Pinnacle Storage Properties, a Houston-based firm that operates more than 10 Texas self-storage facilities under various names, has acquired Preferred Mini Storage in Conroe, Texas. The property at 4300 W. Davis St. is off near Interstate 45 and Texas State Highway 105, about 42 miles from downtown Houston, according to the source.
Built in 1996 and expanded in 2017, the facility comprises 73,759 square feet in 572 units. Features include 24-hour access, climate-controlled units and video cameras.
“The addition of this property to our rapidly growing portfolio gives us additional efficiencies and synergies across our management platform,” said Robby Dunn, chief investment officer for Pinnacle. “By utilizing bridge financing for the acquisition, we are able to create additional value through lease-up, management and improvements, which can be leveraged with long-term financing down the road.”
The acquisition financing was arranged by Greysteel, a transactional commercial-property advisor for private, middle-market and institutional investors. The team was led by senior finance associate Daniel Hartnett. Last month, the firm also arranged acquisition financing for an Extra Space Storage facility in Houston.
Pinnacle is a privately held real estate owner and operator focused on the acquisition, development and management of self-storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets. The company also currently has a location under development in Round Rock, Texas.
Source:
Commercial Property Executive, Greysteel Arranges Financing of Houston-Area Storage Asset
