Bancap Sells San Diego Storage Site

Bancap Self Storage Group has successfully marketed and sold Lock-It Lockers in San Diego, California. The property in the Mission Valley area has approximately 56,700 NRSF in 750 units with outdoor vehicle space and a cellular service site. 

Dean Keller, Bancap’s president, was the exclusive listing agent and sole broker. The seller was the original private developer, and the buyer was Extra Space Storage.

Bancap Self Storage Group has sold $1.35 billion in self storage over the past 30 years. Keller is chairman emeritus of the California Self Storage Association board of directors and a member of the Board of Governors of the Self Storage Association Foundation.

Compass Opens in Pittsburgh, Buys Ft. Worth

Compass Self Storage opened a new store in Sewickley, Pennsylvania, its second location in the greater Pittsburgh market. The facility offers 51,688 NRSF and climate-controlled and drive up units.

Compass has also acquired a self storage center in Ft. Worth, Texas, the seventh location in the greater Dallas/Ft. Worth market. The facility has 68,000 NRSF

Compass Self Storage now has 75 locations nationally. Compass Self Storage is a member of the Amsdell family of companies headquartered in Cleveland. Amsdell had roots in a family-owned construction company founded in 1928 and has since been active in real estate ventures with a primary focus on self storage. Amsdell has owned and operated over 500 storage centers under various trade names in over 27 states.

Andover Plans Storage King in Florida

Andover Properties, LLC, has purchased property in Homestead, Florida, and intends to build a 110,000-square-foot Storage King self storage facility.

Andover Properties closed on a 3-acre parcel near Route 1/Dixie Highway. Andover will construct a class-A, multi-level climate controlled facility as well as several smaller, single-story structures with drive-up units. The project should be completed by the end of 2018.

New York City-based Andover Properties owns and operates a total of 28 self storage facilities in Florida, Maryland, North and South Carolina, New Jersey, New York, Pennsylvania, Tennessee and Virginia under its trade name Storage King USA.

CBRE Sells U-Stor-It Properties

CBRE has successfully sold two U-Stor-It Self Storage properties located in Mobile, Alabama.

Nick Walker, executive vice president and managing member of the Self Storage Advisory Group, represented the out-of-state owner and procured the buyer, who wanted to increase their presences in the Southeast.

The properties combined for approximately 80,800 NRSF and 526 drive-up units. The properties packaged together and situated less than three miles from one another improved economies of scale for the project, said Trevor Roberts, Senior Associate advisor.

CBRE Group, Inc. is a Fortune 500 and S&P 500 company headquartered in Los Angeles, and is the world’s largest commercial real estate services and investment firm.

New Storage Opens in Northern Mississippi

Hernando Self Storage LLC has opened a new facility in Hernando, Mississippi, south of Memphis. The facility has 329 units in 41,545 square feet.

Absolute Storage Management will manage the store, which opened September 4. The partnership will be ASM’s first property under management in Hernando and their ninth property in Mississippi. ASM is headquartered in Memphis and operates 100 properties.

Birmingham Medical Building to be Converted

A former medical office building in Birmingham, Alabama, will be redeveloped into climate-controlled self storage.

Developer Ed Drummond of Integrated Properties received approval from the Birmingham City Council to rezone a 4.7-acre site for storage. The building is 50,000 square feet and will remain relatively untouched on the exterior. The rezoning received the approval of the nearby neighborhood association.

Drummond said there is a demand for storage facilities in the immediate area. Other storage facilities in the Crestwood and Crestline areas are completely full, he said.

Store Here Sells Portfolio

Store Here LLC, a joint venture between Store Here Management, LLC, and real estate investment firm Westport Capital Partners, LLC, has sold a 27-property portfolio in six states to National Storage Affiliates Trust.

The portfolio spans facilities in Colorado, Georgia, Indiana, Kansas, Louisiana and Texas. It comprises 1.7 million square feet in 12,171 units. The portfolio was 80.6 percent occupied at the time of purchase. The assets were purchased for $174.5 million.

Westport entered the self storage industry through its joint venture with Store Here and in less than three years assembled 27 properties.

Store Here Management, a division of RHW, includes an acquisition and analysis division that focuses on the self storage industry. It owns and manages 19 storage facilities in seven states. RHW plans to expand the Store Here brand through property acquisitions and management contracts, company officials said in a press release.

10 Federal Buys Superior Self-Storage

10 Federal has acquired Superior Self Storage in Asheboro, North Carolina, and is nearing completion of the renovation of Chapel Hill South.

Superior Self Storage is 18,825-square feet in four buildings on 1.4 acres and was built in 1999. The buyer plans to deploy technologies to support unmanned operations and provide call center operations.

10 Federal purchased Chapel Hill South in Chapel Hill, North Carolina, in September, and have been renovating the 7,440-square-foot property. Upgrades include paved drive aisles, a rental center and kiosk. The firm is working on transitioning the facility to unmanned operations.

10 Federal Storage LLC, aims to acquire, rehabilitate and renovate storage facilities within the Southeast.

SpareFoot Connects Consumers to Trucks

SpareFoot has launched an effort to connect consumers with local self storage facilities that offer truck rentals. The offering is an opportunity for self storage facilities to market the service directly to customers.

“Often, storage consumers don’t know until it’s too late that many storage facilities offer a free or discounted truck rental,” said SpareFoot CEO Chuck Gordon. “In fact, over 30 percent of the facilities in our network have trucks available to rent. Consumers can check two big items off their to-do list with one vendor, which streamlines the process and can save them both time and money.”

SpareFoot already offers customers discounted truck rental through a relationship with Penske, and an instant quote on a full-service local move with Bellhops. The site also offers full-service and portable storage options. This new search experience makes it easier for consumers to find a facility that can help them with two of their moving needs in one place.