A self-storage portfolio consisting of eight properties in the Dallas-Fort Worth market has been successfully sold to Tango Development. The combined rentable space of these properties is 225,275 square feet. According to Commercial Edge, Sovereign Bank provided an acquisition loan worth $11.7 million for this transaction.
Under the management of Lone Star Realty Group, these properties will now operate under the brand name Overflow Garage instead of Storage Bright Portfolio.
The seller was represented by Senior Vice President Danny Cunningham and Senior Managing Director Brandon Karr from Marcus & Millichap while also securing a buyer for this deal.
The units offered at these facilities range from 50 to 400 square feet depending on their location. Overflow Garage provides various amenities such as video surveillance, keypad access, drive-up units, online bill payment options and gated access.
Located between 30-40 miles north and northwest of Fort Worth are where these facilities can be found with two in Paradise, three in Springtown and three more in Weatherford.
This post originally appeared on Connect CRE website.
