Hill Country Self Storage in Cedar Park, Texas, a suburb of Austin, was recently sold to Don Clauson, a local owner. The 555-unit, 68,777-square-foot facility was built in 2005 and was 85 percent occupied at the time of sale.
The seller, Legend Communities, was represented in the transaction by Steve Mellon, vice president and director of the Self Storage Group at Grubb & Ellis Co., a Houston-based real estate services and investment firm. Mellon was joined by Pete Williams, executive vice president of the Grubb & Ellis Memphis, Tenn., office. According to Mellon, Hill Country Self Storage is considered a trophy asset since it is a recently constructed, well-leased property in a good location.
During the past six months, the Grubb & Ellis Self Storage Group has closed self-storage assets in Florida, Tennessee and Texas with a total value in excess of $20 million.
Grubb & Ellis employs more than 5,200 professionals in more than 100 company-owned and affiliate offices. The firm provides real estate transaction, management, consulting and investment services as well as investment products to property owners, tenants and investors.