Houston-Area Self Storage Property Changes Hands
The buyer received a seven-year, $7.9 million acquisition loan from Texas Bank.
2935 FM 521 Road. Image via Google Maps
Marcus & Millichap has facilitated the sale of Cajun Self Storage, a 104,800-square-foot property in Fresno, Texas. The facility traded between two private investors. The new owner financed the acquisition with a $7.9 million financing package from Texas Bank, according to Yardi Matrix data. The note is set to mature in 2027.
Located on 8 acres at 2935 FM 521 Road, the facility encompasses six buildings completed in three phases between 2005 and 2015. The property has 323 climate-controlled and 201 non-climate-controlled units with sizes between 50 and 400 square feet. Additionally, the location features 38 indoor, 55 covered and 46 uncovered parking spaces for RV, boat or auto storage. The property has a warehouse, an on-site manager and drive-up access.
The facility is 18 miles southwest of downtown Houston. There are at least five other self storage properties totaling more than 410,000 rentable square feet within a 3-mile radius, Yardi Matrix data shows.
The Marcus & Millichap team that assisted both the seller and the buyer included Senior Vice Presidents Gabriel Coe and Tim Speck, Senior Associates Brian Kelly and Brett Hatcher, as well as Associate Jack Newman.
