The Jenkins Organization has sold a 14-facility self storage portfolio totaling 8,517 units across three states. National Storage Affiliates acquired the properties, which are located in Austin, Dallas-Fort Worth, Houston and San Antonio, Texas; Minneapolis-St. Paul, Minn; and St. Louis, Mo.
The transaction included assets built between 1997 and 2017, according to Yardi Matrix. The nine facilities Commercial Property Executive was able to identify span 845,401 square feet and include:
- Texas: 5425 N. Fry Road in Katy, 1429 Cypress Creek Parkway in Houston, 14820 Cypress N. Houston Road in Cypress, 1440 S. Egret Bay Blvd. in League City, 2115 FM 1960 Road E. in Humble and 305 W. FM 544 Road in Murphy;
- Minnesota: 6311 Carmen Ave. in Inver Grove Heights and 10250 Flanders St. NE in Blaine;
- Missouri: 43 Old Elam Ave. in Valley Park.
The portfolio included six assets in and around Houston; three in the larger Austin metro; two in the greater Twin Cities market; and one in each of the following cities: Dallas, San Antonio and St. Louis.
The JLL brokerage team that assisted the seller consisted of Managing Directors Steve Mellon and Brian Somoza, Senior Managing Director David Berglund and Vice President Blaise Tomazic.
Despite the pandemic-induced challenges, the self storage industry ended 2020 on a high note. Rent prices for 10×10 non-climate-controlled units saw an increase of 3.5 percent year-over-year and rates for 10×10 climate-controlled units had a 2.3 percent uptick.