Watchman Properties Sells Texas Self Storage
- Mar 30, 2021
Watchman Properties has sold Amarillo Lock Storage, a 238-unit self storage facility in Amarillo, Texas. Andrew Plunkett, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.
According to Yardi Matrix, Watchman acquired the property in 2017 in a portfolio deal that also included 9,400 square feet of retail space. The sale was subject to an $800,000 loan provided by Happy State Bank.
Located at 4518 S. Georgia St., on 2 acres, the asset is adjacent to Interstate 27 and 12 miles from Rick Husband Amarillo International Airport. Built in 1972, the four-building asset features drive-up access, video surveillance and on-site management.
Despite a sharp decline at the start of the pandemic, the self storage sector bounced back and rent rates are improving. For the fifth month in a row, the national street rate performance was positive for both 10×10 non-climate-controlled and climate-controlled units, increasing 2.6 percent and 3.1 percent on a year-over-year basis.
The development side of the sector also remained resilient. Nationally, projects under construction or in the planning stages accounted for 8.4 percent of existing stock, up by 10 basis points over the previous month.
Recently, InSite Property Group received a $140 million construction loan—with a $215 million expansion option—for the development of its Class A self storage portfolio across various markets in the U.S.