Self-Storage Real Estate Acquisitions and Sales: February 2025

Author

Cody Baker
March 18, 2025

Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in February 2025.

Crystal Clean Self Storage in San Antonio, Texas, was acquired by a real estate investor. The facility at 8708 Marbach Road comprises 34,000 square feet. The transaction was brokered by Simon Assaf, first vice president and director; Cayson Fincher, associate; and Ben Tracy, senior associate for Matthews Real Estate Investments Services, a commercial real estate investment firm.

A partnership between Avad Capital and Etude Capital acquired a nine-property portfolio in Midland and Odessa, Texas, from Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and management company. Together, the facilities comprise 782,998 rentable square feet in 5,180 units. The buyer and the seller were represented by Steve Mellon and Brian Somoza, senior managing directors; and Adam Roossien and Matthew Wheeler, directors for JLL Capital Markets, a global provider of capital solutions for real estate investors. Based in Dallas, Avad is a commercial real estate investment company that targets self-storage, multi-family and recreational real estate. Etude is a private-investment firm that owns 1.8 million rentable square feet of self-storage in Florida, Oklahoma and Texas. Headquartered in Salt Lake City, Extra Space operates self-storage facilities under the Extra Space, Life Storage and Storage Express brand names nationwide.

Spectrum Storage Group, a joint venture between Storebox Self Storage Ltd. of Ireland and the United Kingdom and valet-storage provider Lovespace, acquired Midland Container Storage at 4 Ring Road in Burntwood, England. It’ll be rebranded as Storebox Cannock. Spectrum now operates 28 facilities comprising 594,000 square feet.

Westport Properties Inc., which operates more than 200 US Storage Centers facilities nationwide, purchased a two-property portfolio in Carlsbad and Carlson, California, that was branded and managed by StorQuest Self Storage. Together, the facilities at 17106 Avalon Blvd. in Carson and 2500 Campbell Place in Carlsbad comprise 270,841 rentable square feet in 2,284 units. They were built in 2006 and 2008, respectively. The unnamed seller was represented in the transaction by Kevin Cuff, Luke Elliott, Mike Mele and Greg Wells of Cushman & Wakefield’s Self Storage Advisory Group, a real estate firm that provides brokerage, consulting and valuation services.

Storm Properties acquired a US Storage Centers facility in Escondido, California, for $10.5 million. The property at 520 W. Valley Parkway comprises 37,125 square feet in 262 units. The purchase also included an adjacent 7,000-square-foot retail building and a 5,900-square-foot pad for future retail development. Storm Properties is a subsidiary of Torrance, California-based Storm Industries, which oversees a portfolio of industrial, multi-family and retail properties.

A two-property US Storage Centers portfolio in Salem, Oregon, was purchased by Spartan Investment Group LLC, a privately held real estate investment firm that specializes in self-storage and operates the FreeUp Storage brand. The facility at 350 Glen Creek Road N.W. comprises 93,252 square feet in 633 units, while the one at 3715 Blossom Drive N.E. offers 71,500 net rentable square feet in 615 units. They’ll be managed by Public Storage Inc., an industry REIT and management company. Founded in 2014 and based in Golden, Colorado, Spartan operates more than 65 self-storage facilities nationwide. Based in Glendale, California, Public Storage has interests in 3,045 self-storage facilities in 40 states, with approximately 218 million net rentable square feet.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • 24-7 Automated Storage in Henderson, Nevada, was acquired by Extra Space. The 1.5-acre property at 1601 Athol Ave. contains nine single-story buildings comprising 29,900 square feet in 230 drive-up units. The buyer and the seller were represented by Jordan Farrer, first vice president of investments for The LeClaire-Schlosser Group. 24-7 has two facilities in Las Vegas and Logan, Utah.

  • Blue Door Storage in Sanford, North Carolina, was purchased by American Self Storage. Opened in October, the facility at 413 Cox Maddox Road comprises 66,000 rentable square feet in 300 units and 26 covered vehicle-storage spaces. The seller was represented by Gabriel Coe and Nathan Coe, senior managing directors of investments; and Brett Hatcher, executive managing director of investments for The Hatcher Coe Group. Fellow broker Donald Gilchrist assisted. American operates 16 facilities in North Carolina.