LandPark JV Acquires East Texas Self Storage Portfolio
Partnering with Sunset Capital, the firm plans a repositioning strategy to streamline operations.
Full-service commercial real estate investment management firm LandPark Advisors LLC, in partnership with Sunset Capital LLC, has acquired a self storage portfolio in Texas. The portfolio features a total of eight self storage facilities situated for the most part in the eastern region of the Lone Star State, and totals more than 1,440 units and 237,735 square feet of rentable storage space. The properties are located in the cities of Wylie, Hallsville, Flint, Longview and Carthage.
In addition to being responsible for the portfolio’s day-to-day management, Right Move Storage LLC will play a central role in undertaking a comprehensive repositioning strategy. Highly ranked nationally among self storage operators, Right Move Storage maintains more than 50 self storage facilities under management in multiple states.
The repositioning strategy will involve enhancing and rebranding the portfolio’s appearance, as well as implementing an efficient leasing and management strategy.
In a prepared statement, a LandPark Advisors official stated the portfolio delivers an appealing opportunity to not only obtain a significant East Texas footprint but at the same time gain exposure to the Dallas-Fort Worth MSA. He added the partnership will be enhanced through the consolidation of the operational model, and that opportunities will be presented to streamline expenses and grow managerial efficiencies.
In a prepared statement, an official of Right Move Storage indicated his company’s management believes a substantial East Texas market demand for quality self storage exists and that following the implementation of a turnaround business plan, robust occupancy levels and market rental rates can be attained by the partnership.
The city of Wylie is a northeastern suburb of Dallas. Hallsville and Longview are both located along U.S. Interstate 20, west of Shreveport, La. Carthage is situated southeast of Longview and Hallsville, while Flint is a southwest suburb of Tyler. Earlier this month, UTEX Storage Partners acquired a Denton, Texas storage facility.