Archive for Self Storage

Aug
29

Charleston Self Storage Facility Sold

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folly rd ssThe sale of Folly Road Self Storage in Charleston, South Carolina was recorded on August 25, 2017. The property consisted of 303 storage units in 34,700 net rentable square feet plus 15 parking spaces for boats and RVs. The property is located at 1573 Folly Road in Charleston, South Carolina. The property was purchased by a private equity firm from Pennsylvania and will be managed by a third-party management company. The seller was an entity controlled by an individual from San Diego, California. The sale price was $4,686,500.

Bill Alter of Rein & Grossoehme Commercial Real Estate represented the seller in the transaction.

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Aug
16

Wando Self Storage Facility Sold

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wando ssThe Extra Attic Self Storage in Wando (Charleston), South Carolina, was sold in August and commanded a sales price of over $100 per RSF.

Located on Clements Ferry Road just tenths of a mile from the proposed 9,000 acre development of Cainhoy Plantation, estimated to be home to 20,000 – 40,000 residents over the coming decades, the facility features 11 self storage buildings plus an office building, with 84,200 +/- RSF on approximately 6 acres. It offers climate units and traditional units, plus parking. There is also an onsite rental office with moving supplies, and a self serve Kiosk. Expansion can be accommodated onsite vertically.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc., a leading self storage broker in the Southeast, represented the seller and had the listing to market the facility.

LINK TO LOOPNET LISTING

Categories : Charleston
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Jun
28

Charlotte Self Storage Supply to Increase 6.8%

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There are 22 new self storage facilities under construction in the the Charlotte, NC MSA, which would represent a 6.8% increase in total existing supply if all projects were completed. This is the 14th largest increase in the nation according to The Pipeline Report, which is published by STR.

charlotte self storage

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May
21

N. Charleston Self Storage Facility Sold

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sold sign in yardAthena Real Estate, LLC is pleased to announce the acquisition of Pack Rat Self Storage (to be re-named Out O’ Space Storage), an approximate 400 unit or 45,700 square foot facility located at 2170 Greenridge Road, North Charleston, South Carolina. The property, acquired through an Athena affiliate, is similarly branded as six other Athena affiliate self-storage facilities located in Florida and provides for residential and commercial storage. The property is centrally located and is in close proximity to a number of apartment complexes, universities, technical schools, and businesses. The property offers both climate controlled and non-climate controlled space and sells moving and storage supplies.

This property is one block off of Rivers Avenue, a seven-lane highway with an average daily traffic count of approximately 67,000. The property has approximately 5,000 residential units nearby. Over the past 24 months the property has averaged 87% physical occupancy by unit count and 77% economic occupancy according to management summary reports.

Categories : Charleston
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May
02

Will the Self-Storage Sector Rebound from 2016 Setback?

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self-storage3A planned 100,000-sq.-ft. facility in West Palm Beach, Fla. appears to break new ground in how self-storage properties are developed. Aside from 830 climate-controlled self-storage units, the mixed-use project will also include 1,200 sq. ft. of rentable retail space on the ground floor.

This is part of a larger effort on the part of municipalities to restrict the development of self-storage properties in favor of preserving space for manufacturing.

New York City became the latest city, along with Charleston, S.C. and San Francisco, to enact policies reining in the development of hotel and self-storage properties to preserve land for manufacturing uses and support job growth. The developers of the planned self-storage space in West Palm Beach included retail as a tactic to make the property more appealing to local authorities and gain zoning approval, say industry observers.

READ MORE HERE

Categories : National News
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Dec
18

Ziff Properties Buys Simpsonville Self Storage Facility

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absolute-storage-llc-entrance-signReal estate developer Ziff Properties Inc. has acquired Absolute Storage in Simpsonville, S.C., for $4.5 million from Absolute Storage LLC, a locally owned business. The property at 412 Scuffletown Road comprises 45,530 square feet of storage space. Ziff plans to add 23,175 square feet of storage in 314 new units. Once complete, the property will contain 627 units.

