HFF closes sale of two-property self storage portfolio in Dallas area

Posted by MiniCo on Aug 20, 2012 12:00:00 AM

HFF closes sale of two-property self storage portfolio in Dallas area


HFF announced today that it has closed the sale of a two-property self storage portfolio totaling approximately 163,000 square feet in the Dallas area.

HFF marketed the offering exclusively on behalf of the seller, 5B Investments, Inc. Extra Space Self Storage purchased the properties for an undisclosed amount free and clear of debt.

The first of the two properties is located in Dallas at the intersection of Preston Road and President George Bush Turnpike. The facility was completed in 1998 and contains 540 units, 71 percent of which are climate controlled.

The second property in the portfolio is located in Grand Prairie along Highway 360 between Dallas and Fort Worth. The facility was completed in 2000 and contains 856 units, 59 percent of which are climate controlled.

Both properties have been maintained to institutional standards and include a mixture of self storage and RV/surface units.

The HFF team representing the seller was led by senior managing director Aaron Swerdlin.

Managing the transaction for 5B Investments, Inc. was chief financial officer, Kevin Embree. 5B Investments Inc. and its predecessor, Chris R. Stephens Inc., have completed over 500 projects in the capacity of architect, contractor and/or developer. After earning a great reputation in Orange County, California through the 1980s, Chris R. Stephens sold the business and relocated to Sun Valley, Idaho to start 5B Investments. Continuing in the same business style, 5B has evolved into an operating business with interests in commercial, multi-housing and restaurant properties.

About Extra Space Storage

Extra Space Storage® Inc. (NYSE: EXR) is a real estate investment trust based in Salt Lake City, Utah with regional offices in California, Connecticut, Florida, Maryland, Massachusetts, New Jersey, New York and Texas. Extra Space Storage is the second largest operator of self storage in the U.S., and is a national owner, developer, acquirer and operator of professionally managed self storage properties.

About HFF

Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.