U-Haul Expands Houston Footprint

The property was a former Space City Self Storage location.

13123 Hiram Clarke Road. Image courtesy of Yardi Matrix

13123 Hiram Clarke Road. Image courtesy of Yardi Matrix

U-Haul has expanded its Houston storage footprint with the acquisition of a 396-unit facility. A private individual sold the former Space City Self Storage asset, Yardi Matrix data shows.

According to the same source, the 51,305-square-foot property was subject to several construction loans. In 2017, Citizens State Bank provided $2 million in financing and in 2019, the storage facility became subject to a $3.4 million loan originated by Truist Bank.

The Class B property was completed in two phases between 2018 and 2020. The six-building facility sits on nearly 10 acres and offers 150 outdoor drive-up units and 246 climate-controlled units ranging from 25 to 540 square feet. On-site amenities include gated access, video surveillance and RV and boat parking. U-Haul is planning to develop a U-Box storage warehouse at the property. The additional building will be used to store portable moving containers.

The facility is located at 13123 Hiram Clarke Road, 12 miles from downtown Houston. The property is one the 11 available within a 3-mile radius, offering residents 7 rentable square feet of self storage space per capita. According to Yardi Matrix data, as of June, 13 self storage properties traded in Houston year-to-date, totaling 586,549 square feet. These deals include some recent transactions under the Storage King USA and Compass Self Storage brands.

U-Haul has a portfolio of 31 storage properties in Houston, totaling approximately 2.3 million square feet, the same data provider shows. This spring, the company made several purchases, expanding its footprint in Michigan with a 41,600-square-foot property and a 91,096-square-foot storage asset in Des Moines, completed in 2022.

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