Westport Properties Inc. (WPI), which operates 86 self-storage facilities under the US Storage Centers brand, has purchased Texas Self Storage in Houston. The seller was Airport Boulevard Partners L.P., a Texas-based company.
The property at 8909 Hinman St. comprises 44,600 square feet of storage space in 483 units, 30 of which offer climate control, and 35 covered-parking spaces. Built in 1975 and renovated in 2008, it includes four single-story and two two-story buildings. Property features include perimeter fencing and electronic access, video cameras, and a retail-oriented customer-service office.
The seller was represented in the transaction by Brian Somoza and Steve Mellon, managing directors of JLL Capital Markets, a commercial finance and real estate firm. “This property is poised for improved performance and increased revenue,” Somoza said. “With excellent visibility along Airport Boulevard, the main thoroughfare connecting Interstate 45 to Hobby Airport, and nearly 15,000 apartment units within a three-mile radius of the property, this facility provided investors with a significant value-add opportunity.”
Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities as well as provides third-party management services. Its portfolio comprises more than 6.5 million rentable square feet in 13 states. It's affiliated with Westport Memphis Self Storage LLC.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
Sources:
- Rebusiness Online: JLL Negotiates Sale of Texas Self Storage in Houston
