Right Move Storage is a “Class-A”, institutional-quality facility resting on approximately 2.63 acres in Fort Worth, TX. The property, previously a two-story Macy’s Department Store operating in Ridgmar Mall, was converted into a 126,985 rentable-square foot self-storage facility in 2019, and officially opened for business June 24th of that same year. Comprised of 1,070 interior climate-controlled units, the self-storage facility features a modern manager’s office and showroom, two-bay loading dock, 24-hour video surveillance cameras, multiple personalized key-pad entrances, and a large freight elevator allowing convenient access to the lower level.
Right Move Storage benefits from the excellent accessibility and visibility its location near Interstate 30 provides, upon which more than 100,000 vehicles travel each day. The storage facility also happens to be located across the street from Lockheed Martin (“Lockheed”), the nation’s largest defense contractor, as well as the Naval Air Station Fort Worth Joint Reserve Base (“NAS Fort Worth JRB”). Lockheed employs approximately 17,000 people who manufacture and modernize both the F-16 and F-35 fighter aircraft, and the NAS Fort Worth JRB employs more than 11,000 people who support the manufacture of the aforementioned aircraft.
It should also be noted that, not only are there no “Class-A” storage facilities located within a one-mile radius of Right Move, all of the storage facilities (Class-A or otherwise) located within the one-mile submarket are all stabilized.
Furthermore, Ridgmar Mall has historically benefitted from its close proximity to the town of Westover Hills, TX. Westover Hills is an incorporated town located in Tarrant County (similar to Highland Park (Dallas), and River Oaks (Houston)) that has, in the past (as recently as the year 2000), been considered the most affluent neighborhood in all of Texas (per-capita income). With that said, any potential owner should also consider Right Move’s three-mile trade area an extremely fertile market. The River Oaks / White Settlement district (serving Right Move’s population to the North and Northeast) of the facility is currently experiencing a renaissance, due largely to its location near the tranquil banks of the Trinity River. To be sure, extremely successful retail merchants like Heim Barbeque and Taco Heads, as well as a number of new multi-family developments, are drawing new residents to the area. This renewed interest in the submarket augments the prospects for a new storage operator looking to take advantage of the opportunity to purchase an institutional-quality storage facility that not only benefits from a thriving economic base, but one that can be acquired well below its replacement cost.
Offered for $10,300,000, it is reasonable to assume a new investor will achieve unleveraged returns in excess of 8.50 percent upon stabilization. To be sure, broker has underwritten the property with conservative projected rental rates and a realistic expense load (please see pg. XX of the Offering Memorandum for more detail).
“Class A” Institutional Quality Asset
Near Lockheed Martin and Naval Air Station Joint Reserve Base
Serves an Affluent Market of East Fort Worth
8.5 Percent Pro Forma Cap Rate
126,985 NRSF | 1,070 Climate Controlled Units