Phoenix-based AMERCO Real Estate Co., the development and acquisitions entity for The U-Haul Co., has purchased AAA Storage EXP 281 in Pharr, Texas, for an undisclosed amount. Located at 4007 Cage Blvd., the 94,160-square-foot facility consists of 622 self-storage and parking units. AMERCO also purchased the adjacent tract of land and plans to expand the operation.
The seller, who was unnamed, was represented in the transaction by Joe Linsalata, a real estate broker who specializes in the brokerage of self-storage facilities throughout Texas.
AMERCO Real Estate Co. is owned by AMERCO, which also owns U-Haul International Inc., Oxford Life Insurance Co. and Repwest Insurance Co. The company acquires existing buildings for conversion to self-storage, existing self-storage facilities and bare land. It also sells its surplus properties, provides feasibility and market studies nationwide, and leases office, commercial and industrial space, including land for billboards and cellular phone towers.
Established in 1945, U-Haul has 36 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.