AUSTIN-Triple AAA Storage is looking to sell a 1.6-million-sf, self-storage portfolio. The $75.73-million listing takes in 24 properties, all in South and Central Texas.
Joe Linsalata of Linsalata Realty Services in Austin is marketing the package for locally based Triple AAA Storage. He points out it's not an exclusive listing, but he's done business for years with the self-storage developer so he's bundled the latest play in one large package for the firm.
Linsalata says the portfolio is destined to be cherry-picked, with two properties already under contract. If the sales front holds true to the industry, 20 buyers from in- and out-of-state will end up laying claim to the properties, which range from 18.7% to 68.2% in occupancies and bearing sale tags of $1.9 million to $5.2 million. "These deals are tough because the numbers aren't always there," he says.
The smallest asset in the portfolio is 141 units, a 29.82%-leased property at 4405 Highway 71 in Del Valle; the largest is 803 units, a 54.4%-filled holding at 5560 Ayers St. in Corpus Christi. In all, Triple AAA's portfolio totals 10,846 units, with 3,868 climate-controlled spots.
Linsalata says at least half of the locations have extra developable land for added upside in keeping with Triple AAA's MO. "Everything he develops, he puts on the market as soon as he's done with Phase 1," he says. "And, he's continually developing new sites."
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