An eight-property self storage portfolio in the Dallas-Fort Worth market has changed hands. Tango Development acquired the assets, encompassing a combined 225,275 rentable square feet, from private owners, using an $11.7 million acquisition loan provided by Sovereign Bank, according to county records.
Previously called the Storage Bright Portfolio, the property collection now operates under the Overflow Garage brand and is managed by Lone Star Realty Group.
Senior Vice President Danny Cunningham and Senior Managing Director Brandon Karr with Marcus & Millichap represented the seller and secured the buyer.
The properties offer units ranging between 50 and 400 square feet, depending on the location. The set of amenities offered at Overflow Garage include video surveillance, keypad access, drive-up units, online bill pay and gated access.
The facilities are located between 30 and 40 miles North and NW of Fort Worth, as follows:
- Paradise North at 215 Hickory St., Paradise, Texas
- Paradise South at 4002 TX-114, Paradise, Texas
- Springtown Central at 1220 E. Highway 199, Springtown, Texas
- Springtown North at 1715 FM 51, Springtown, Texas
- Springtown South at 140 Adalida Lane, Springtown, Texas
- Weatherford Central at 1211 Ranger Highway, Weatherford, Texas
- Weatherford North at 2311 FM 51, Weatherford, Texas
- Weatherford South at 3193 W. I-20, Weatherford, Texas
Over a 12-month period, 23 other self storage facilities totaling roughly 1.3 million square feet traded in the Dallas-Fort Worth market, according to Yardi Matrix data. The metro’s average combined street rates per square foot fell 1.3 percent month-over-month as of November, a recent Yardi Matrix report shows.
