StorageMart, a Columbia, Missouri-based storage company, has acquired Hanley Storage, a self-service storage facility in Coeur d’Alene, says Ryan Layton, of American Real Estate Associates Inc.

StorageMart purchased the facility, located at 3800 W. Hanley, for $6.8 million on Nov. 17, Layton says. The Hanley facility is the company’s third in the Inland Northwest: It also operates complexes at 16715 E. Trent, in Spokane Valley, and 3027 W. Hayden, in Hayden. 

The Coeur d’Alene complex purchase included 2.5 acres of land with 218 units of varying sizes split between seven storage warehouses.

Of the 218 units onsite, over 150 storage spaces have 200 square feet; 23 units are 480 square feet in size; and 31 units have 360 square feet each, for a total of over 53,900 square feet of rentable space.

Alex Burnam, senior vice president, real estate acquisitions at StorageMart, says the company was drawn to the Coeur d’Alene storage facility in part by new residential growth surrounding the site.

Layton says the envisioned 2,800-unit Coeur Terre residential and commercial project—a 440-acre property under development by Kootenai County Land Co. situated between Coeur d’Alene and Post Falls—will support continued demand for storage.

“North Idaho is an extremely strong residential market. The self-storage industry generally follows residential development, as we are an adjacent lifestyle use to the average household,” Burnam says. “The strong net-migration numbers in this market are what initially drew us to North Idaho when we acquired the Hayden asset. Due to our success nearby, it made a lot of sense to acquire Hanley Storage as well.” 

The Hanley property was first developed in 2022 and constructed by Steel Structures of America Inc., Layton says.

Burnam says that even though the property is new, a few tenant improvements—valued at $105,000—are planned to update the branding and security systems, such as closed-circuit television and smart keypads customers control through an existing app.

Layton represented the seller, Ironfield LLC, in the real estate transaction, and Adam Kammarcal, of Professional Realty Services Idaho, represented the buyer.

StorageMart will have one full-time employee onsite with supplementary support from staff at the company’s Hayden location, says Burnam. 

Founded in 1999, StorageMart has grown to operate over 250 storage facilities in the U.S., Canada, and the U.K., according to its website.