Andover Properties has acquired a 76,000-square-foot storage facility in Garland, Texas. Henry S. Miller Cos. sold the property after three years of ownership, Yardi Matrix shows. The property, previously managed by CubeSmart, will be rebranded as Storage King USA.
The four-building facility is spanning 4.7 acres and comprises a mix of non-climate and climate-controlled units, varying from 25 to 400 square feet. Property characteristics include drive-up access, security features and on-site management.
Located at 1010 Hebron Drive, the facility is one of the 18 properties within a 3-mile radius, offering residents 9.1 net square feet of storage space per capita, slightly below the 9.8 figure across the Dallas-Fort Worth Metroplex, according to Yardi Matrix data.
Although the Metroplex is considerably oversupplied, compared to the 6.9 net square feet national per-person inventory, it registered a 7 percent uptick in rent growth for both 10×10 climate- and non-climate-controlled units, year-over-year in December. The metro’s development pipeline also increased in December, up 30 basis points over the previous month, reaching 7.6 percent.
The Storage King USA portfolio now includes 125 facilities, 37 of them being in Texas. In the past month, Andover Properties acquired three facilities, a total of 106,000 square feet in Calabash and Winnabow, N.C., and an 89,000-rentable-square-foot asset in College Station, Texas.