CubeSmart Self Storage (Managed) – Richmond, TX

Property Title

7940 West Grand Parkway South
Richmond, TX 77406

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investment highlights

  • Seller says BRING ALL OFFERS! Call for offers: April 1st, 2020
  • “Class A” Institutional Quality Asset Completed in Summer 2017
  • Fronts on SH-99 Grand Parkway – Daily Traffic Counts 56,880
  • Adjacent to Aliana — the Top Selling Master Planned Community in Houston
  • 81,975 NRSF | 716 Units
  • Booming Demographics: 2010-2019 Population Growth was 56.28 Percent
  • Affluent North Fort Bend County Location: Average Household Income – $136,956
  • Fort Bend County Ranked 2nd on List of “Texas Counties Where Wealthy People are Moving”

property summary

Cube Smart Self Storage (Managed) is a 716 unit, 81,975 Net Rentable Square Foot “Class-A+”, institutional-quality facility sitting on approximately 2.01 acres in Richmond, Texas an affluent suburban area on Houston’s southwest side. The property is in lease up after opening in the middle of 2017. Cube Smart Self Storage (Managed) features numerous amenities found in modern institutional quality storage facilities including, but not limited to a full service manager’s office and showroom, video surveillance cameras throughout the property, several personalized key-pad entrances, a covered loading/unloading area, and multiple elevators allowing convenient access throughout the facility.

Cube Smart Self Storage (Managed) is in northern Fort Bend County which is a booming area of Greater Houston. The population within three miles grew over 56 percent in the last decade and continued rapid growth is projected to the tune of nearly 18 percent over the next five years.  The facility is in the heart of one of the fastest growing retail corridors in Texas and fronts on the Grand Parkway (SH-99) which is the outer loop of the Greater Houston area. There are around 57,000 vehicles that pass by the facility each day. The asset benefits from an abundance of new home construction buoyed by nearby Aliana, and Harvest Green. Aliana is the top selling master planned community in Houston and will top out at over 4,400 homes. Harvest Green about one mile to the south will have over 2,600 homes. In addition to the Brick and Mortar retail that is popping up all around the facility, dirt is turning on a 94 acre site 1.5 miles from the property that is reportedly being developed by Amazon.

As of February 1st, the physical occupancy is 69 percent. While the lease up hasn’t been overnight, it’s understandable given the unique competitive situation the facility faces. Two other facilities came online within roughly a 12-month span since the subject property was completed for a total of just over 295,000 NRSF within a one-mile radius. The encouraging note for a new investor is that over 205,000 NRSF has already been absorbed and that there aren’t any other competing facilities within 1.5 miles. Additionally, the Seller had been self-managing the asset until the summer of 2019 and it’s conceivable that had he implemented professional third party management right off the bat the lease up would be further along. Given the area’s growing affluent demographics it stands to reason that once all three facilities hit stabilization, strong tailwinds will lift rental rates quickly. The Seller is willing to meet the market so bring all offers by April 1st, 2020.

Broker Information

Dave Knobler

First Vice President

Phone: 713.452.4200
Email: dknobler@marcusmillichap.com
License: TX 606252

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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