What's Happening?
JLL Capital Markets has successfully arranged the sale of Spencer Mini Storage, a 55,775-square-foot self-storage facility located in La Porte, Texas. The property was sold by ExchangeRight to a partnership between MyPlace Self Storage and Nuveen. The facility comprises 11 single-story buildings, constructed in the late 1990s, and includes 511 storage units, 37% of which are climate-controlled. Additionally, the property offers 79 surface parking spaces for boats or RVs. Situated on a 4.37-acre site at 11220 Spencer Highway, the facility benefits from high visibility to over 17,500 cars daily and serves a trade area with more than 81,000 residents, boasting an average household income exceeding $119,000. The transaction was managed by JLL’s
Capital Markets Investment Sales and Advisory team, led by Senior Directors Adam Roossien and Matthew Wheeler, along with Senior Managing Directors Steve Mellon and Brian Somoza.
Why It's Important?
The sale of Spencer Mini Storage highlights the ongoing demand and investment interest in self-storage facilities, particularly in densely populated suburban areas. This transaction underscores the strategic value of such properties, which offer stable income streams and cater to the growing need for storage solutions in urban and suburban communities. The involvement of prominent investment firms like MyPlace Self Storage and Nuveen indicates confidence in the sector's resilience and potential for growth. For the local economy, this sale could lead to further development and investment in the area, potentially boosting local employment and economic activity.
What's Next?
Following the acquisition, MyPlace Self Storage and Nuveen may explore opportunities to enhance the facility's offerings, possibly increasing the number of climate-controlled units or expanding parking options to meet rising demand. The partnership might also consider leveraging the facility's strategic location to attract more customers from the surrounding high-income residential areas. Additionally, this transaction could inspire similar investments in the region, as investors seek to capitalize on the robust demand for self-storage solutions.
