Related Cos. Acquires Self Storage Portfolio In Arizona, Colorado, Texas, Utah & Idaho For $266M
SOLD
$266,000,000
Texas
See Similar DealsSelf Storage1,300,000 SF
Sold 01/02/2023
SOLD
Related Cos. Acquires Self Storage Portfolio In Arizona, Colorado, Texas, Utah & Idaho For $266M
Texas, United States
See Similar DealsSelf Storage1,300,000 SF
Sold 01/02/2023
Summary
TEXAS
Asset Type:Self Storage
Price Per Square Foot:$204
Total Square Footage:1,300,000 SF
Transaction Type:Sale
The Self Storage Portfolio, consisting of 9,600 units and spanning 1,300,000 square feet, has been sold in a transaction valued at $266,000,000. The portfolio is located in Arizona, Colorado, Texas, Utah, and Idaho.
Summary of transation details
- Property Type: Self Storage
- Transaction Amount: $266,000,000
- Units: 9,600
- Square Footage: 1,300,000
- Market: Arizona, Colorado, Texas, Utah, Idaho
The buyer of the Self Storage Portfolio is Related Cos. The seller, on the other hand, is Wentworth Property Co. The transaction was facilitated by Tom Gustafson from Colliers.
The lender for this deal is Guardian Life Insurance Co. The mortgage brokers involved are John Smeck and Alix Hanna from Colliers, as well as Eastdil Secured.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$14,186,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$945,041.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,260,975.71
Annual Debt Service$15,131,708.48
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