Houston Storage Facility Changes Hands
The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer.
AA Storage at Ruland Road, a 49,539-rentable-square-foot facility in Houston, has changed hands. A private owner sold the asset.
The property last traded in 2018, when the current seller acquired the asset using a $2 million loan, provided by Third Coast Bank, Yardi Matrix data shows. Later in 2020, Texas Bank originated a $3 million loan, according to the same data provider.
Senior Managing Director Dave Knobler and Executive Managing Director Charles LeClaire of The LeClaire-Schlosser group of Marcus & Millichap represented the seller and secured the buyer.
Originally built in 1971, the property underwent renovations throughout the years. The storage facility encompasses five buildings across 2.3 acres and features 112 non-climate and climate-controlled units, ranging from 25 to 400 square feet. On-site amenities include video surveillance, roll up doors, on-site manager’s office, drive-up and gated access.
Located at 9021 Ruland Road, the property is in the Spring Valley Village area, a suburb 10 miles from downtown Houston via Interstate 10. The facility is one of the 23 available within a 3-mile radius, offering residents 4.1 rentable square feet per capita.
Investment in the Houston self storage market
Over a 12-month period ending in July, 47 self storage properties changed hands in the Houston market, totaling 3 million square feet, Yardi Matrix data shows. Some of these deals included several recent transactions. U-Haul expanded its portfolio with a 396-unit facility, while Compass Self Storage entered the Houston market with the purchase of an 87,376-square-foot property in Spring, Texas.
Andover Properties also expanded its Texas portfolio with two assets in the Greater Houston Area, totaling 102,410 square feet. The properties now operate under the Storage King USA brand.