Business Property Trust has sold Advantage Storage, a 69,839-square-foot facility in Houston to a private buyer, Yardi Matrix data shows.
Senior Managing Director Dave Knobler and Executive Managing Director Charles LeClaire of Marcus & Millichap represented Business Property Trust in the sale of the 777-unit property.
Advantage Storage was built in two phases, between 2016 and 2017. The property was originally an office building constructed in 1980 and was then converted to a storage facility in 2016. The two-building facility encompasses a mix of non-climate-controlled and climate -controlled units, ranging from 25 to 220 square feet. On-site amenities include video surveillance, drive-up access, loading dock, units with roll up doors and RV and boat parking.
Located at 12555 Northborough Drive, the property is 15 miles from downtown Houston and has access to Interstate 45 Freeway. The facility is one of the 13 available within a 3-mile radius, offering residents 5.6 rentable square feet per capita. Currently, there are 60 properties in various stages of development in this largely penetrated market, set to add approximately 3.5 million profitable square feet to the existing inventory in the next few years, Yardi Matrix data shows. The development pipeline continues to grow throughout the country, as the national average of projects equals 10.1 percent of existing inventory, according to the same data provider.
The latest Houston storage transaction brokered by the Marcus & Millichap team took place last month when Public Storage acquired a 1,326-unit facility.