Self-Storage Real Estate Acquisitions and Sales: March 2024

Update 3/29/24 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in March 2024.

Ziff Real Estate Partners acquired the newly built Copper Safe Storage in Bessemer, Alabama. The 4.7-acre property at 1500 Tedescki Drive contains seven buildings comprising 70,000 square feet. It’ll be managed by self-storage real estate investment trust (REIT) Public Storage Inc. Founded in 1991, Ziff operates and owns industrial, office, retail and self-storage assets.

Extra Space Storage Inc. purchased a facility at 6045 Fairmont Parkway in Pasadena, Texas, that was previously managed and branded by Devon Self Storage. The site offers 71,505 square feet in 509 units, plus 38 vehicle-storage spaces. The seller, Pasadena Self Storage LLC, was represented in the transaction by Jacob Becher and Tom de Jong, executive vice presidents of de Jong | Becher Self Storage Group of Colliers International, an investment-management company. They were assisted by fellow broker Charles Fertitta.

Phoenix-based U-Haul International Inc. purchased Duke Mini Storage in East Peoria, Illinois. The 5.4-acre property at 401 Sabrina Drive offers 58 units and 99 covered vehicle-storage spaces. It’ll be remotely operated by U-Haul Moving & Storage of Morton at 1075 W. Jackson St.

U-Haul also acquired the two-property Freedom Self Storage portfolio in Pueblo, Colorado. Together, the facilities at 469 E. Spaulding Ave. and 827 Village Circle offer 484 units and 81 vehicle-storage spaces. Established in 1945, U-Haul owns and manages more than 82 million square feet of storage space nationwide.

Prime Group Holdings, which operates the Prime Storage brand, acquired a 1.7-acre property at 6025 Park Drive in Rocklin, California, for $20 million. Managed and branded by REIT Extra Space, the three-story facility opened in 2021. It comprises 98,240 square feet in 993 units. The seller, an affiliate of Banner Real Estate Group, was represented in the transaction by Brian Somoza, senior managing director of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.

Make Space Inc. acquired the two-property Trenton Self Storage portfolio in Trenton, Ontario, Canada. The facilities at 121 Stockdale Road and 4 Foster Stearns Road comprise a total of 70,000 rentable square feet in 450 units and 195 vehicle-storage spaces. Make Space operates more than 35 facilities in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan, Canada.

StorageMart, which operates more than 250 properties across Canada, the United Kingdom and the United States, acquired four unnamed self-storage facilities in Urbandale, Iowa, and Fredericksburg, Virginia. The two Urbandale properties comprise 52,595 square feet in 393 units, while the Fredericksburg sites total 66,675 square feet in 466 units. Founded in 1999 and based in Columbia, Missouri, StorageMart is privately owned and operated. Its portfolio consists of more than 15 million square feet of storage.

The following sales were brokered by affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties:

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

3/15/24 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in March 2024.

Bellamy Knox Self-Storage in Dover, New Hampshire, sold for $1.2 million to StorageTek, which operates another facility in the same city. The 2.9-acre property at 1800 Lilac Land contains three buildings offering 111 units. It also includes 59 outdoor vehicle-parking spaces. The buyer was represented by Dave Garvey, managing director for real estate firm Coastal Land & Commercial Group.

CP’s Stor-It in West Burlington, Iowa, sold to a new self-storage investor. The 2-acre property at 130 N. Beaverdale Road offers 16,064 rentable square feet of drive-up storage and includes room for expansion. The buyer and the seller were represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke, broker affiliates for Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Manhattan Mini Storage (MMS) acquired a Public Storage facility in the Chelsea neighborhood of New York City. The 18-story building at 541 W. 29th St. comprises 144,800 square feet in 6,300 units. The buyer was represented by real estate firm The Davis Cos. MMS was founded in 1978 as a family-owned business. It was acquired in 2021 by StorageMart, which operates more than 300 self-storage properties across Canada, the United Kingdom and the United States. Based in Glendale, California, Public Storage is a self-storage real estate investment trust (REIT) that has interests in 3,044 self-storage facilities in 40 states.

Wall Street Storage Unit Rentals in Shelby, Ohio, sold to Soggy Dollar Properties LLC. The facility at 82 Wall St. contains six buildings comprising 23,789 square feet. The seller, Marjorie Roush, was represented by Jim Clark, executive managing director, and Kris Parker, associate director, of commercial real estate firm Newmark Group Inc.

West Huntersville Storage Center in Huntersville, North Carolina, sold to Canvass Capital, a real estate private-equity firm. The facility at 9220 Beatties Ford Road comprises 35,218 net rentable square feet. It also contains a 2,000-square-foot pet shop and a cell tower. The buyer and the seller, Long Creek Enterprises, were represented by Frank DeSalvo and David Perlleshi, senior directors for real estate firm Franklin Street.

The following sales were brokered by The Hatcher Coe Group of Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

New sources:
PR.com, Argus Broker Affiliates Announce Sale of North Dakota Self Storage Facility
JLL, Sacramento-Area Self-Storage Facility Sells to New Investor
Multi-Housing News, Prime Group Acquires New Asset for $2.5B Self Storage Fund
KTLA 5, Make Space Storage Acquires Two New Facilities in Trenton, Ontario
PR Newswire, StorageMart Expands Reach: Unveiling Two New Facilities in Established Markets
PR Newswire, U-Haul Now Operating at Duke Mini Storage Location in East Peoria
PR Newswire, U-Haul Acquires 2 Existing Self-Storage Facilities in Pueblo County
Marcus and Millichap, Marcus & Millichap Brokers the Sale of Highlands Self Storage in Franklin

Previous sources:
PR.com, Argus Broker Affiliates Announce Sale of Iowa Self Storage Facility
REBusiness Online, Marcus & Millichap Brokers Sale of 322-Unit Self-Storage Facility in Phillipsburg, New Jersey
NEREJ, Garvey of Coastal Land & Commercial Group Assists in $1.239 Million Sale of 111-Unit Self-Storage Facility
BNN, Manhattan Mini Storage Expands Empire by Acquiring Prime Chelsea Location in NYC
REBusiness, Newmark Arranges Sale of 23,789 SF Self-Storage Facility in Shelby, Ohio
Franklin Street, Franklin Street Arranges Sale of 35K-SF Self-Storage Facility in North Carolina