Public Storage Inc., a self-storage real estate investment trust (REIT), has acquired 11 Switzer’s Locker Room self-storage facilities in and near Oklahoma City. The properties were named after former University of Oklahoma Head Coach Barry Switzer, a partner in the business. The sites are:
- 1646 N. 9th St., Broken Arrow
- 640 N.W. 164th St., Edmond
- 2201 N.W. 192nd St., Edmond
- 2701 N.W. 38th St., Lawton
- 602 S.W. 82nd St., Lawton
- 905 S.E. 19th St., Moore
- 3290 Classen Blvd., Norman
- 9720 S.W. 15th St., Oklahoma City
- 6814 N.W. 122nd St., Oklahoma City
- 1530 S.W. 119th St. Oklahoma City
- 7825 S. Walker Ave., Oklahoma City
“These properties are in great locations and were all built in the last 10 years. They have great access, visibility and serve growing communities,” said Erik Svensson, vice president of acquisitions for Public Storage.
Plans are underway to enhance the facilities by improving drainage, repaving paths and refining access for customers with disabilities, according to a company press release. The portfolio was constructed in phases between 2001 and 2016, and consists of single-story buildings containing climate-controlled and drive-up units. Three of the properties have land for future expansion.
The REIT was drawn to the market due to its growth, the release stated. The city grew 9 percent over the last five years, topping off at more than 630,000, according to U.S. Census data. Multi-family residences are being built in record numbers in the city, said Rose Kinnamon, a Public Storage property manager. “You can’t even get an apartment in the city. The house prices are off the charts from even what they were five years ago,” she added.
In 2014, single-family home permits increased 150 percent, and the average cost of homes has increased more than $50,000 over what they were five years ago, the release stated. In addition, more than 27,000 jobs were created in greater metropolitan Oklahoma City over the last five years, according to the Greater Oklahoma City Economic Forecast. This was in part to the growing number of jobs in aerospace, hospitals and technology. The area is also home to Fort Sill Military Base and Tinker Air Force Base.
The buyer and seller were represented in the transaction by Charles “Chico” LeClaire, senior vice president of investments, and Adam Schlosser, vice president of investments, in the Marcus & Millichap Denver office.
Based in Glendale, Calif., Public Storage has interests in 2,310 self-storage facilities in 38 states, with approximately 151 million net rentable square feet. Operating under the Shurgard brand name, the company also has 218 facilities in seven European countries, with approximately 12 million net rentable square feet.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Sources:
- Public Storage: Public Storage Moving to Oklahoma City
