SmartStop Buys Self Storage Portfolio
MorningStar Storage sold the East Coast assets.
SmartStop Self Storage has acquired a two-property self storage portfolio. The assets, sold by Morningstar Storage, are located in Virginia and North Carolina.
Morningstar Storage Portfolio spans a total of 1,033 units across 112,707 rentable square feet.
Executive Managing Director Charles LeClaire and Senior Managing Director Adam Schlosser with the LeClaire-Schlosser Group of Marcus & Millichap brokered the deal on behalf of the seller and secured the buyer. Mid-Atlantic Division Manager Brian Hosey and Regional Manager of the Carolinas Benjamin Yelm, assisted with the transaction.
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Last month, SmartStop Self Storage acquired a Class A self storage facility in Spartanburg, S.C. RealtyLink sold the 109,500 rentable-square-foot property for $13.2 million.
A climate-controlled portfolio
The property at 1716 E. Carry St., in Richmond, Va., came online in 2000. The Class A self storage facility last changed hands in 2019 when The Jenkins Organization sold the asset for $5.1 million, Yardi Matrix data shows. The five-story building features climate-controlled units ranging between 25 and 250 square feet. On-site amenities include video surveillance, gated access, digital access and institutional style leasing offices.
The facility has access to Interstate 95 and is less than 1 mile away from downtown Richmond. The property is one of the seven such facilities available on a 3-mile radius, offering residents 4.6 rentable square feet per capita.
The second property at 6 Long Shoals Road in Arden, N.C., traded for $12.5 million, according to Buncombe County records. The facility offers vehicle and wine storage and features climate-controlled units, ranging between 12 and 400 square feet. On-site amenities include video surveillance, contactless renting, drive-up access and RV parking.
The property has access to Interstate 26 and is less than 10 miles from downtown Asheville, N.C. The Asheville Regional Airport is some 6 miles south of the facility.
