OB Cos./My Place Self Storage has acquired Imperial Self Storage, a 95,963-square-foot facility in Sugar Land, Texas. SurePoint Self Storage sold the newly built Class A asset after two years of ownership. JLL Capital Markets brokered the transaction on behalf of the seller.
Completed in 2020, the property spans 2.2 acres and encompasses a three-story building with climate-controlled units, ranging from 25 to 300 square feet. Onsite facilities include motion-detector LED lights, security features, individual unit locks, keypad entry and parking spaces. The asset was previously managed by CubeSmart.
Located at 15025 Voss Road, is the Houston metro area, the facility is in a largely penetrated market and is one of the 13 properties available within a 3-mile radius, offering residents 10.1 net rentable square feet per capita, above the 7.1 national average and below the 10.6 average for Houston, as of May, a Yardi Matrix report shows.
Managing Directors Steve Mellon and Brian Somoza of JLL Capital Markets worked on the transaction.
Houston’s self storage market fundamentals
Houston MSA rates for standard 10×10 non-climate-controlled units were up 5 percent year-over-year as of May, while rents for same-size climate-controlled units were up 3 percent, according to the same data provider. However, the development pipeline in Houston is registering the lowest percentage of total stock out of 31 metros tracked by Yardi Matrix, with 11 facilities adding up to 822,250 square feet currently under construction.
While development is slow, the metro has registered several significant transactions lately. At the end of last year, Simply Self Storage acquired a 14-property self storage portfolio, totaling 9,878 units, in Houston and Dallas. Moreover, a few months ago, Extra Space Storage and Radiant Storage bought two Houston-area facilities totaling 140,795 square feet.