Real estate firm Merit Hill Capital LP has purchased Safe Keeping Self Storage in Baytown, Texas, a suburb of Houston. The seller was Weiss Realty Group Inc., a Houston-based real estate firm, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that helped broker the deal.
The single-story property at 120 S. Alexander Drive comprises 76,485 square feet of storage space in 782 units. It also contains eight office/warehouse units for lease. Property features include climate control, electronic access, covered loading area and video cameras.
JLL Managing Directors Steve Mellon and Brian Somoza led their team in the deal. “This property provides a value-add opportunity in a growing city with a strong local economy,” Mellon said. “As such, it is a perfect fit for Merit Hill Capital’s portfolio.”
Based in Brooklyn, N.Y., Merit Hill is focused on acquiring, developing and managing self-storage facilities nationwide. Last year, it launched a $300 million fund with private capital to pursue single-property and small-portfolio acquisitions in markets with at least 25,000 residents and demonstrating population growth.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $170 billion in investment sale and debt and equity transactions globally in 2017. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
