MESSENGER NEWS
MCSS Development & Investment LLC, which has changed its name to Basis Industrial, recently completed two relat- ed acquisitions in Medley and Orlando, Fla., through its subsidiary, BaySpace. In Medley, BaySpace purchased the former Megacenter Palmetto, a mixed-use property that includes co-working suites, self-storage, and small-bay industrial space. Built on 8.6 acres, the building comprises more than 180,000 square feet. The Orlando property is a 33,000-square-foot, small-bay industrial building.
Harrison Street Capital has
acquired two CubeSmart facili- ties in Washington for a combined total of $69.9 million. In both trans- actions, Seattle-based Columbia
Pacific Advisors was the seller. The Shoreline property has 129,261 square feet; the Woodinville location has 95,527 square feet.
Point Acquisitions has closed on a 700-unit facility is in San Antonio, Texas. The property has more than 362,000 square feet and more than 20 acres available for expansion.
Paul Boyle, executive director of Cushman & Wakefield, closed the sale of AZ Storage Inns, an eight-building, 75,105-rentable-square-foot
facility in Phoenix, William Warren purchased the 734-unit property.
Andover Properties has expanded its Storage King USA portfolio into Indiana with the acquisition of a property in South Bend. The property, which was converted to self- storage in 2019, offers 40,000 square feet of climate- controlled storage space in addition to 44,000 square feet of retail space. The property will be rebranded under Ando- ver’s Storage King USA brand.
Michael Morrison of Midcoast Properties, Inc., represented the seller in the sale of Bluewater Self Storage, a 265-unit facility in Murrells Inlet, S.C. It was sold to a regional buyer.
Bill Alter, managing director of the Self-Storage Specialty Group at Rein & Grossoehme Commercial Real Estate, represented the seller, MR Investments, LLLP, in the sale of Glendale Self Storage, a 54,081-square-foot, 650-unit facil- ity in Glendale, Arizona. The buyer was one of the larger non-public owners of self-storage properties in the country.
Kingdom Storage Holdings and Titan Wealth Group announced the sale of Mokena Self Storage, a three-story, 108,659-net-rentable-square-foot, 939-unit facility in Moke- na, Ill. It was sold for $18 million in just 13 months, providing investors with a 118.4-percent internal rate of return.
Fireside Financial purchased Tri-County Storage, a 579-unit facility in Edwardsville, Ill., with 88 parking spaces. Tri- County Storage will be managed by Simply Self-Storage.
34 September 2022 •
MiniStorageMessenger.com
(photo credit: Ethan Cairns,
WINNIPEG FREE PRESS)
Ashley Compton, the national director of Colliers Self Storage Group, represented the seller and procured the purchaser in the sale of Storage Source, a two-story, 67,750-rentable-
square-foot, 660-unit facility in Iowa City, Iowa. Iowa City Storage LLC sold the facility to Storage Rentals of America. Terms of the sales are confidential and cannot be disclosed.
Moove In Self Storage (MISS) has expanded its portfolio with the acquisition of Southside Mini Storage, a 19,505-net-rentable-square- foot facility in the Iowa City MSA. It will be managed by Investment Real Estate Management, LLC, under the Moove In Self Storage brand.
The Storage Acquisition Group (TSAG) announced the closing of a Life Storage-managed facility in Manchester, N.H. The property offers 72,725 net rentable square feet across 888 units. The transac- tion was negotiated by Bill Sitar, Jr., Esq., affiliate
agent at TSAG and vice president at Sitar Realty Company; Thomas Palumbo, an affiliate agent at TSAG; and Monty Spencer, CEO of TSAG.
A facility in Worcester, Mass., has sold to new owners for $5 million. Previously owned by Value Store It, the property was purchased by Storage Rentals of America.
Ariz.
Berkshire Hathaway’s Cameron Vale, senior vice president; Parker Sweet, president; and Andrew Plunkett, vice president, represented the seller and secured the buyer in the sale of the Carroll County Storage portfolio in McKenzie and Huntingdon, Tenn. Zeko Prop-
erties, LLC, purchased the 299-unit, 42,757-net-rentable-square-foot property from MRH Holdings for an undisclosed amount.
Bellomy & Co arranged the sale of A-1 Self Storage, a 204-unit facility in Corpus Christi, Texas.
Storage Oddities
Gas Guzzlers At least one woman’s vacation plans came to a screeching halt this summer when her RV was vandal- ized at an RV storage facility in Winnipeg, Canada. A thief (or thieves) had bored a hole through the metal fuel tank of her 26-foot RV to drain the gasoline. Mary Lou Milhausen had just filled the 247-liter tank a few days before she discovered the damage. She estimates that there was nearly $500 worth of gas in the tank at the time of the incident. “My gas cap is
not covered or locked,” she said. “The thief could simply have siphoned the gas instead of putting a hole in the gas tank.” In addition to their large fuel tanks, RVs have been targets due to
their catalytic converters. Milhausen’s was stolen two years ago. Unfor- tunately, gasoline is considered as part of a vehicle’s contents, so it is not a claimable loss. Since the ordeal, she has decided to move her RV to a more secure storage facility after it’s repaired.
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