Investment Group Buys 486-Unit Storage Facility

DALLAS-A self-storage developer has sold an 82,208-sf facility in North Dallas to Watson & Taylor USA, marking the first of five sales of his North Texas product. The just-sold holding was once a Home Depot store.

Rearden Investment Partners IX LLC of Dallas had the 486-unit, climate-controlled property, with 203 outside storage spots for RVs and boats, on the market for $4.9 million. There were four all-cash offers for the 6.9-acre property at 1975 W. Northwest Highway, says Leigh Richter of Dallas-based Joe Foster Co., who teamed with colleague Ron Thomas to represent the seller. All she’ll say about the final price is “we were pleased with the results.” Leslie Wheeler with Chicago Title Co.’s Dallas office handled the closing.

Richter says the seller is actively looking for development sites with five to 15 acres and the Dallas buyer is setting up a TIC play to acquire self-storage properties across the US. She tells GlobeSt.com that the seller is holding contracts from buyers for three self-storage facilities in Dallas and one in Denton.