Extra Space Storage Trades 9-Asset Portfolio

AVAD Capital added more than 5,000 units to its footprint.

Extra Space Storage has sold a nine-property, 5,180-unit portfolio in Midland and Odessa, Texas to AVAD Capital. The portfolio totals 782,998 rentable square feet around the oil-producing area of Permian Basin.

The Midland properties are located at 5005 Andrews Highway, 1904 Loop 250 Frontage Road, 3111 Caldera Boulevard, and 2504 N Loop 250 W.

The Odessa properties are located at 3125 Kermit Highway, 5306 N Grandview Avenue, 5101 E 52nd Street, 6501 E Business, and 5136 E University Boulevard.

JLL’s Capital Markets Investment Sales and Advisory team, which represented the seller, was led by Senior Managing Directors Steve Mellon and Brian Somoza and Directors Adam Roossien and Matthew Wheeler.

Extra Space Storage activity

Last month, Mellon and Somoza were part of Extra Space Storage’s acquisition of Yellow Door Storage–Northgate, a 520-unit self storage facility in Denton, Texas. The team worked on behalf of the buyer, NorthBridge.

In November, Extra Space Storage partnered with DSA Capital LLC to open a climate-controlled, four-story, 110,000-square-foot self storage facility in Brookfield, Conn. The developer, De Stefanis & Associates of White Plains, N.Y., said it is the largest single-building self-storage facility in the Greater Danbury, Conn., area. The facility has 810 units ranging in size from 25 square feet to 300 square feet.