Public Storage Inc., a self-storage real estate investment trust, recently acquired the newly constructed Access Self Storage facility in League City, Texas. The property at 3155 W. Walker St. was completed earlier this year and encompasses 84,550 rentable square feet of storage space in 762 climate-controlled units.
The facility features unique architectural design and accents and benefits from exposure to Farm to Market Road 646, the primary commercial thoroughfare in the city, according to a press release from JLL (Jones Lang LaSalle) Capital Markets, the investment-management firm that represented the seller in the transaction. JLL Managing Directors Steve Mellon and Brian Somoza of the company’s National Self Storage Team were the brokers.
“Because of the facility’s high-quality construction, modern design and retail-oriented location, the opportunity generated significant interest from a diverse pool of institutional investors,” said Lauren Monroe, vice president of development for Access Self Storage.
Based in Glendale, Calif., Public Storage has interests in 2,258 self-storage facilities in 38 states, with approximately 146 million net rentable square feet. Operating under the Shurgard brand name, the company also has 193 facilities in seven European countries, with approximately 10 million net rentable square feet.
JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. The firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet. It completed $118 billion in acquisitions, finance and sales in 2014. Its investment-management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management.