August 20, 2019
A Texas-based private investment group, operating under the name Cross Heritage Storage Odessa LP, acquired a three-property, 823-unit self-storage portfolio located in Odessa, TX. The local seller, Guardian Storage & Car Wash LLC, had developed and delivered all three properties in 2000.
“The interest rates are low, and the Permian (Basin) is hot,” explained Marcus & Millichap’s Brandon Karr, who represented the seller in the transaction. The deal, which was put into escrow during early summer 2019, closed quickly within the 60-day time frame originally outlined in the purchase and sale agreement.
The portfolio constated of
- 5136 E. University Blvd.; 343 Units
- 4950 E. University Blvd.; 250 Units
- 5105 E. 52nd St.; 230 Units
The facilities offer roll-up doors, wide concrete driveways, pitched metal roofs, and a two-bay car wash. The new owner intends to modernize operations and build climate-controlled units on expansion land.
Pictured: Generic Self-Storage
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