Jimmie Evans of Leonard, TX, acquired AAA Self Storage at 12324 Highway 155 South, a main thoroughfare in the city, from David Blacklock and Stanley Maxwell, both of Tyler. Don Clements of Marcus & Millichap was the sole broker on the deal, a straight-forward sale without being tied to a 1031 Exchange.
Evans obtained a loan of almost $3.3 million to buy the 8.6-acre holding, a Marcus & Millichap contact in Houston tells GlobeSt.com. The American Bank of Texas, via its branch in Frisco, provided the capital at 6.5% interest rate.
The occupancy for the East Texas development, which includes refrigerated units, was not available. However, the industry across the board has been hit by the recession as renters realize they "are simply paying for the privilege not to decide to throw stuff away," according to an online version of Self-Storage magazine. The upside is self-storage investments are more resilient than most even though occupancies are waning in comparison to years past.
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