2 Houston-Area Storage Facilities Change Hands

1 min read

The facilities are two adaptive reuse projects completed in 2018 and 2019.

Extra Space Storage. Image courtesy of Marcus & Millichap

The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of two self storage facilities, totaling 140,795 square feet in Houston and Galveston, Texas. Both assets, formerly managed by CubeSmart, are adaptive reuse facilities completed in 2018 and 2019.

Extra Space Storage has purchased the 93,715-square-foot asset in the Clear Lake area of southeast Houston, county records show. Spanning 3.5 acres, the two-story facility was originally an office building constructed in 1985 and converted to storage in 2018. The redeveloped facility comprises 802 climate-controlled units, ranging from 25 to 300 square feet, with elevator access, security features, electronic gate access and video surveillance.

Located at 555 Bay Area Blvd., the asset is one of the 19 storage facilities within a 3-mile radius, offering residents 18.1 net square feet per capita, substantially above the 6.9 national average. Overall, Houston’s self storage market remains a largely penetrated market with 10 net square feet of storage space available per person.

Former Falstaff Brewery

Radiant Storage. Image courtesy of Marcus & Millichap

Radiant Storage has acquired Karam Self Storage, the 47,080-net-square-foot asset in Galveston, Texas, for $6.8 million, Yardi Matrix data shows. The building, a former Falstaff Brewery, stands six stories tall and offers 439 climate-controlled units, ranging from 25 to 412 square feet. Property characteristics include drive-up access to select units and security features. The redeveloped facility also includes a rooftop private event and wedding venue and a 110-room boutique hotel.

Located at 3316 Church St., the property is in an area offering residents 7.7 net rentable square feet per capita, being one of the seven storage assets within a 3-mile radius.

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