Addison, TX-based Watson & Taylor Self Storage now owns what used to be the Best Little Warehouse in Texas.
Watson & Taylor bought the facility, at 2410 SW Loop 410 in San Antonio, for more than $2.8 million.
The facility formerly operated as the Best Little Warehouse in Texas, a takeoff on the movie and musical “Best Little Whorehouse in Texas.” The facility eventually underwent a renovation and was rebranded as Iron Gate Self Storage. Watson & Taylor bought the property from Iron Gate Self Storage I LLC.
Watson & Taylor now has 13 facilities in Texas.
Strategic Storage Trust
Strategic Storage Trust, operator of the SmartStop Self Storage chain, recently bought two facilities, one in Florida and the other in Nevada, for $13.3 million.
The properties were acquired under the newly created Strategic Storage Growth Trust.
“Our goal for Strategic Storage Growth Trust is to capitalize on the next wave of development and lease-up properties that will become available over the next five years,” Strategic Storage Trust President and CEO H. Michael Schwartz said in a news release.
Schwartz said the facilities have lower occupancy rates than facilities that the company already owned in those markets.
Strategic Storage Growth Trust bought the Nevada facility, at 4866 E. Russell Road in Las Vegas, for $9.45 million. The 1,210-unit facility formerly operated as Malibu Self Storage and had an occupancy rate of 68 percent when the deal closed.
Nick Walker, vice president of investments at Marcus & Millichap, represented the seller. The property received a dozen qualified offers, he said.
“With the lack of inventory available, investors are willing to pay a premium for these properties,” Walker said.
Strategic Storage Growth Trust paid $3.85 million for the Florida facility, at 3252 N. U.S. Highway 1 in Fort Pierce.
At one time, Buford, GA-based StoreSmart Self-Storage operated the 770-unit, 88,400-square-foot facility. It has been bank-owned since 2012, according to local property records. The facility’s occupancy rate was 42 percent when the deal closed.
Virtus Real Estate Capital
Austin, TX-based real estate investment firm Virtus Real Estate Capital recently bought its third facility in northwest Arkansas.
Virtus paid nearly $3.18 million for Bentonville Storage at 2111 E. Central Ave. in Bentonville, AR, according to local property records. Retail giant Wal-Mart is based in Bentonville.
Absolute Storage Management manages the property, along with two others facilities Virtus bought in Bentonville this year for $4 million.
The Central Avenue facility has 400 units in more than 57,000 square feet. The facility’s occupancy rate was 98 percent when the deal closed.
“The facility will be a key addition to the two facilities Virtus purchased in March by providing additional climate-controlled space and a variety of complementary unit types,” said Scott Humphreys, acquisition director at Virtus.
- Dana Point, CA-based operator Store More Self Storage bought a facility at 3031 N. Pecos Road in Las Vegas for $2.24 million. The seller was Safeguard Storage.
- York, PA-based real estate firm Investment Real Estate LLC bought two facilities, at 1700 and 1722 Belmont Ave., in Baltimore. The adjacent facilities had operated as Beltway Mini Storage and Security Mini Storage. Investment Real Estate now runs both facilities, bringing its self-storage portfolio to 14 properties. Combined, the two facilities feature 957 units and 69,508 square feet. The purchase prices weren’t disclosed.
- Colorado storage operator SecurCare Properties LLC bought a 58,700-square-foot facility at 75 Highland Center Blvd. in Asheville, NC, for $2.6 million. The facility previously operated as E-Z Storage.
- Mission Viejo, CA-based NW Investment Co. Inc. bought a 99,300-square-foot facility at 1210 County Road in Pomona, CA, for $3.63 million from Catellus GI I LLC.