Private Investor Buys In Asheville

South Park Storage in Asheville, North Carolina, has sold to a private investor.

Brian Fulton, 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 private investor.

South Park Storage is a 38,140-square-foot self storage facility with 117 climate-controlled units and 140 non-climate-controlled units. The facility also has 27 parking spaces.

“We worked with the seller over the last three years implementing value-add strategies to maximize the value of their property until they decided the time was right to sell,” said Fulton.

South Park Storage is comprised of 117 climate-controlled units, 140 non-climate controlled units, 27 occupied parking spaces and one non-climate workspace for a total of 285 units.

Storage King Buys Outside Orlando

Andover Properties, LLC, doing business as Storage King USA, has acquired AAA Storage, a 75,000-square-foot facility containing over 600 units, located in Minneola, Florida.

The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates 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.

Andover intends to modernize the facility through rehabilitating the older structures and adding security and lighting. 

Storage Solutions Makes Washington Purchase

Storage Solutions has purchased a 41,000-square-foot facility on 5 acres in Deer Park, Washington, with plans to make it a fourth location in the Spokane area. The new facility will be called Storage Solutions Deer Park.

Storage Solutions plans to expand the existing facility with a 30,000-square-foot addition and enclosed RV units.

Storage Solutions was represented by Ryan Layton, director of investment sales for American Real Estate Associates, Inc.

Developer Gets Approval for CT Storage

A new self storage facility planned by developer J.R. Clisham has been approved in Southington, Connecticut.

The Planning and Zoning Commission approved the facility on the Meriden-Waterbury Turnpike north of New Haven. Clisham plans to build a 60,000 square foot facility on a four-acre site.

Access Storage Now Expands in Home State

Access Storage Now, which owns and operates 11 locations in South Indiana, has purchased Birdseye Self-Storage in Birdseye, Indiana, from owner Steve Morrow. The property at 5 Poplar St. contains climate-controlled and drive-up units.

Access Storage Now is owned by Brian, Chris and Scott Tretter. The portfolio includes 2,500 storage units with expansions underway at facilities in Corydon, Dale, Huntingburg and Ireland, Indiana.

The Storage Guy Expands

Wisconsin’s The Storage Guy has invested $4 million to expand its Springfield location. The facility was built in 2015. The addition includes 105 new units and a new parking lot with 200 spaces for campers, cars and boats.

The Storage Guy is co-owned by Jeff Daugherty and Jim Wills.

Seattle Metrics Supporting Storage Growth

Seattle is among the national leaders in self storage development growth, according to December data from research firm STR. Seattle’s facility count is projected to grow 21.6 percent over the next two years. That growth rate would be the fifth fastest nationally.

The population of the Seattle-Tacoma-Bellevue MSA grew by 10.2 percent from 2010 to 2016. At the same time, gains in employment and the highest gains in home prices led to additional growth for storage. It’s estimated that 1,100 new residents move to Seattle each week.

STR counts 398 existing facilities. STR is tracking 92 projects in the development pipeline, with one-third (about 28) to be completed in 2018.

Given the favorable economic conditions, STR believes the region is well-situated to absorb the growth.

Big Tee’s Opens North of St. Louis

Big Tee’s Self-Storage will open a new location in Godfrey, Illinois.

The new self storage business on W. Delmar is owned by Barton Partners, LLC.

The business will provide a free truck and driver to assist new move-ins within a 3-mile radius.

Godfrey is located just north of St. Louis.

StorQuest Plans to Open in Former Taco Shop

The William Warren Group, which operates the StorQuest Self Storage brand, is seeking to convert a former Los Angeles taco shop into a four-story storage facility. The property on W. Broadway has been vacant for nearly four years.

Plans include construction of a nearly 85,000-square-foot building.

The company is seeking to build the site taller than normally allowed by the city.

Based in Santa Monica, California, StorQuest operates 128 facilities in seven states.

StorageMart Offers Omaha Outlook

StorageMart, which operates five storage facilities in the Greater Omaha, Nebraska, market has issued a warning that operating fundamentals are in decline in the market.

The Omaha self storage market currently has 61 facilities. Another 22 new properties are in planning or set for delivery in 2018. According to StorageMart, the increase accounts for a 24 percent increase in supply for the market.

West Coast Set to Open in Washington

West Coast Self-Storage Group and 16523 Partners LLC plan to open a second self storage facility in Shoreline, Washington. The property is 88,529-square feet with 688 units.

The project was designed by Site + Plan + Mix, LLC and built by JPR Construction.

West Coast opened another Shoreline facility in 2017 near Sheridan Beach.

West Coast Self Storage currently manages and owns 45 facilities in Washington, Oregon and California.