Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has purchased A-Alamo Storage, a 76,720-square-foot, 919-unit self-storage facility in Houston. The property at 3535 Katy Freeway sits on 2.4 acres, less than two miles from downtown Houston, with frontage on the Katy Freeway. It serves the densely populated, affluent neighborhoods of The Heights, Midtown, Montrose and River Oaks, according to a press release by Marcus & Millichap, the commercial real estate firm that brokered the deal.
Constructed in 1999, A-Alamo comprises one three-story building and two two-story buildings containing 854 storage units, 51 outdoor parking spaces and 14 postal boxes. Features include a gated entrance with key-code access, video surveillance, elevators and concrete driveways.
Charles “Chico” LeClaire, a senior vice president of investments in the Marcus & Millichap Denver office, and Dave Knobler, a senior associate in the firm’s Houston office, represented the seller and procured the buyer.
“The activity we received on the A-Alamo transaction is emblematic of the demand that exists for well-positioned, high-quality self-storage assets in today’s market,” Knobler said. “We literally received over 100 inquiries for the asset, including all of the self-storage REITs; and even non-self-storage institutional groups displayed interest.”
Headquartered in Salt Lake City, Extra Space owns or operates 1,335 self-storage properties in 36 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 885,000 units and 99.8 million square feet of rentable space.
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.
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