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.

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