This past week’s self-storage transactions highlight sustained momentum, with activity spanning established urban centers and rapidly growing suburban markets. Key deals include an institutional portfolio acquisition in Chicago, suburban expansions in Texas, and a major retail conversion in Irving, reflecting a broader shift towards high-growth, underpenetrated markets. These transactions underscore self-storage’s strong fundamentals, with investors focusing on prime locations, cost-effective operations, and assets with long-term growth potential.
Property: Huffman 2100 Storage
Location: Huffman, TX
Address: 23000 FM 2100, Huffman, Texas
Year Built: 2018 (35% of the facility was added in 2023)
Final Building Completed Year: June 2024
Brokers and Brokerage: Dave Knobler, Charles “Chico” LeClaire, Mixson Staffel and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap
Square Feet: 48,550
Unit Count: 451 units (264 climate-controlled and 172 non-climate-controlled units, plus 15 outdoor parking spaces)
Highlights:
- The facility includes six single-story buildings
- The facility is near key economic drivers, including George Bush Intercontinental Airport, Lake Houston, and the Northeast FM 1960 corridor
Portfolio: Two Self-Storage Facilities
Location: Chicago, IL
Buyer: Hearthfire Holdings (in partnership with Terralpe and Holdfolio)
Professionally Managed by: CubeSmart
Highlights:
- These acquisitions mark the addition of Hearthfire’s third and fourth JV partners, with a fifth partnership pending
- This transaction introduces Hearthfire’s first collaborations with Terralpe, a private equity real estate firm with a 90-year legacy, and Holdfolio, a boutique real estate investment firm with over a decade of experience
- The facilities will be professionally managed by CubeSmart, a national leader in self-storage operations
Property: Development Retail Site (for Self-Storage Facility)
Location: Irving, TX
Address: 2488 Market Place Blvd., Irving, Texas
Buyer: Joint Venture between LaTerra Development and Platinum Storage
Loan Amount: $21 Million
Loan Provided by: Andover Properties
Square Feet Proposed for Self-Storage: 195,000
Highlights:
- The site is adjacent to an existing Home Depot store and a future H-E-B grocery store
- The project will transform the former retail site into a 195,000-square-foot facility
- The facility will feature climate-controlled space and RV storage capabilities
Property: Cubesmart (Managed) – Socorro
Location: Socorro, TX
Address: 10460 N Loop Dr, Socorro, Texas 79927
NRSF: 63,125
Unit Count: 486 units
Highlights:
- Opportunity to finalize lease up on a class a facility in a low supply market of 5.80 NRSF per person in a 5-mile radius
- The area within a 3- and 5-mile radius is experiencing population growth at a rate four times the national average
- The site offers high visibility from the main road, featuring a striking 24-foot sign that guarantees maximum attention
Property: Mr. Store It – Myrtle Beach
Location: Myrtle Beach, SC
Address: 3550 Socastee Blvd, Myrtle Beach, South Carolina, 29588
NRSF: 141,947
Unit Count: 1,273 units
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