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The portfolio amounts to more than three million square feet and includes 28 properties in
Houston, seven in
Austin, Texas, and one in
Charlotte, N.C. A subsidiary of CubeSmart (NYSE: CUBE) and a joint venture partner purchased the assets.
"This truly was one of the most unique portfolio opportunities in the self storage space I've ever seen," said
Aaron Swerdlin, executive managing director with NGKF Capital Markets. "The geographic concentration in
Houston, two of the best economies in the country, really accentuated the value of the high quality self storage portfolio that Clarion and Private Mini had developed and assembled."
Mr. Swerdlin, who is based in
Houston, together with
Kenneth Cox, heads NGKF Capital Markets' Self Storage Group. The two have handled more than
$5 billion in self storage transactions throughout their careers. The group provides clients with a single-source solution for every phase of a self storage transaction, from strategic planning, value enhancement, pre-marketing consulting and operations analysis to dispositions, debt placement, proprietary lending and equity assignments.
"We continue to enhance our platform so that we are equipped to most effectively assist REITs, institutional investors and private investors who have diverse needs, and are committed to helping them make intelligent decisions about their real estate portfolios," said
Jimmy Kuhn, NGKF President and head of NGKF Capital Markets. "Investors are looking for yield and are finding difficulty in the major food groups and in the traditional markets. Self storage, medical office and other alternative asset classes are more in demand in search of that yield.
"Aaron and Kenneth are recognized leaders in the self storage space. Their knowledge and long-standing relationships are invaluable for investors exploring the self storage asset class."