A-1 Self Storage, which operates 48 facilities in California, has acquired its first Texas property in an off-market transaction. AAA Storage South Lamar at 1710 S. Lamar Blvd. in Austin, Texas, was developed in 1975. The 26,74- square-foot facility features five single-story, drive-up buildings and 3,186 square feet of retail space on 1.76 acres, according to a press release.
“We are very excited about our first successful acquisition in Texas, and for this location to be our first A-1 Self Storage in Austin is just magnificent,” said Brian Caster, A-1 President and CEO. “South Lamar, or SoLa, has become one of the most desirable areas to live in all of Austin. It’s young, it’s hip, and the thousands of new residents who have moved into the area agree. Due to the proximity to downtown and the thousands of new multi-family units developed nearby, this is an area we want to invest in. In the short term, we will add value through our professional operations, and increase revenue through our revenue-management and marketing platforms. Long term, we plan to redevelop this site into a state-of-the-art A-1 Self Storage facility.”
A-1 has a second Austin location in escrow, according to the release. The company is seeking to purchase raw land, existing facilities, projects in fill-in areas or those that are entitled but not built in California and Texas, the release stated.
A-1 Self Storage is a division of the Caster Cos., a third-generation, family-owned company headquartered in Southern California since 1959. Caster Cos. develops and manages A-1 Self Storage, A-1 Car Storage and other commercial properties in California. Its portfolio includes more than 5 million square feet of real estate.