The Anderson Co. of Houston secured a fixed-rate, 10-year loan through conduit lender GE Capital Real Estate. Cortney Cole of Holliday Fenoglio Fowler LP's Houston office arranged the transaction. The properties, built between 1996 and 1998, are located in Houston's northwest and southwest sectors. The three self-storage complexes are situated along 43rd Street in the northwest submarket and Bissonnet Street and Gessner Road, both in the southwest corridor.
U-STOR Self Storage Mini Warehouses, founded 25 years ago, has facilities in 13 states in the Southeast, Midwest and Western US. The portfolio contains six locations in Houston and one location in nearby Humble.
Near northwest Houston's industrial market is registering 7% in vacancy, just slightly below the city average of 8.2%. The area has more than 20 million sf of inventory with lease rates hovering at 24 cents per sf to 25 cents per sf. The near southwest submarket has a 5.8% vacancy rate in its 18 million sf of inventory. Space goes for 33 cents per sf and 40 cents per sf.
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