missouri-based On Track Storage, which currently operates facilities in Missouri and Kansas, was the buyer.
AUSTIN, TEXAS — JLL has negotiated the sale of Oak Hill Self Storage, a 709-unit facility in southwest Austin. The facility, which was built in 2019, comprises 93,813 net rentable square feet of primarily climate-controlled space. Brian Somoza, Steve Mellon, Adam Roossien and Matthew Wheeler of JLL represented the seller, Houston-based developer The Jenkins Organization, in the transaction. Utah-based REIT Extra Space Storage purchased the asset for an undisclosed price.
NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a 64,418-square-foot self-storage development site in New Haven. The site is fully approved for the development of a four-story facility that will feature 45,525 net rentable square feet of climate-controlled space across 456 units. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
TULSA, OKLA. — Arizona-based Strategic Development Group has sold Woodlands Self Storage, a 660-unit facility in Tulsa. Built on 2.3 acres in 2017, the property spans 75,300 net rentable square feet of climate-controlled space and was 80 percent occupied at the time of sale. Brett Hatcher of Marcus & Millichap represented the seller in the transaction. The name and representative of the buyer were not disclosed.
CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.
ANGOLA, IND. — Franklin Street has arranged the sale of a two-property self-storage portfolio totaling 109 units in Angola, a city in Northwest Indiana. The sales price was undisclosed. The facilities were built in 1986 and 1999. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. NT Investments LLC was the buyer. The transaction marks the fourth asset that Perlleshi and DeSalvo have sold on behalf of HZ Capital Partners in the last nine months.
The self-storage sector has historically been considered resilient and recession-resistant. This year, key trends are already emerging that will contribute to the health and performance of this $80 billion industry. Despite risks of oversaturation in some urban markets, 2023 promises to be a strong year for self-storage investments. Shined-up facilities What started in early 2000s continues to today. Where decrepit, one-story metal buildings with chain-link fences were the standard, now high-caliber, well-designed and polished facilities dot the landscape. Today, new development is almost exclusively Class A product. Intown and suburban communities demand it. And customers now expect professional lobbies with music and complimentary snacks and beverages, staffed by knowledgeable and skilled managers selling space that is clean, bright and secure. The once red-headed stepchild of commercial real estate is now the belle of the ball. The proof can be seen in the fervent attention from public REITs and private equity firms. Blackstone Real Estate Income Trust grabbed headlines in 2020 with its acquisition of Simply Self Storage for $1.2 billion. Smaller, yet just as notable, transactions also support increased valuation. In 2022, Space Shop Self Storage, one of the top 20 self-storage operators in the United State, sold two portfolios …
INDIANAPOLIS — Argus Self Storage Advisors has arranged the sale of a Keystone Self Storage property in Indianapolis for $9.5 million. Located at 5000 N. Keystone Ave., the self-storage facility totals 541 units and 69,700 square feet. Rob Schick of Argus represented the undisclosed seller. Public Storage was the buyer. The asset was 94 percent leased at the time of sale.
ATHENS, TEXAS — Self-storage brokerage firm Versal has arranged the sale of West Loop Storage, a 162-unit facility in Athens, about 70 miles southeast of Dallas. The property, which includes a 2.6-acre parcel for future expansion, was built in 2013 and totals 29,000 net rentable square feet of non-climate-controlled space. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller and procured the buyer, both of which were Texas-based limited liability companies, in the transaction.
