Public Storage Inc., a self-storage real estate investment trust, has acquired High Point Storage in League City, Texas, its second purchase in the Houston suburb in recent months. The facility at 1250 W. League City Parkway is on 9 acres and contains 716 climate-controlled storage units as well as covered parking spaces. It’s near Interstate 45 and Texas State Highway 96.
Built in 2007 and expanded earlier this year, the facility comprises 99,950 net rentable square feet and was 95 percent occupied at the time of purchase, according to a press release from Bellomy & Co., a Texas-based real estate firm that brokered the deal.
The High Point purchase is a part of the REIT’s drive to expand its portfolio through acquisition rather than new development, according to a company press release. The practice is in line with its sustainability initiatives. By reusing existing structures, the storage operator is able to reduce its carbon footprint with fewer contractor trips in the area, Public Storage officials said in a news release.
John Arnold, Bill Bellomy, Michael Johnson and John Owens of Bellomy & Co. represented the seller in the transaction and solicited the interest of Public Storage in the deal. The real estate firm specializes in self-storage and has offices in Austin, Houston and Lubbock, Texas, as well as Atlanta.
In late April, Public Storage bought the newly constructed Access Self Storage facility at 3155 W. Walker St. The property encompasses 84,550 rentable square feet of storage space in 762 climate-controlled units. The company now owns 103 Houston-area locations.
Based in Glendale, Calif., Public Storage has interests in more than 2,250 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.
Hight Point Storage in League City, Texas.