Storage Express Buys Illinois Portfolio

Indiana-based Storage Express has purchased a dozen facilities located across central Illinois from the Plummer family of the RP Lumber Company.

The sellers own and operate over 50 building materials stores in Illinois, and they developed storage facilities over the past decade adjacent to their retail stores.

Brian Kelly and Brett Hatcher of Marcus & Millichap represented the Plummer Family and Storage Express in the transaction. The facilities are located in Lincoln, Bethalto, Galesburg, Heyworth, Jacksonville, Macomb, Morton, Paris, Peoria, Pontiac, Troy and Washington, IL. The 370,000-square-foot acquisition gives Storage Express a stronger Illinois presence, and brings the company up to 106 locations.

“With existing facilities in Illinois, this portfolio was a good fit for both us and for the Plummer family,” said Jefferson Shreve, the owner and president of Storage Express. “These facilities averaged 30,000 square feet and are located on retail corridors in smaller markets. Those are bread and butter locations for us.”

Storage Express owns and operates self storage properties across Indiana, Illinois, Kentucky, Tennessee and Ohio. Storage Express also has a half dozen expansion and new building projects underway throughout Indiana.

Jenkins Opens Two Facilities in Texas

The Jenkins Organization Inc. has opened its first new development in the Dallas area and another in Houston.

Murphy Self Storage, located in Murphy, Texas, is one of four projects The Jenkins Organization will open in this area by the end of 2018. The new facility includes 635 units.

Magnolia Parkway Storage is The Jenkins Organization’s 23^rd managed self storage facility in the Greater Houston area. It consists of 293 climate and non-climate-controlled units in addition to its boat/RV storage. Future plans are to expand the facility.

The Jenkins Organization is a Houston-based self storage owner, developer and management company operating 45 properties throughout Texas, Oklahoma, Missouri, Minnesota and Louisiana. The company has 7 new development projects, 3 new acquisition properties, and expansions of 5 existing facilities in 2018.

Tucson Storage and Car Wash Sells

Marcus & Millichap advised on the sale of Rita Ranch Self Storage & Car Wash, a 23,350-square-foot self storage facility with car wash located in Tucson, AZ, for $4.2 million.

Christopher R. Secreto, an investment specialist in Marcus & Millichap’s Seattle office, and Cameron Glinton, an investment specialist in the firm’s Las Vegas office, represented the seller; a Tucson-based limited liability company.  The buyer was a limited liability company based in Phoenix, AZ.

The facility includes 230 units, 161 RV/vehicle parking spaces plus automated and self-serve car wash property which sits on 5.6 acres. The self storage and self-service car wash bay were built in 2000, with the automated car wash and other services added in 2009.

Bellomy & Co. Assists Sellers in Nebraska, Texas 

Bellomy & Co. has advised on the following self storage sales with Bill Belomy, Michael Johnson and John Arnold leading the transactions:

• 3D Self Storage in Elkhorn, Nebraska. Built in 2016 and further expanded in 2017, the facility consists of 802 units in 122,070 NRSF. The 11 buildings sit on 5.8 acres. The buyer was Public Storage. 

• Move It Self Storage in Austin, Texas. The facility has 379 climate, non-climate, and parking units in 43,775 NRSF. Located 5 miles from downtown Austin, the facility sits on 6.9 acres. The buyer was U.S. Storage Centers.  With the acquisition of this property, U.S. Storage Centers now owns and operates 20 facilities in Texas.

• Big & Safe Self Storage in Leander, Texas. The facility consists of 482 units in 60,475 NRSF. Built in 2004 and 2014, the property sits on 4.6 acres. The team procured the buyer, Montfort Capital Partners.

Bellomy & Co. is an Austin, Houston and Atlanta-based commercial real estate firm with a team exclusively focused on the self storage industry.  

U.S. Storage Centers Grows in Philly

U.S. Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first U.S. Storage Centers location in Pennsylvania and will be rebranded as a U.S. Storage Centers self storage facility.

Beyond Opens 2 in Pittsburgh

Beyond Self Storage at Robinson and Beyond Self Storage at Ross are two new facilities that opened in March near Pittsburgh, Pennsylvania. They are two of the largest facilities in the Pittsburgh area, each with over 100,000 square feet.

The Robinson Township facility is at 100 Cedar Ridge Drive while the Ross facility is at 7204 Old McKnight Road.

Beyond Self Storage will open a third Pittsburgh location later this year in Mt. Lebanon.

NorthPoint Development is a Kansas City-based real estate development, management and leasing firm founded in 2012 focused on industrial, multi-family, senior living and self storage. NorthPoint launched Beyond Self Storage in 2016.

SSGT Opens in NC Mountains

Strategic Storage Growth Trust, Inc. has opened a new two-story self storage facility in Asheville, North Carolina. The facility is fully climate-controlled and located at 3173 Sweeten Creek Road.

SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 25 operating self storage facilities located in 10 states comprising approximately 17,000 self storage units and approximately 1.9 million net rentable square feet of storage space.

STR Sees Growth Potential in Riverside-San Bernardino

The supply of self storage in Riverside, California, is low compared with metro areas of similar size, leading to potential robust self storage growth in the area.

According to Nashville-based STR, there are 39 self storage projects being tracked in the development pipeline here. Of those, 22 are in the planning phase, one is in final planning, three are under construction, 12 are expansions and one has been deferred.

STR believes the area could be well-suited to absorb the supply coming online as well as supporting the existing supply. The Riverside MSA is the 13^th largest MSA in the nation and it is attracting population growth from nearby Los Angeles and San Diego where the cost of living is higher.

New Storage Approved in Vermont

Jumbo Self Storage LLC has earned approval from the Burlington, Vermont, planning board to build off Wheeler and Blanchard roads. Jumbo plans a five-story, 119,523-square-foot facility on 11 acres.

Planners approved two special permit applications for the project.

Developer Moves Ahead on Miami Storage

Storage Partners of Miami II has received an $11 million construction loan to begin work on a new self storage facility at 3095 S.W. 39^th Avenue in Miami, between Coconut Grove and Coral Gables.

The New Jersey developer plans to break ground on an 82,461-square foot storage building with 836 square feet of retail. The site was acquired for $5.2 million in 2017.

Storage Partners of Miami also has a self storage facility under construction at 226 N.E. 26^th Street. The developer is affiliated with MM Storage, also known as Manly Storage Ventures.

Strategic Storage Trust Buys in Las Vegas

Strategic Storage Trust IV has acquired a 580-unit self storage facility located at 8020 Las Vegas Blvd. South in Las Vegas, Nevada.

The facility has approximately 55,000 rentable square feet.

SST IV is a public non-traded REIT sponsored by SmartStop Asset Management, LLC.