U-Haul Expands Des Moines Portfolio
The company acquired a recently completed property.
U-Haul has acquired a 91,096-square-foot self storage facility in Des Moines, Iowa. Southwestern Property Corp. sold the Class B asset for $5.7 million, Yardi Matrix data shows.
According to Polk County records, the previous ownership bought the land in 2021, and the project was subject to a $3.5 million loan provided by Citizens State Bank of La Crosse.
The property, previously managed by CubeSmart, was completed in 2022. The 8.9-acre facility is a one-story building that offers 688 indoor climate-controlled units, ranging from 25 to 200 square feet. On-site amenities include video surveillance, parking spots, gated access, contactless renting, retail space available and on-site management.
The storage facility is located at 2590 Hubbell Ave., 4.5 miles from downtown Des Moines, providing access to Interstate 235. The property is one of the eight available within a 3-mile radius, offering residents 8.5 rentable square feet per capita. As of April, Des Moines had 10 facilities in various stages of development, set to add 650,624 square feet to the existing inventory.
According to Yardi Matrix data, six self storage properties traded in the Des Moines market in the last 12 months, totaling 486,511 square feet, of which three are now under U-Haul ownership. The company owns eight assets in the market, offering a combined 830,327 square feet.
Since the beginning of the year, U-Haul has expanded its Florida footprint as well, with the opening of an 800-unit storage property in Fort Walton Beach, Fla. Last month, the company acquired a 41,600-square-foot property in Lansing, Mich.