Four Texas Self-Storage Facilities Trade Hands at $32.6 Million

  

Grandview Self-Storage Center, Odessa, TX

FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four Texas self-storage properties, two in Odessa and two in Midland. The total sales price on the transaction is $32.6 million.

            Brandon Karr, a senior associate in Marcus & Millichap’s Fort Worth office, represented the seller, a private developer, and sourced the buyer, W.P. Carey Inc.

Brandon Karr

 “This four-asset portfolio purchase marks the first time this East Coast buyer has invested in West Texas property,” says Karr.

“The Midland-Odessa area is thriving due to energy demand, with year-over-year economic growth of 13.5 percent,” Karr adds, “spurring the buyer to invest here even though it was unfamiliar territory.”

“The new owner intends to deploy a cluster strategy, and plans on investing in even more Midland-Odessa self-storage facilities as they become available,” Karr concludes.

The state-of-the-art self-storage facilities include ample room for trucks and trailers. Their climate- and dust-controlled units are protected by video surveillance, individual door alarms and electronically controlled gate access.

         

The portfolio’s four assets are:

• Grandview Self-Storage Center, Odessa
• West County Road Self-Storage Center, Odessa
• Loop 250 Self-Storage Center, Midland
• Midkiff Self-Storage Center, Midland

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