Self-Storage

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 694-unit self-storage facility in San Antonio that is operated under the Life Storage brand. The property consists of 571 climate-controlled units and 123 non-climate-controlled units that range in size from 50 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between Montfort Capital Partners LLC and Blue Vista Capital. Life Storage will continue to manage the property.

BEE CAVE, TEXAS — JLL has negotiated the sale of CubeSmart – Bee Cave, a 645-unit self-storage facility located on the western outskirts of Austin. The property opened in September 2019 and consists of 590 climate-controlled units and 55 non-climate-controlled drive-up units. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based developer Endeavor Real Estate Group, in the transaction. The buyer, New York City-based investment firm The Pegasus Group, will manage the property under its Central Self Storage flag.

RICHMOND, TEXAS — Texas-based HPI Real Estate has acquired a 745-unit self-storage facility at 10535 Mason Road in Richmond, a southwestern suburb of Houston. Extra Space Storage manages and operates the facility, which spans 93,630 net rentable square feet and was more then 95 percent occupied at the time of sale. The seller and sales price were not disclosed. HPI acquired the asset in conjunction with another Extra Space Storage facility in Naples, Fla.