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ARLINGTON, TX-America West Financial Corp. of Goleta, CA has bought a 468-unit self-storage facility for $3.5 million or just $40,000 less than the developer’s ask. To make the close, the buyer has assumed a $2.1-million loan with 20 years left on the term.

The 57,925-sf Securlock gated complex, situated on 3.68 acres at 4840 Matlock Rd., drew eight offers during the marketing, according to Roger Hendricks, senior agent for Marcus & Millichap Real Estate Investment Co. in Dallas. The new owner gets to keep the property’s name for six months, he tells GlobeSt.com. The asset was 75% leased at sale time.

Hendricks says Houghton Capital Corp. of Dallas decided to sell the seven-year-old complex because investment circles are showing more interest in the product type. “The market is hot right now,” Hendricks says. “There’s a lot of REIT money and corporations looking at these deals.”

The complex has nine office/warehouse units that are individually metered, of which five are vacant. “The buyer felt there was a tremendous upside when those are all leased,” Hendricks says. The asset also features an on-site manager’s residence.

The deal closed at a 6.63% cap rate. America West assumed a loan from Chicago-based LaSalle Bank, getting a 5.1% fixed-rate interest and 25-year amortization as part of the terms.

Hendricks teamed with Waylon Grubbs, a Marcus & Millichap associate in Dallas. The listing was held by Burt Gay, a director in Atlanta for the Encinco, CA-based brokerage house.

In nearby Keller, Hendricks and Grubbs got $2.2 million from a Beverly Hills, CA partnership for Alta Vista Business Park, which has 293 self-storage units plus recreational vehicle and boat storage areas. The local seller struck a 16,000-sf sale-leaseback for one of the complex’s buildings. The 6.5-acre asset at 10395 Alta Vista Rd. was on the market for $2.35 million.

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