MIDLAND, TX-WP Carey Inc. entered West Texas by acquiring a four-property, 2,541-unit self-storage portfolio from a local seller.  The New York buyer paid $33 million — $19 million of which was financed by Wells Fargo NA — to claim ownership of two self-storage assets in Midland and two in neighboring Odessa.

WP Carey executive director Liz Raun Schlesinger explains that, while the company has a strong presence throughout Texas and even has an office in the Lone Star State, this portfolio buy is the first time the East Coast buyer invested in West Texas property. “A big part of our underwriting for self-storage is the focus on the local demographics and economy,” she tells GlobeSt.com. “Midland and Odessa are thriving.”

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2024 ALM Global, LLC. All Rights Reserved.