Compass Self Storage Enters Houston
The Huntington National Bank financed the transaction with a $7 million acquisition loan.
Compass Self Storage, a member of the Amsdell Cos., has acquired an 87,376-square-foot self storage property in Spring, Texas, from Inland Real Estate Group.
According to Yardi Matrix data, the company purchased the asset through a $7 million acquisition loan provided by The Huntington National Bank, with a maturity date set for 2027.
The Class A facility now operates under the Compass Self Storage brand, marking the buyer’s entry into the Houston market.
Executive Managing Director Charles LeClaire and Senior Managing Director Dave Knobler from The LeClaire-Schlosser Group of Marcus & Millichap facilitated the transaction.
The nine-building property sits on 6 acres and was completed in three phases between 2005 and 2010. The facility features climate and non-climate-controlled units ranging from 25 to 585 square feet, as well as parking, including boat and RV spaces. On-site amenities include video surveillance, moving boxes and supplies, individual access control, truck rental and drive-up access.
The facility is located at 25528 Aldine Westfield, 24 miles from downtown Houston, providing easy access to Interstate 45 and George Bush Intercontinental Airport. The property is one of the 13 available within a 3-mile radius, offering residents 10.6 rentable square feet per capita.
Year-to-date as of June, 13 self storage properties totaling more than 580,000 square feet traded in the Houston market, Yardi Matrix data shows. Of these, three were Class A facilities. Recently, Andover Properties added two storage assets to its portfolio in this largely penetrated market. The assets are located in Baytown and Galveston, Texas.