X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

UVALDE, TX-A San Antonio investor has acquired a 191-unit mini-storage property in Uvalde, 70 miles west of San Antonio, buying the Corner Cupboard for “north of $500,000.”

Ernest L. Brown IV, vice president of investment sales for Grubb & Ellis Co.’s San Antonio office, tells GlobeSt.com that the investor, whose name is not being disclosed, sold an eight-unit multifamily complex in Austin so he could take the deed to the Ulvalde property at 2633 E. Main St. Seller Corner Cupboard Ltd., a family partnership, is selling off its assets and dissolving, Brown explains. He represented the buyer while Susan Marburger of Cooper Realty negotiated for the seller.

Uvalde’s growth, border proximity and county seat status sewed up the deal, according to Brown. The 3 1/2-acre tract, owned for the last six by the family partnership, was developed into a mini-storage complex in the late 1980s.

The sale, Brown points out, holds true to a trend he’s seeing for smaller investors to let go of assets in metros and invest in third and fourth tier towns where the return is steadier though generally not as hefty as the state’s “Big Four” of Austin, San Antonio, Houston and Dallas-Fort Worth. The 95%-leased Corner Cupboard is bringing in a return of 10% to 12%, according to Brown.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.