Self-Storage

Cushman & Wakefield Directs Sale of 1,640-Unit Morena Storage in Central San Diego

by Amy Works July 24, 2020

SAN DIEGO — Cushman & Wakefield has arranged the sale of Morena Storage, a self-storage facility located in central San Diego’s Morena District. Sherman Street Ventures, the original developer of the property, sold the asset to Invesco Real Estate, in partnership with Baranof Holdings, for an undisclosed price. The buyers plan to maintain the property’s name, Morena Storage. Located adjacent to interstates 5 and 8, the 108,700-square-foot Morena Storage features 1,640 self-storage units. At the time of sale, the property was 90 percent occupied. Greg Wells of Cushman & Wakefield’s Self Storage Advisory Group, along with Bryce Aberg, Zachary Harman and Brant Aberg of the firm’s Industrial/Capital Markets Group, represented the seller in the deal.

July 24, 2020

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of All American Storage in West Valley City, Utah

by Amy Works July 23, 2020

WEST VALLEY CITY, UTAH — The LeClaire Group of Marcus & Millichap has arranged the purchased of All American Storage in West Valley City. A regional real estate investor acquired the 8,800-square-foot self-storage facility for an undisclosed price. Built in 1997, the property features 45 drive-up, non-climate-controlled self-storage units and an on-site apartment. Units range in size from 100 square feet to 400 square feet, with the ability to reconfigure unit sizes to accommodate larger spaces. Additionally, the fully fenced and gated property features keypad access and 24-hour surveillance. Jordan Farrer of The LeClaire Group of Marcus & Millichap represented the buyer in the deal. The name of the seller was not released.

July 23, 2020

Development Industrial New Jersey Northeast Self-Storage

Metro Storage Opens 688-Unit Facility in South Brunswick, New Jersey

by Taylor Williams July 16, 2020

SOUTH BRUNSWICK, N.J. — Metro Storage LLC, a privately owned self-storage developer and manager, has opened a 688-unit facility at 3963 U.S. Route 1 in South Brunswick, a northern suburb of Trenton. The property features 75,000 net rentable square feet and consists of one climate-controlled building and three non-climate-controlled buildings. The facility is Metro Storage’s seventh in New Jersey.

July 16, 2020

Development Industrial Midwest Minnesota Self-Storage

Metro Storage to Develop 908-Unit Self-Storage Facility in Coon Rapids, Minnesota

by Kristin Harlow July 13, 2020

COON RAPIDS, MINN. — Metro Storage LLC has purchased a parcel of land at 3021 124th Ave. in Coon Rapids and has started construction on a 908-unit self-storage facility at the site. The climate-controlled facility will span 95,000 rentable square feet. Heated and drive-thru storage options will be available. An office space will showcase security features and provide a selection of moving boxes, packing supplies and locks. Completion is slated for spring 2021. Located along the Mississippi River, Coon Rapids is a northern suburb of Minneapolis. This is the eighth location for Metro Storage in the Minneapolis market.

July 13, 2020

Development Industrial Kansas Midwest Self-Storage

StorageMart Opens 784-Unit Self-Storage Facility in Metro Kansas City

by Kristin Harlow July 9, 2020

OLATHE, KAN. — StorageMart has opened a 784-unit self-storage facility in East Olathe within metro Kansas City. The Class A, climate-controlled facility features several elevators. All access is controlled with individual codes and cameras. Customers also have access to an online tenant portal. StorageMart now operates approximately 225 locations in three countries.

July 9, 2020

Alabama Development Industrial Self-Storage Southeast

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

by Alex Tostado July 8, 2020

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail use.

July 8, 2020

Acquisitions Industrial Nevada Self-Storage Western

CBRE Brokers $4.6M Sale of RDN Mini Storage in North Las Vegas

by Amy Works July 2, 2020

NORTH LAS VEGAS, NEV. — CBRE has arranged the sale of RDN Mini Storage, a seven-building self-storage facility in North Las Vegas. California-based Watling Street acquired the asset from Nevada-based Piclane for $4.6 million. Located at 725 W. Washburn Road, the 36,520-square-foot property consists of 304 units with 24-hour video surveillance cameras. Nick Walker, Walter Brauer and Trevor Roberts of CBRE represented the seller in the deal.

July 2, 2020

Acquisitions Industrial Loans North Carolina Self-Storage Southeast

Berkadia Arranges Two Acquisition Loans Totaling $11.8M for Self-Storage Facilities in Raleigh, Durham

by Alex Tostado June 29, 2020

RALEIGH AND DURHAM, N.C. — Berkadia has arranged two acquisition loans totaling $11.8 million for self-storage properties in Raleigh and Durham. An undisclosed life insurance company provided the five-year, fixed-rate loans on behalf of the borrower, Orlando, Fla.-based Liberty Investment Properties. Liberty plans to rebrand the Extra Space Storage facilities to its flagship brand, My Neighborhood Storage Center. The first property is a two-story, 685-unit facility located at 6401 Town Center Drive in Raleigh. The 72,614-square-foot facility was built in 2016. The other property is a four-story, 684-unit property located at 112 W. Seminary Ave. in Durham. The asset was built in 2017. The seller of the two facilities was not disclosed.

June 29, 2020

Acquisitions Industrial Mississippi Self-Storage Southeast Tennessee

Gelt Acquires Eight Self-Storage Facilities in Metro Memphis for $41M

by Alex Tostado June 26, 2020

MEMPHIS, TENN. — Gelt Inc. has acquired eight self-storage properties comprising 3,867 units in metro Memphis for $41 million. The portfolio, which totals 490,187 square feet, was 91 percent leased at the time of sale. There are five facilities in Memphis; two in Olive Branch, Miss.; and one in Nesbit, Miss. The single-story properties were built between 1972 and 2006 and feature a mix of drive-up, indoor and climate-controlled units. Portfolio-wide, the unit sizes range from 5 square feet to 430 square feet and average 141 square feet. Citizen Storage will manage all eight properties. Luke Elliott and Michael Mele of Cushman & Wakefield represented the seller, Merit Hill Capital, in the transaction.

June 26, 2020

Development Industrial Self-Storage Texas

Advantage, Forge Break Ground on 278-Unit Self-Storage Expansion Project in Corsicana, Texas

by Taylor Williams June 26, 2020

CORSICANA, TEXAS — Advantage Construction and Forge Building Co. have broken ground on a 278-unit expansion project at Mini-West Storage, a self-storage facility located in Corsicana, about 50 miles south of Dallas. The project will add 39,500 net rentable square feet of climate- and non-climate-controlled space to the facility, which originally opened in 1987 and now features approximately 700 units. Texas Community National Bank provided construction financing for the project, which is expected to be complete in December.

June 26, 2020

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