Sold! JV plots turnaround for East Texas portfolio

Bruce Goldberg
January 19, 2023

Houston, TX-based LandPark Advisors LLC, in a joint venture with Sunset Capital LLC bought an eight-property self-storage portfolio in East Texas (in the Dallas-Fort Worth MSA). Right Move Storage LLC will manage the portfolio. Extensive improvements and starting up an efficient leasing and management strategy are planned.

“Right Move has intimate knowledge of these assets and we believe there is significant market demand for quality self-storage facilities in these Texas markets. This portfolio will demonstrate both solid occupancy and market rental rates once we implement the turnaround business plan,” said Darren Kelley, President of Right Move Storage in a press release.

Brandon Karr of Marcus & Millichap’s Fort Worth office represented the seller and found the buyer.

“From the beginning we knew this deal was going to be challenging because the majority of the facilities were not yet economically stabilized. While that isn’t terribly uncommon in and of itself, most of the properties were also located in secondary and tertiary markets,” Karr said in a statement, adding that the buyer was able to secure attractive debt financing due to their long history of turning around troubled assets in smaller markets.

The portfolio totals 237,735 rentable square feet and 1,440 units located as follows:

  •  301 Providence Circle in Hallsville, TX
  • 1080 West Main Street in Hallsville, TX
  • 8121 TX-149, 5103 Estes Parkway in Longview, TX
  • 2202 South Green Street in Longview, TX
  • 14281 County Road 168 in Flint, TX
  • 426 South Shelby Street in Carthage, TX
  • 2455 East FM 544 in Wylie, TX.

Source: Business Wire

Skyview Advisors, based in Tampa, FL announced the sale of the Central California Self-Storage Portfolio, which is comprised of four properties in the Central Valley, CA MSA. The deal includes 244,264 NRSF across 14.54 acres, 2,034 units and 41 buildings. The facilities are located in the California cities of Modesto, Ripon, Ceres and Los Banos. Source: Skyview Advisors

Midway Climate Controlled Storage purchased two facilities in Georgia. One is at 239 Isle of Wight Road in Midway, with 328 units and 42,650 rentable square feet. Midway also now has Brunswick Space Place Self-Storage at 4275 Highway 17 in Brunswick, GA, with 449 units spread across 47,100 rentable square feet. Midway has hired Absolute Storage Management to operate both sites. Source: Absolute Storage Management

Ryan Layton of AREA Commercial Real Estate announced the sale of Pleasant View Self Storage in Post Falls, ID. It has 182 steel framed storage units spread across four buildings and totaling 28,410 rentable square feet. The buyer is local and previously bought four facilities in the market. Layton is the Argus Self Storage Advisors broker affiliate covering Eastern Washington and Northern Idaho. Source: Argus Self Storage Advisors

Marcus & Millichap

Marcus & Millichap announced the sale of Mooresville Self Storage at 1220 River Highway in Mooresville, NC. It has 275 climate-controlled and non-climate-controlled units spread across 42,600 square feet. The property sits on 4.19 acres. Williams-Blackwell had the listing and also found the buyer. Ben Yelm, North Carolina broker of record, helped with the transaction.

Marcus & Millichap arranged the sale of Camp Lane Storage in Amarillo, TX. It has 197 units spread across 24,440 square feet of NRSF, non-climate-controlled space plus 20 outdoor parking spaces. Arol Horkavy and Jon Danklefs represented the seller and found the buyer. Both parties are LLCs. Source: REBusiness Online

Marcus & Millichap brokered the sale of Budget Self Storage, a 234-unit facility in Pleasonton, TX, about 35 miles south of San Antonio. It was built in 1995 and has 28,275 NRSF of non-climate-controlled space. Jon Danklefs represented the seller and found the buyer; both are LLCs.

Marcus & Millichap also announced the sale of American Storage Centers in Akron OH. It has 903 non-climate-controlled units. Brett R. Hatcher, Gabriel Coe and Nathan Coe, had the listing to market the property. The seller is an LLC.

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