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\nHow many self storage units could $1 billion buy? The operators of All Storage appear poised to find out.<\/p>\n
The self storage company runs 50 facilities in Texas and three in Oklahoma, but the operator appears ready to box up ownership. The company is exploring a sale that could net more than $1 billion, according to Bloomberg.<\/p>\n
The company has started to solicit interest from potential buyers with assistance from CBRE in the sale exploration, Bloomberg reported, citing people with knowledge of the matter. The outlet didn\u2019t identify any potential buyers.<\/p>\n
Self storage has proven to be a strong business during the pandemic as individuals stuck under lockdown measures and businesses with vacated offices sought more space.<\/p>\n
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Texas is a particularly strong market for self storage. All Storage owns a cluster of 14 facilities in the connected Fort Worth metro, where nearby Dallas saw the\u00a0biggest growth of self storage construction<\/a>\u00a0from 2011 to 2020 when 16.2 million square feet were added to accommodate an influx of 1.2 million residents.<\/p>\nTwo other Texas cities ranked in the top 10 of self storage construction during the previous decade. Houston ranked third, adding 14 million square feet, while Austin \u2014 the nation\u2019s fastest-growing major metro \u2014 ranked ninth, adding slightly under 6.5 million square feet of self storage space.<\/div>\n