San Diego-based The Caster Group purchased its first Texas facility at 1708 S. Lamar in Austin, TX for an undisclosed price. The company, which operates facilities under the name A-1 Self Storage, operates 48 facilities in California.
The 26,740-square-foot facility (pictured above) was developed in 1975 and also features 3,186-square-feet of retail space. The facility previously operated under the brand A-A-A Storage.
“Due to the proximity to downtown and the thousands of new multi-family units developed nearby, this is an area we want to invest in,” said Brian Caster, president and CEO of A-1 Self Storage.
Caster said the company plans to someday to redevelop the facility. The company has a second Austin location under escrow and is looking for more, Caster said.
“We plan to be one of the leading providers of self storage in Austin, so if you have an opportunity for us in that market, please let us know,” Caster said.
21st Century Storage
21st Century Storage acquired the self-storage facility at 200 NW 79th Street in Miami, FL for $5.1 million. The 663-unit self-storage facility previously operated under the name Peoples Storage.
Michael Klein, director, and Jose Carrazana, associate director, at real estate capital firm HFF arranged the financing on behalf of the buyer. New York City-based Bedrock Capital Associates issued the two-year floating-rate senior loan.
“The success of this debt placement can be attributed to numerous factors including the sponsor’s considerable operations and management experience, as well as strengthening economic fundamentals in self storage nationally,” Carrazana said.
Other Notable Sales
- Judd Property LLC acquired the 31,415-square-foot self-storage facility at 4070 E 29th Street in Tucson, AZ for $1.9 million. The seller was A-Access Self Storage LLC. Broker Michael Brazill negotiated the transaction.
- Wayne Stufkosky purchased the 26,070-square-foot self-storage facility at 1533 N. Alma School Road in Mesa, AZ for $1.3 million. The seller was Betty Skelton Living Trust. Melody Bramer of KW Commercial arranged the sale.
- Little Rock, AR-based Storage Near Me purchased the 620-unit facility at 1325 E. Museum Road and the 262-unit facility at 1565 Highway 365 South in Conway, AR for $3.7 million. The facilities were sold by Wellington Storage Centers.