Amsdell Cos. Buys 2 Storage Facilities in Florida and Michigan
The assets encompass around 114,000 net rentable square feet of storage space.
Compass Self Storage in Saint Cloud
Amsdell Cos., the parent company of Compass Self Storage, has acquired two self storage facilities in Saint Cloud, Fla., and Howell, Mich. The properties, which sold in two separate transactions, total more than 114,000 net rentable square feet.
According to Yardi Matrix data, Express Buildings Systems sold the Florida asset for approximately $10 million. The 2019-built property offers 62,330 net rentable square feet across six single-story buildings at 3498 Canoe Creek Road, some 30 miles south of downtown Orlando. The facility features both climate- and non-climate-controlled units, ranging from 25 to 600 square feet. The property also offers RV and boat parking spaces and drive-up access options.
The Michigan facility encompasses four single-story buildings on 4.5 acres at 1370 W. Highland Road. The 52,000-square foot property has 408 units, ranging from 50 to 300 square feet. Storage spaces include drive-up access options and climate-controlled units. Marcus & Millichap’s LeClaire-Schlosser brokered the sale on behalf of the seller, a private investor.
An active sector
Despite showing signs of slowing down, the self storage market is still benefiting from record gains during the pandemic, a recent Yardi Matrix report shows. National rent rates for the standard 10×10 non-climate-controlled units were up 8.5 percent, year-over-year in October, while climate-controlled units of similar size recorded a 9.8-percent uptick.
The sector’s strong fundamentals continue to encourage large transactions, as recent activity in the market shows. This month, CubeSmart invested $1.7 billion to acquire LAACO and its Storage West platform encompassing 59 storage facilities in Southern California, Phoenix, Las Vegas and Houston.
In late November, a joint venture of Harrison Street and Reliant Real Estate Management LLC purchased the 26-property Midgard Self Storage portfolio, encompassing a total of 18,765 units across six southern states.
