MURFREESBORO, TENN. — SmartStop Self Storage REIT Inc. has expanded its presence in the Tennessee market after acquiring a storage facility at 1323 N.W. Broad St. in Murfreesboro, roughly 35 miles southeast of downtown Nashville. The seller and sales price were not disclosed. The newly acquired facility spans 62,100 rentable square feet and features 471 storage units, including 384 drive-up units and six RV units distributed across 12 single-story buildings. California-based SmartStop has an owned or managed a portfolio of 217 operating properties in 23 states, Washington, D.C., and Canada, comprising approximately 155,700 units and 17.5 million rentable square feet.
HOUSTON — Houston-based Hines has recapitalized a portfolio of 14 self-storage facilities totaling approximately 9,700 units via new joint venture equity with the operator, CubeSmart. The properties collectively total more than 1.2 million square feet of net rentable space and are scattered across the Dallas-Fort Worth (DFW) metroplex. Aaron Swerdlin and Andrew Warin led the Newmark team that structured the recapitalization on behalf of Hines. CubeSmart is now the majority owner of the portfolio, though additional details of the transaction were not disclosed.
ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.
ROCKINGHAM, N.C. — New York-based Andover Properties has purchased a self-storage facility located at 102 W. Greene St. in Rockingham, about 70 miles southeast of Charlotte. Renovated in 2022, the property comprises nearly 500 climate-controlled units and spans 63,000 square feet. The facility represents the 15th North Carolina facility for Andover’s Storage King USA brand. The property features three loading docks, multiple levels of storage units, keypad-controlled entry and 24/7 video surveillance. The seller and sales price were not disclosed.
BAILEY, COLO. — Kaufman Hagan Commercial Real Estate has arranged the sale of a self-storage facility, located at 63716 US Highway 285 in Bailey. The asset traded for $1.3 million, or $80.02 per square foot. Situated on 2 acres, the property offers 123 self-storage units. Ryan Floyd of Kaufman Hagan handled the transaction. The names of the seller and buyer were not released.
WAUWATOSA, WIS. — Steve Rolfe of Midland Commercial Development Corp., William Wirth of Luft Consulting Inc. and Jordan Nelson of Nelson Development have purchased a development site at 5151 W. State St. with plans to build Wauwatosa Self Storage. The temperature-controlled self-storage facility will total 63,500 net rentable square feet divided across 444 units in over two dozen configurations. There will be 23 units in the main drive-thru aisle specifically laid out to accommodate automobile storage. The property will be attended by an onsite manager and will incorporate high-resolution cameras throughout. Brett Deter and Scott Revolinski of Founders 3 Real Estate Services represented the buyers. The project is slated for completion late this summer.
CARSON AND CARLSBAD, CALIF. — Westport Properties has acquired a self-storage portfolio comprising two StorQuest Self Storage-managed assets in Carson and Carlsbad. Terms of the transaction were not released. Built in 2006 on 4.5 acres, the Carson property is located at 17106 Avalon Blvd. The Carlsbad property is located at 2500 Campbell Place and was built in 2008 on 3.4 acres. The portfolio totals 270,841 rentable square feet and 2,284 self-storage units. At the time of sale, the portfolio was 90 percent leased. Greg Wells, Kevin Cuff, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self Storage Advisory Group represented the undisclosed seller in the transaction.
NEW WINDSOR, N.Y. — Marcus & Millichap has brokered the sale of Lock Around The Clock, a 373-unit self-storage facility in New Windsor, about 50 miles north of New York City. The facility was built on a 3.3-acre site in 2012 and totals 32,725 net rentable square feet across 126 climate-controlled units, 213 non-climate-controlled units, 31 outdoor parking spaces, two apartments and one garage. Luke Dawley, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the seller, Sloop Hill Associates LLC, in the transaction. The buyer and sales price were not disclosed. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
MIDLAND AND ODESSA, TEXAS — Dallas-based investment firm AVAD Capital has purchased a portfolio of nine self-storage facilities totaling 5,180 units in the West Texas cities of Midland and Odessa. Utah-based REIT Extra Space Storage sold the portfolio, which totals 782,998 net rentable square feet. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented Extra Space Storage in the transaction. The sales price was not disclosed. Avid Storage, the buyer’s wholly owned subsidiary and operating brand, will operate the portfolio. John Bauman, Kris Lowe, Luke Rogers and Scott Cole, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing for the deal through 3650 Capital and Goldman Sachs.
ESCONDIDO, CALIF. — Storm Properties has purchased a self-storage and retail asset in Escondido for $10.5 million. Located at 510 and 520 W. Valley Parkway, the property features 37,125 square feet of storage buildings, a 7,000-square-foot retail strip building and a 5,900-square-foot pad for future retail development. The self-storage facility offers 262 storage units, while the retail space consists of four in-line suites and a single-tenant retail building. One of the retail suites serves as the onsite management for the self-storage facility. The retail is 100 percent occupied, while 97 percent of the self-storage units are currently rented. Storm Properties, a subsidiary of Torrance, Calif.-based Storm Industries, currently manages a diverse portfolio of multifamily, industrial and retail properties.
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