U-Haul Expands Midwest Self Storage Footprint
The four-property portfolio totals 3,345 units.
U-Haul has expanded its footprint with the acquisition of a four-property self storage portfolio in Minnesota and Kansas.
NexPoint Storage Partners sold the assets, totaling 3,345 units and encompassing 327,791 rentable square feet. The self storage facilities were 88 percent leased at the time of the transaction.
JLL Capital Markets represented the seller and procured the buyer.
The properties are in the Kansas City, Kan., and Twin Cities metro areas. The Class A facilities were previously under the Extra Space Storage brand.
NexPoint Storage Partners acquired the assets between 2020 and 2021. The Minnesota properties were purchased from 5050 Storage Properties, while Phillips Development & Realty sold the Kansas City asset, Yardi Matrix data shows. All four facilities became subject to funding in 2022, provided by JPMorgan Chase, according to the same source.
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The five-story self storage property in Kansas City came online in 2019. The 72,000-rentable-square-foot building offers climate-controlled units, ranging between 16 and 400 square feet and offers amenities such as 24-hour video surveillance, contactless renting, on-site manager and gated access.
Located at 500 Southwest Blvd., the property has access to Interstate 35 and is less than 4 miles from downtown Kansas City, Mo. The facility is one of the 11 available in a 3-mile radius, offering residents 6.8 rentable square feet per capita.
Expanding Twin Cities footprint
The facility at 101 American Blvd. W. in Bloomington, Minn., came online in 2019 and encompasses 86,075 rentable square feet. The three-story building features non-climate and climate-controlled units, ranging from 44 to 660 square feet. The facility has access to Interstate 494 and is some 10 miles south of downtown Minneapolis. The property is one of the 11 available in a 3-mile radius, offering residents 8.8 rentable square feet per capita.
The second asset in metro Minneapolis is at 3216 Winnetka Ave. and was completed in 2019. The three-story building offers non-climate and climate-controlled units, ranging from 48 to 450 square feet. The facility has 81,838 rentable square feet and is one of the 16 available in a 3-mile radius and offers residents 12.5 rentable square feet per capita.
The last property in the portfolio is in Saint Paul, Minn., and came online in 2019. It has 88,838 rentable square feet and offers climate-controlled units, ranging from 20 to 495 square feet. Located at 631 Transfer Road, the property is some 8 miles from downtown St. Paul and has access to Interstate 94. The facility is one of the 14 available in a 3-mile radius, offering residents 8.5 rentable square feet per capita.
All the Minnesota properties offer amenities such as 24-hour video surveillance, on-site manager, contactless renting, gated access and parking.
U-Haul’s self storage development plans also include a seven-building, 1,150 climate-controlled facility at Highway 10 and Riverdale Drive in Northern Minnesota. The project is scheduled for completion in the fall of 2026.
