Austin Storage Portfolio Changes Hands
- Sep 08, 2020
FolletUSA, through its Storage Star subsidiary, has finalized the acquisition of a three-property self storage portfolio in Austin, Texas. A private investor sold Mopac Self Storage, Pond Springs Mini Storage and Ben White Mini Storage, which encompass 177,442 net rentable square feet, according to Yardi Matrix data.
Morgan Stanley Bank originated a $14.1 million portfolio loan for the purchase, according to Williamson County records. In addition to the three properties, the mortgage also encumbers a 15,667-square-foot property at 4501 Terry-O Lane. The property operates as a satellite location for the Ben White store and was also included in the deal, according to Bill Bellomy of Bellomy & Co.
The new owner will rebrand the facilities as Storage Star – Mopac, Storage Star – Pond Springs and Storage Star – Ben White and execute a capital improvement plan to repair deferred maintenance and prepare the assets for long-term hold.
Located at 12900 N. Mopac Expressway, 13444 Pond Springs Road and 405 E. Ben White Blvd., the properties were completed in 1995 and 1983, respectively. Both Mopac and Ponds Springs stores have climate-controlled and drive-up access units ranging from 25 to 400 square feet. The Ben White facility has non-climate controlled units with sizes between 25 and 200 square feet.
Bellomy & Co. was the exclusive listing agent and negotiated on behalf of the sellers. In February, the brokerage arranged the sale of Academy Mini Storage, a 208-unit facility in Little River-Academy, Texas.