ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.
HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.
HOUSTON — Marcus & Millichap has brokered the sale of Prime Storage, a 1,326-unit self-storage facility in Houston. The facility, which spans 189,088 net rentable square feet, was originally built on 10 acres in 2000 and expanded by 29,000 square feet in 2017. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.
INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.
HUNTSVILLE, TEXAS — Colorado-based Spartan Investment Group has begun a 303-unit expansion project at the FreeUp Storage facility in Huntsville, about 70 miles north of Houston. The facility currently comprises 45,000 net rentable square feet of climate- and non-climate-controlled space across 320 units. On a net rentable basis, the expansion will add 31,700 square feet of climate-controlled space and 12,940 square feet of non-climate-controlled space. Spartan Investment Group expects to complete the project before the end of the year.
EL CAJON, CALIF. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of VIP Self Storage in El Cajon. Terms of the transaction were not released. Totaling 23,620 square feet, VIP Self Storage offers 376 non-climate-controlled units. Keith Phillips and Charles LeClaire of Marcus & Millichap represented the seller, a California-based partnership that has owned the asset for more than 25 years. The buyer is a real estate investment firm that operates nationwide.
TROY, TEXAS — Marcus & Millichap has brokered the sale of Trojan Self Storage, a 580-unit facility in Troy, located south of Waco in Central Texas. The facility spans 87,480 net rentable square feet. Brandon Karr of Marcus & Millichap represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction.
SAN DIEGO — Northmarq has arranged $17.7 million in refinancing for a newly developed self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office secured the financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company. The three-story property offers more than 1,200 self-storage units.
VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of East Vancouver Self Storage, a self-storage facility at 515 E. 157th Ave. in Vancouver. A limited liability company sold the asset to another limited liability company for $6 million. Totaling 42,780 square feet, East Vancouver Self Storage features 390 units. At the time of sale, the property was 81 percent occupied. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.
WAXAHACHIE, TEXAS — A joint venture between two locally based firms, 2GR Equity and Connell Realty Services Inc., is underway on construction of a 562-unit self-storage facility in the southern Dallas suburb of Waxahachie. Dallas-based Lone Star Self Storage will operate the facility, which will be located at the corner of State Highway 77 and Cardinal Road. Simmons Bank provided construction financing for the project, which is expected to be complete by the end of the year.