FOR IMMEDIATE RELEASE
California Firm buys 85% occupied Class-A property with 870 Storage Units and
144,605 Net Rentable Square Feet. Assumed 64% LTV existing CMBS loan.
TX, January 31, 2013 - AC Self Storage Solutions, LLC ("AC SSS”)
of Carlsbad, CA has acquired Go Store It, an 870-unit Self Storage facility in
the Houston suburb of Pasadena, TX.
Store It had an effective physical occupancy of 85.2% of its 144,605 rentable
square feet. The transaction required the assumption of an existing CMBS loan
that was serviced by Wells Fargo. The loan was approximately 64% of the
purchase price of the facility.
The purchase price was not disclosed, but the purchaser has
indicated that this transaction traded at an effective 7.4% capitalization
rate. The facility is a class-A traditional Self Storage facility, built in
2004, that has both climate and non-climate controlled storage units.
"This is definitely one of the more attractive Self Storage
facilities I’ve seen” states Troy Downing, Chief Executive Officer, AC Self
Storage Solutions, LLC. "The facility is Class-A, has a tremendous amount of
curb appeal, and is well occupied in what we believe is a strong market”.
Downing continues, "We have transitioned property management and expect to
improve this facility with professional management and aggressive revenue
The Go Store It facility, at 7905 Spencer Highway, Pasadena, TX
will be rebranded "AC Self Storage of Pasadena.” The neighborhood is primarily
single and multi-family residential housing near the central campus of San
Jacinto College, a commuter college with 12,000 students.
AC Self Storage Solutions, LLC
AC Self Storage Solutions, LLC ("AC SSS”) has offices in Carlsbad,
CA and Newport Beach, CA. AC SSS is an owner, operator, and servicer of Self
Storage commercial real estate across the United States. In addition to
acquisitions, AC SSS also offers asset management services and has over a
million square feet of Self Storage under management. AC SSS is a joint venture
with Axxcess Capital Ventures, LLC of Newport Beach, CA. The team is made up of
professionals from diverse backgrounds in Self Storage, commercial real estate,
asset management, investment banking, technology, and finance. Visit www.acselfstorage.com.