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

WP Carey executive director Liz RaunSchlesinger explains that, while the company has a strongpresence throughout Texas and even has an office in the Lone StarState, this portfolio buy is the first time the East Coast buyerinvested in West Texas property. "A big part of our underwritingfor self-storage is the focus on the local demographics andeconomy," she tells GlobeSt.com. "Midland andOdessa are thriving."

Schlesinger isn't just throwing phrases around. East Coastpublications ("The Atlantic" and "Forbes" in particular) recognizedthat Midland-Odessa, which is thriving on energy demand, hasenjoyed huge economic growth during the past couple of years.Karr Ingham, an economist based in Amarillo, TX,was quoted in another article as indicating that the area's growthwas up 13.5% in October 2012 from the year before. The sistercities sit on the Permian Basin, one of thelargest natural gas and oil-producing areas in the UnitedStates.