Public Storage Buys 338-Unit Iowa Facility
Argus Broker Affiliates facilitated the transaction on behalf of the seller.
Image courtesy of Adam Winger via Unsplash.com
Public Storage has acquired Clark Storage, a 58,430-square-foot facility in Council Bluffs, Iowa, from a private owner. According to Pottawattamie County records, the 338-unit facility traded for $4.8 million. The property, completed last year, was subject to a construction loan of $2.5 million in 2019, originated by Glenwood State Bank, Yardi Matrix data shows.
Tom Flannigan, Alex Ihrke and Matt Haugen of Argus Broker Affiliates represented the seller in the transaction.
Clark Storage consists of four one-story buildings located on an 8.2-acre lot. The facility encompasses non-climate-controlled units, ranging in size from 50 to 200 square foot. On-site facilities include drive-up access, video surveillance, gated access and parking.
Located at 1170 Railroad Ave., on the east side of the Missouri River and close to the border with Nebraska, the property is 13 miles from Omaha and has access to Interstate 80. The facility is one of the two available within a 3-mile radius, offering residents 1.1 rentable square foot per capita. Currently, there are nine properties in various stages of development in Omaha, set to add 325,611 rentable square foot to the existing inventory in the next few years, according to Yardi Matrix data.
Public Storage recently acquired a 1,326-unit, 189,088-square-foot facility in Houston.
