Devon Self Storage, a California-based operator that owns or manages 50 facilities nationwide, has acquired two storage properties in Fort Worth, Texas, and Yukon, Okla., in partnership with an unidentified state retirement system.
The Forth Worth facility was acquired on May 28. It comprises 72,175 square feet in 518 units. Devon intends to develop an additional 13,000 square feet of traditional storage space on a vacant, 1-acre parcel at the front of the property, according to a press release. The facility was 91.8 percent occupied at the time of acquisition, company officials said.
The Yukon property, near Oklahoma City, Okla., was purchased on March 5. It comprises 97,500 square feet in 571 units as well as 2,400 square feet in office space, 72 covered spaces for RVs, and 92 surface spaces for vehicles. Devon intends to convert 20,060 square feet of traditional unit space into 18,000 square feet of climate control before the end of the year, officials said. The facility was 63 percent occupied at the time of acquisition.
Devon Self Storage was No. 22 on the Inside Self-Storage 2014 Top-Operator’s List, an annual ranking of the industry’s 100 largest operators based on net rentable square feet. Devon’s entire portfolio comprises more than 3.9 million square feet in 18 states and serves more than 21,700 tenants.