The recent self-storage transactions highlight the diverse market dynamics at play, reflecting both the consolidation trends within the industry and the strategic acquisition of properties in growth markets. Older facilities like those in Lakeland, FL, and Richmond, VA, are being repurposed or modernized to meet evolving consumer demands, while newer properties in areas like Canton, GA, and Columbus, MS, are expanding to capitalize on strong occupancy rates and growing demand for climate-controlled units. The involvement of major players like StorageMart and SmartStop Self Storage underscores the industry’s focus on acquiring strategically located, high-quality assets to enhance market share and operational efficiencies. These deals collectively showcase a market that values both innovation in facility design and the ability to cater to diverse tenant needs.
Property: Lakeland Self Storage (Two Facilities – approx. one mile apart)
Location: Lakeland, FL
Address: 2326 West Memorial Boulevard & 2008 West Olive Street, Florida
Year Built: 1970 and 2005
Brokers and Brokerage: Nathan Coe, Gabriel Coe, Brett Hatcher and Ryan Nee of the Hatcher Coe Group of Marcus & Millichap
Acreage: 2.73 acres
Square Feet: 29,028
Unit Count: 257 units (27 climate-controlled and 230 non-climate-controlled units)
Property: Second Attic Storage
Location: Bessemer, AL
Address: 1760 4th Avenue SW, Bessemer, Alabama
Year Built: 2006
Brokers and Brokerage: Greenhalgh, Jake Payne and Lee Thornton of Marcus & Millichap
Acreage: 3.05 acres
NRSF: 34,250
Unit Count: 302 units (climate and non-climate-controlled storage)
Property: Friendly City Mini Warehouses
Location: Columbus, MS
Address: 7627 Highway 45 N, Columbus, Mississippi
Year Built / Expanded: 2022 / 2024
Seller: Peter Imes
Brokers and Brokerage: Matthew Porter and Mickey Davis of Marcus & Millichap
Acreage: 3.25 acres (with room for future growth)
NRSF: 47,720
Unit Count: 314 units (163 climate-controlled and 145 non-climate-controlled units)
Occupancy: 91%
Highlights:
- Advanced 24-hour digital surveillance
- Gated entry with coded access
Property: State-of-the-art Self-Storage Facility
Location: Canton, GA
Address: 4843 Holly Springs Pkwy, Canton, Georgia
Buyer: StorageMart
NRSF: 95,429
Unit Count: 865 units (climate controlled units and drive-up access)
Highlights:
- Enhanced security measures
- 24-hour video surveillance
- Gated access
- Convenient access hours with on-site management
- 24/7 customer support through our call center
Property: Shockoe Bottom Self-Storage Complex
Location: Richmond, VA
Address: 1720 E. Cary St., Richmond, Virginia
Closing Deal: $12 Million
Year Built: 1900
Seller: Morningstar Storage (North Carolina-based)
Buyer: SmartStop Self Storage (California-based REIT)
Brokerage: Marcus & Millichap
Square Feet: 92,000
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