Cullen Retail and Self-Storage

Location: Houston, TX
Type: Mixed Use
Price: $5,500,000

SMC provided a $5,500,000 first mortgage loan (“The Loan”) to refinance the $3.4 million of existing debt collateralized by Cullen Retail & Self-Storage, a mixed-use asset located approximately 10 miles south of downtown Houston, TX. The collateral consists of a retail and a self-storage component originally developed in 2007 and 2008, respectively. The Property’s retail portion is 94% occupied and consists of two single-story buildings with 12 tenant suites totaling 21,000 SF. The Property’s self-storage portion is 99% occupied and consists of seven buildings with 241 units, of which 36 are interior climate-controlled and 205 are drive-up non-climate controlled. The Subject is located in a mature, in-fill area with a population within a 3- and 5- mile radius of 95,202 and 261,824, respectively. The Property is well located along Cullen Boulevard, a high-density retail corridor with an average daily traffic count of more than 20,000 vehicles per day. The Subject is located 10 miles from downtown Houston, and 6.5 miles from the William P. Hobby International Airport.