Property: Air Control Storage
Brokers: Richard Minker and Chad Snyder
Brokerages: Argus Self Storage Sales Network (Colliers International)
Colliers International Self Storage Advisory Services Group, is pleased to announce the sale of Air Control Storage, located at 3614 McCart Ave. and 2912 W. Pafford St. in Fort Worth. This two-property facility houses 532 fully climate controlled spaces with expandable area inside the converted warehouse. Both locations are converted warehouse spaces located within a mile of the Texas Christian University campus off McCart Blvd. Colliers identified the buyer through the auction company TenX and was able to close after the lender and the city of Fort Worth were able to resolve an issue with an abandoned sewer easement under the property two days before closing.
The Colliers team of Richard D. Minker, CCIM and Chad Snyder are affiliates of ARGUS Self Storage Sales Network and represented the seller in the transaction. Richard and Chad can be reached at 817-335-5600 for additional details.
Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self storage and income property investments. Now the largest self storage brokerage network in the United States, the ASSSN has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit Argus-SelfStorage.com.
Property: 6 Sun Island Road
Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC., announced today its purchase of an 840-unit self storage facility in Nantucket, Massachusetts for $37.5 million.
“The acquisition of this stabilized property strengthens the balance sheet of Strategic Storage Growth Trust, allowing the REIT to expand its development pipeline and acquire additional properties with certificates of occupancy,” said H. Michael Schwartz, chairman and chief executive officer.
Located at 6 Sun Island Road, the 93,000 square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition.
Chief investment officer Wayne Johnson added, “This is the premier self storage facility on Nantucket Island, with many safety features and 17 climate-controlled wine storage units that serve the renowned Nantucket Wine & Food Festival, which draws attendees and participants from throughout New England and across the nation each year.”
For more information, visit NGKFStorage.com
Property: Acorn Self Storage
Brokers: Michael Mele and Luke Elliott
Brokerage: The Mele Storage Group of Marcus & Millichap
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, closed the sale of a Cape Coral facility, Acorn Self Storage, a 65,950-rentable square foot self storage facility located in Cape Coral, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, an out-of-state, East Coast-based private investor, was also secured by Mele and Elliott.
Located at 337 Northeast Pine Island Road, the Cape Coral self storage facility has high visibility along a primary thoroughfare in an area that boasts all of the ideal elements for self storage, including a record-breaking population surge and a wide array of national retailers. Initially constructed in 2000, the facility underwent an expansion in 2003 to match Cape Coral’s growing population, resulting in a total of 678 total units among five buildings.
“The seller previously had off-market offers that were over a million dollars less than the price we were able to get them for the property,” says Elliott, first vice president of investments at Marcus & Millichap, “We had a deep buyer pool who appreciated the quality of the asset and ultimately selected a buyer who closed at the list price.”
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. To learn more, please visit: MarcusMillichap.com
Property: West Coast Self Storage
Broker: Tom de Jong
Brokerage: Colliers International
Congratulations to West Coast Self Storage on their recent closing of a development site in Carlsbad, California. This location is on the El Camino Real in the scenic North San Diego County city of Carlsbad and is located immediately adjacent to Mako Steel’s offices. Although originally not approved for storage, we were able to negotiate multiple extensions with the sellers to gain full entitlements prior to closing escrow. The site is just under 1.5 acres and sold for $25.00/SF for a total of $1,600,000. West Coast Self Storage will be breaking ground in early 2018 on this Class-A, multi-story storage project.
Over the past ten years Tom has helped self storage investors, owners, builders and developers with projects across the U.S. and has become one of the predominant experts in self storage site selection, value analysis and investment sales advisory work. For more information, contact Tom at 408-724-0337 or Tom.deJong@Colliers.com
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