“This marks our sixth self-storage acquisition in South Carolina’s upstate,” said Christian Chamblee, chief operations officer and director of acquisitions for Ziff. “We are excited to set our expansion plans into motion and provide Simpsonville with another class-A storage option.”

Earlier this month, Ziff purchased the 52,000-square-foot Buncombe Plaza shopping center in Greenville, S.C., with the intent to convert it to self-storage. Construction is expected to begin in the spring.

Categories : Greenville
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Dec
13

Rock Hill Self Storage Facility Sold

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kwik-storageKwik Storage, located at 1409 Albright Rd in Rock Hill, SC, was sold in November to a regional buyer and commanded a sales price of approximately $77 per RSF.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. represented the seller and had the listing to market the facility.

The facility is comprised of 187 climate and traditional self storage units totaling 21,200 +/- RSF, a free standing office building, a laundromat and a free standing pharmacy on 2.7 acres. Amenities include security cameras, computerized gate entrance, fencing and onsite expansion opportunity. Currently, the pharmacy is leased for $2,200 per month, and the laundromat is leased for $5,000 per month. The seller owns the laundromat business and is willing to rent that space as a laundromat for up to one year. There is room on site for an additional 2 self storage buildings GSF totaling 13,200. The laundromat building could also be converted to climate controlled self storage.

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Sep
29

Two Anderson Self Storage Facilities Sold

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two soldBeltline Self Storage in Anderson, S.C., was sold for $4.5 million, which included the assumption of an existing commercial mortgage-backed securities loan, according to a press release from Argus Self Storage Sales Network, the real estate firm that brokered the deal. The property at 205 E. West Parkway was originally converted to storage in 1986 from a former Lowe’s Home Improvement store and later expanded to include drive-up units. At the time of sale, the 4.6-acre facility comprised 362 units as well as 43 vehicle-parking spaces. The buyer plans to construct an 11,000-square-foot expansion, the release stated. The deal was brokered by Bruce Bahrmasel and Neal Gussis of Waveland Commercial Real Estate LLC, and Jamey Cox and Joey Godbold of SVN Percival Partners.

Stowaway Storage in Anderson, S.C., was sold to a regional buyer. The three-building property at 4350 SC-24 sits on 3 acres. Built in 1995, it comprises more than 43,000 rentable square feet of storage space in 222 storage units. Michael Morrison, associate broker with Midcoast Properties Inc., represented the seller.

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Aug
04

Self-Storage Cap Rate Compression Slows

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self-storage3The self-storage sector’s appeal seems to defy convention. Self-storage assets lack the architectural themes and fine details that produce trophy properties in the office and retail sectors. No gleaming lobbies or guest amenities like the hotel sector. Yet investors have recognized other virtues in the self-storage asset class and driven cap rates down by 275 basis points in recent years, a pace of almost five basis points per quarter, according to a recent assessment from real estate services firm CBRE.

Now, however, cap rate compression in the sector is slowing down. After the close of the first quarter of 2016, the average cap rate on transactions was 5.70 percent, a change of four basis points. True enough, the drop in cap rates has slowed, but rates are still moving in a direction that is benefitting investors and owners.

“People love storage,” says Chris Sonne, executive vice president and national self-storage valuation group leader in CBRE’s valuation and advisory services division. “While there wasn’t a lot of activity in any sector in terms of transaction volume, when you compare that to declines in other asset classes, like office, self-storage was impacted the least.”

READ MORE HERE

Categories : National News
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Jul
25

Anderson Self Storage Properties Sold

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entranceviewThe two-property Mini Storage for Less portfolio in Anderson, S.C., was sold to a limited-liability company for $2.2 million. The facilities at 752 Simpson Road and 4013 Highway 81 S. comprise 47,352 net rentable square feet of storage space.

The seller, also a limited-liability company, was represented in the transaction by Brett R. Hatcher and Gabriel Coe, investment specialists in the Marcus & Millichap Columbus, Ohio, office. The buyer was represented by Mike MacManus and Stacey Gorman, investment specialists in the Marcus & Millichap Atlanta office. Broker Raj Ravi assisted in the closing.

