Public Storage Buys 1,326-Unit Houston Facility
Marcus & Millichap facilitated the transaction on behalf of the seller.
Public Storage has acquired Prime Storage, a 189,088-square-foot facility in Houston, from Prime Storage Investment, according to Harris County records. Over the last ten years, the property was subject to two loans—one for construction—totaling roughly $3.1 million, originated by Post Oak Bank, Yardi Matrix data shows.
Senior Managing Director Dave Knobler and Executive Managing Director Charles LeClaire of Marcus & Millichap represented Prime Storage in the sale of the 1,326-unit property.
Prime Storage was built in five phases, with the last addition of 29,000 square feet completed in 2017. The four-building facility encompasses a mix of non-climate and climate-controlled units, ranging from 25 to 562.5 square feet. On-site amenities include manager’s office and showroom, RV and boat parking, units with roll-up doors, video surveillance and drive-up access.
Located at 9333 S. Main St., the property is 9 miles from downtown Houston and has access to Interstate 610. The facility is one of the 17 available within a 3-mile radius, an area that offers residents 12.5 rentable square feet per capita. Currently, there are 56 properties in various stages of development in the market set to add approximately 3.5 million rentable square feet to the existing inventory in the next few years, according to Yardi Matrix data.
The same Marcus & Millichap team mediated Andover Properties’ acquisition of a four-property storage portfolio, in the Greater Houston Area, totaling 429,169 rentable square feet. In another recent deal, OB Cos./My Place Self Storage bought a 95,963-square-foot facility in Sugar Land, Texas.