In a joint venture with Patriot Self Storage Management, real estate investment firm Passco Cos. LLC has acquired Private Mini Storage in Houston. The facility will be rebranded as Patriot Self Storage, according to a press release.
The three-story property at 4217 San Felipe St. is in the River Oaks community. It comprises 54,294 square feet of rentable self-storage space in 503 climate-controlled units. It also offers 1,000 square feet of wine storage.
“This purchase offered the opportunity to acquire a high-performing self-storage asset in a market that is primed for strong economic growth,” said Passco President Scott Allen. “Houston has an exceptionally diverse and growing local economy, which will continue to drive demand for these properties over the next several years.”
The buyer and the seller, a partnership between real estate firm Clarion Partners and Private Mini Storage, were represented in the transaction by Kenneth Cox, executive managing director, and Aaron Swerdlin, vice chairman, of NKF Capital Markets, the real estate firm that brokered the transaction.
Headquartered in Irvine, Calif., Passco is a real estate investment firm specializing in the acquisition of commercial, multi-family and self-storage assets. Its services include asset and property management, leasing, and property development and construction. Passco has $2.5 billion in assets under management and is involved with more than 50 properties in 17 states.
Founded in 2006 by Hal Perdew, Patriot Self Storage is headquartered in Osprey, Fla. Its principals have more than 40 years of real estate and financial-management experience, according to its website.
NKF offers investment sales, transaction management, debt placement, proprietary lending, and appraisal and valuation advisory services. The group has completed more than $6 billion in transactions across more than 540 properties.