Compass Grows in Atlanta Market

Compass Self Storage has acquired its 77^th self storage facility, this time in McDonough, Georgia, southeast of Atlanta.

The new facility is 72,000 net rentable square feet. It’s the 12^th Compass facility in the greater Atlanta market. This single-story property is located at 230 McDonough Parkway. Compass plans an expansion building with additional drive-up units.

Compass Self Storage is a member of the Amsdell family of companies. Amsdell Companies is headquartered in Cleveland, Ohio.

Compass self Storage made 13 acquisitions and developments in 2017.

Extra Secure Sells in Florida

Extra Secure Self Storage in Pompano Beach, Florida, has sold to Value Store It.

Michael A. Mele and Luke Elliott, investment specialists with Marcus & Millichap, marketed the 76,236-square-foot property on behalf of the seller, a limited liability company. 

Extra Secure Self Storage is a Class A, institutional-quality self storage facility on North Powerline Road.

Value Store It Inc. operates 14 properties on the East Coast. The company is owned by Todd Ruderman.

US Storage Completes Miami Development

US Storage Centers and The Feldman Cos. have completed development of a four-story, 1,120-unit self storage facility in North Miami. The new facility is at 1396 N.E. 125^th Street. It’s a 147,000-square-foot building.

The facility marks the 7^th storage facility for US Storage Centers.

Illinois Storage Proposed in Vacant Building

Franklin Development Trust Inc., has proposed to convert the former Brown’s County Market in Sycamore, Illinois, into a mixed-use site that includes self storage and retail. The facility would be unmanned, operated by kiosk and include 178 units.

The property is at 403 E. State Street and has been vacant since 2013.

Franklin Development is based in Hinckley, Illinois. It provides construction and project management.

Pagoda Closes Largest Sale of the Year

Pagoda Companies’ advised on the sale of a three-property portfolio in Western Michigan, representing the real estate advisor’s largest sale of the year.

Pagoda’s Self Storage Real Estate advisor, Mark Floria, represented the seller. The properties sold were Felch Street Self Storage and Lakewood Self Storage, both in Holland, Michigan, and Georgetown Self Storage in Jenison, Michigan. The portfolio includes 1,361 units and 213,793 square feet of rentable storage.

Pagoda Companies is one of Michigan’s largest self storage operators and brokers with approximately 2.5 million square feet of space in Michigan and Ohio.

New Storage Set for Georgia

Gracie Development, LLC, has received a permit for an indoor access, climate-controlled self storage facility in Holly Springs, Georgia, north of Atlanta.

The business could include up to two, two-story buildings of up to 90,000 square feet, according to the conditional use permit approved by the Holly Springs Planning and Zoning Commission.

The business is expected to open by September.

Minnesota Site Sells Ahead of Development

Wasatch Storage Partners has acquired a 4.49 acre self storage building site for $1.56 million in Inver Grove Heights, Minnesota.

Argus Broker Affiliate Tom Flannigan of KW Commercial, in Minneapolis, closed the sale of the site. The local city council has approved plans to build a 754-unit, 83,000 square foot facility.

Flannigan is the Argus Self Storage Sales Network broker affiliate representing Minnesota.

Suburban Boston Site Ready for Storage

Jumbo Self Storage LLC has received approval to raze Montvale Plaza in Stoneham, Massachusetts, and build a four-story self storage facility. Jumbo plans to build a 120,000-square-foot facility on the 1.23-acre site. A timeline for the project at 54 Montvale Avenue was not released.

Jumbo Self Storage is led by Howard Hirsh and Jay Hirsh. 

Mini Storage Depot Sells in Michigan

Mini Storage Depot in Wyoming, Michigan, near Grand Rapids, has sold.

Brett Hatcher and Gabriel Coe, investment specialists with Marcus & Millichap, listed the 63,150-square-foot property on behalf of a limited liability company. The buyer is an out-of-state limited liability company.

Mini Storage Depot has 530 units.

SROA Launches Miami Project

SROA Capital and the Feldman Companies have broken ground on a planned self storage facility near Miami’s Overtown. The partnership acquired a $9.5 million construction loan from Mutual Of Omaha Bank.

The facility will be a 112,500-square-foot, 970-unit building on Sunnybrook Road. The development team paid $1.7 million for the vacant lot in 2017.

Blue Projects USA is the designer of the eight-story building, and DeAngelis Diamond is the contractor.

SROA Capital is formerly Elite Stor Capital Partners. The firm operates storage facilities under the brand name Storage Rentals of America.

Personal Mini Storage Buys in Gainesville

Personal Mini Storage has acquired Devon Self Storage at 8825 NW 13^th Street in Gainesville. The facility is located a few miles north of the University of Florida.

The property is Personal Mini Storage’s 6^th property in Gainesville and its 43^rd property in its portfolio.

The facility comprises 90,000 square feet in 897 units as well as outdoor parking space for boats and RVs.

Personal Mini Storage is based in Orlando, Florida.