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Jun
22

Three Charlotte Self Storage Facilities Sold

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sold stamp blueMarcus & Millichap has arranged the sale of a three-property, 881-unit self-storage portfolio located in metro Charlotte, N.C. The buyer, a hedge fund, was also secured by the group.

The properties included in the portfolio are:

  • Highway 70 Self Storage, 344 units in Newton, N.C.
  • North Cannon Self Storage, 302 units in Kannapolis, N.C.
  • Shelby Self Storage, 235 units in Shelby, N.C.

All three facilities are located in Greater Charlotte, within a short distance from each other. With an estimated population of 2,500,000 residents, the Charlotte metro area is the most populous in North Carolina and the sixth largest MSA in the Southeast United States. By 2020, the metro is expected to have a 58.6 percent population growth from 2000.

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Jun
21

Charleston Self Storage Property Sold

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1719 signalElliot Calhoun, broker with NAI Avant’s Charleston office, recently facilitated the investment sale of a ±18,035 square foot self-storage facility located at 1719 Signal Point Road in Charleston, SC. Calhoun represented the seller, KALEV, LLC, in the transaction valued at $920,000. The purchaser, Un Altro Elefante, LLC, was represented by Mario Inglese with Petigru Properties, Inc.

According to Loopnet:

120 unit self-storage facility on Signal Point Road, in rapidly growing Folly Road corridor. Currently 75% filled with no marketing and listed at 9% CAP. Manager in place and included in annual NOI of $79,000, but can be replaced. Rents are currently below market and offer additional upside. Improvements include: new roof on main structure, significant landscaping work, new fence/gate, conversion of some inside office space to climate controlled units, and renovation of some distressed units.

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Mar
23

Columbia Self Storage Facility Sold for $96/SF

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plantation storagePlantation Storage – Sparkleberry, located in Columbia, SC, has commanded a sales price of over $96 per RSF. The buyer, an out of state investment firm, formed an LLC for the purpose of acquiring the facility.

Plantation Storage was opened in 1996. This facility features 62,470 net rentable sf, 14 buildings and 462 units on 3.4 + acres. It has both standard and climate controlled units, parking, a rental office with moving supplies, and an apartment. Amenities include security cameras, computerized gate entrance and fencing.

Dale C. Eisenman, CCIM, of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property.

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Feb
24

Columbia Self Storage Facility Sold

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space place columbiaSpace Place Storage, a 51,750 net rentable square foot self-storage facility located in Columbia, SC, was sold in February to an out of state investment firm. The buyer formed an LLC for the purpose of acquiring the facility.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property and was successful in securing a purchase price at a 6% capitalization rate. The facility enjoyed 84% occupancy and was managed by a professional third party management company.

The facility is situated on 3.65 +/- acres, and is comprised of 403 climate and traditional self storage units and an office. Amenities include RV, boat and car parking, fencing with computerized gate entrance, a rental office with moving supplies and good visibility. The address is 110 Newland Rd.

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Feb
14

Bluffton Seeing Self Storage Growth

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self storageAmerica has become a country of pack rats.

The fastest-growing segment of the commercial real estate industry is self-storage facilities. The industry boasted a profit of $27.2 billion in 2014, according to the Self Storage Association.

Locally, the demand is visibly high, with two self-storage centers currently under construction off Bluffton Parkway.

Bluffton Self Storage is well underway at 12 Oliver Court. Hilton Head Island-based The Bradshaw Group is developing the 76,000-square-foot center, which is expected to include standard and climate-controlled units in addition to a two-story climatized building and covered RV and boat parking. The Bradshaw Group has previously touted the facility as being the largest in Beaufort County.

Just down the street, another self-storage company, Savannah-based Stop N Stor, has cleared a lot and begun building at the intersection of Bluffton Parkway and Red Cedar Street. Directly across from it is an Extra Storage Space facility.

READ MORE HERE

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