A self-storage company with facilities across Texas and Oklahoma is looking to sell a majority of its properties.
Premium Storage wants to offload six facilities across Texas totaling almost 1,550 self-storage units for nearly $25.8 million, according to a listing. The portfolio, consisting of more than 319,700 square feet of rentable space, is made up of properties in Dallas-Fort Worth, Waco, Sherman and three facilities in Houston.
Commercial property firm Marcus & Millichap is representing the company, with Brandon Karr, Danny Cunningham, Bryan Quaschnick and Dave Knobler working on the sale. Karr said the portfolio was still available by publication time, though the firm had received a letter of intent for five of the properties.
The properties are offered for sale for nearly $25.8 million with a 4.12 percent broker-adjusted cap rate. That amounts to $80.63 per square foot.
The portfolio is 97 percent occupied, according to the listing, and all facilities are operated remotely from Dallas.
For self-storage companies across America, the pandemic meant a surge in business as spare rooms and garages were turned into home offices. The same is true for Texas, which has also seen an increase in activity as the state’s population swells from relocations spurred by the pandemic.
Occupancy rates at self-storage facilities nationwide jumped to 94.5 percent in 2021 from 91 percent in pre-pandemic 2019, according to recent reporting from The Real Deal.
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