Cohen Investment Group Enters Texas Storage Market

IN Self Storage. Image courtesy of Marcus & Millichap

Cohen Investment Group has acquired IN Self Storage, a four-property portfolio totaling 136,150 square feet in Aubrey, Flower Mound, Fort Worth and Wylie, Texas. LMF Commercial provided an $11.4 million loan for the acquisition of two of the facilities, Yardi Matrix data shows.

First Vice President of Investments Danny Cunningham and Senior Vice President of Investments Brandon Karr of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer.

The facilities are located in high-growth corridors throughout Dallas-Fort Worth, making them a good investment option, Cunningham said in a prepared statement. The market is showing strong market fundamentals. As of February, the Metroplex registered a 20-basis-point increase for under construction and planned facilities, marking 7.7 percent of the existing inventory.

Portfolio breakdown

3825 Old Parker Road Wylie

The largest facility is located at 3825 Old Parker Road in Wylie, Texas, comprising 53,568 square feet of non-climate-controlled and climate-controlled units, ranging from 40 to 360 square feet with drive-up access. There are 12 storage facilities within a 3-mile radius, totaling 13.9 net rentable square feet per capita, significantly above the 7 national average.

The Fort Worth, Texas, property, located at 2801 E. 820 S. Loop, includes 31,112 net rentable square feet of non-climate and climate-controlled units, with RV and boat parking options, drive-up access and security features. The facility is the only one located in an underpenetrated market, despite the other seven facilities within a 3-mile radius, offering residents 2.5 net square feet of storage.

The portfolio also includes:

• A 24,128-net-rentable-square-foot facility encompassing six buildings with non-climate-controlled units ranging from 25 to 300 square feet. The buildings also feature drive-up access and RV and boat parking options. Located at 14799 Fishtrap Road in Aubrey, Texas, it is one of the six available facilities within a 3-mile radius, with 11.3 net rentable square feet inventory per person.
• Another 28,281-net-rentable-square-foot asset comprises 11 buildings with non-climate-controlled units varying from 50 to 380 square feet with drive-up access. Located at 2400 Victory Drive in Flower Mound, Texas, the asset is one of the eight properties within a 3-mile radius, with 9.4 net rentable square feet available per person.

The acquisition represents the company’s first investment in Texas. At the end of last year, Cohen Investment Group paid $58.8 million for Castleton Commerce Center, a self storage facility in Virginia Beach, Va.