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3/01/18
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Passco Companies, in a joint venture partnership with Patriot Self Storage Management, has acquired a self-storage property totaling more than 54k sf in Houston, TX. The price was not disclosed
The facility, located at 4217 San Felipe St in Houston’s River Oaks residential community, includes 54.3k sf of rentable space and 1k sf of temperature-controlled wine storage space. The buyers plan to rebrand the properties to Patriot Self Storage.
“This purchase offered the opportunity to acquire a high performing self storage asset in a market that is primed for strong economic growth,” says Scott Allen, President of Passco Companies Development. “Houston has continued to experience strong population gains, quality demographics and year-over-year job growth.”
The Houston Metro posted the second largest population gain of any U.S. metro area in 2016, and was named the third best city for future job growth by Forbes in 2017.
Aaron Swerdlin at NKF Capital Markets represented the buyer and the seller, a partnership between Clarion Partners and Private Mini Storage.
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