Related Pays $266M for Self Storage Portfolio

Wentworth Property Co. sold the 18 properties, which are located in five states across the Southwest.

Self storage facility at 10440 Gateway Blvd. E. El Paso, Texas

Wentworth Property Co., in a joint venture with an institutional equity investor, has sold an 18-property self storage portfolio, located across the Southwest. According to county records, Related Cos. acquired the assets for $266.2 million. Combined, the portfolio includes 9,600 storage units across approximately 1.3 million rentable square feet.

Colliers facilitated the off-market transaction. National Director Tom Gustafson procured the buyer. Senior Vice President John Smeck and Financial Analyst Alix Hanna worked with Eastdil Secured to arrange a non-recourse, fixed rate $160 million acquisition financing. Guardian Life Insurance Co., provided the loan, Yardi Matrix data shows.

The 18-facility portfolio includes properties located in Arizona, Colorado, Texas, Utah and Idaho. The assets are spread throughout various cities, with six properties in greater Phoenix, four in the Dallas-Fort Worth area, two in El Paso, Texas, three properties in Salt Lake City, two in Denver and one asset in Boise, Idaho.

Wentworth Property, in partnership with the institutional equity investor sourced by Colliers’ John Smeck, formed the portfolio in 14 months by acquiring the individual assets.

The properties vary in sizes, ranging from an average of 30,000 square feet and over 100,000 square feet. The facilities include non-climate and climate-controlled units and feature the usual on-site amenities, such as video surveillance, gated and drive-up access and parking spots.

The self storage sector still has strong and favorable fundamentals, despite some economic headwinds, as the asset type is not heavily affected by economic factors, compared to other real estate sectors.

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