Westport Properties JV Buys El Paso Self Storage Portfolio

The deal involved a seller carry-back loan.

A+ Self Storage Las Cruces
The two self storage properties are located along U.S. Route 70. Image courtesy of Yardi Matrix

The joint venture of Westport Properties and Heitman has acquired a two-property self storage portfolio in Las Cruces, N.M.

John Curry Construction and Real Estate sold the two A+ Self Storage assets totaling 823 units and 116,458 rentable square feet.

The portfolio purchase was subject to a four-year, $7.2 million seller carry-back loan, according to Dona Ana County records.

The properties are some 6 miles apart alongside U.S. Route 70, having access to interstates 10 and 25. Both facilities are some 50 miles north of downtown El Paso, Texas.

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Executive Managing Director Charles LeClaire and Senior Managing Director Adam Schlosser with the LeClaire-Schlosser Group of Marcus and Millichap represented the seller and secured the buyer.

The purchased properties, up close

The property at 5000 N. Sonoma Ranch Blvd. came online in three phases, between 2002 and 2017. The facility was previously subject to three loans with a total value of $4.4 million, all provided by Citizens Bank of Las Cruces, Yardi Matrix data shows.

The 66,612-rentable-square-foot asset includes 12 buildings spread across 5.8 acres and features non-climate and climate-controlled units, ranging between 25 and 300 square feet. Amenities include video surveillance, on-site manager, drive-up access and parking.

The facility at 8590 Bataan Memorial E. came online in two phases between 2010 and 2013 and encompasses 48,376 rentable square feet. During that period, the property was subject to two loans with a total value of $2.6 million, provided by Citizens Bank of Las Cruces, according to the same data provider.

The facility includes six buildings including non-climate-controlled units between 50 and 300 square feet. Amenities feature gated access, video surveillance, on-site manager and drive-up access.

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