Wentworth Buys Fort Worth Storage Asset
Marcus & Millichap brokered the transaction.
A self storage facility in a Fort Worth suburb has changed hands. According to Yardi Matrix data, Phoenix-based Wentworth Property Co. has acquired a 43,527-square-foot property in Haltom City, Texas, from a private individual. The asset is under CubeSmart management.
Senior Vice Presidents Danny Cunningham and Brandon Karr with Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer.
Situated on 2.1 acres and built in 1985, the facility includes six one-story buildings and encompasses non-climate-controlled units, ranging from 25 to 430 square feet. On-site amenities include video surveillance, drive-up access, gated entry and moving supplies.
The property is located at 5020 Haltom Road, less than 9 miles from downtown Fort Worth, 31 miles from Dallas and has access to Interstate 820. The facility is one of the 21 available within a 3-mile radius, offering residents 12.8 rentable square feet per capita. Fort Worth has a supply pipeline of 24 properties in various stages of development, set to add approximately 1.8 million square feet to the existing inventory, Yardi Matrix data shows.
Wentworth has more than 1.8 million square feet of storage space under its ownership, the same data provider shows. The company recently sold an 18-asset self storage portfolio totaling 9,600 units across 1.3 million rentable square feet in the Southwest. Related Cos. acquired the facilities for $266.2 million.