Self Storage Realty Advisors launched a call for offers on October 5, 2026 for Spare Feet Self Storage at 18 Windmill Circle in Abilene, Texas, a 148,240-net-rentable-square-foot Class A facility that hit 94% occupancy before May 2026 Phase III delivery, per PR Newswire. Letters of intent are due October 14, 2026.
The story is phased lease-up math in a tertiary market with affluent household stats, not a distressed exit.
What Is Brokers Marketing at Windmill Circle?
SSRA and United Properties Group positioned Spare Feet as Abilene's institutional-quality flagship adjacent to Sam's Club with U.S. Highway 83 frontage carrying more than 36,000 vehicles per day.
| Element | Detail (PR Newswire, Oct. 5, 2026) |
|---|---|
| Address | 18 Windmill Circle, Abilene, TX 79606 |
| Total NRSF | 148,240 |
| Phase deliveries | Aug. 2020, Oct. 2022, May 2026 |
| Phase III NRSF | 43,350 (27,925 CC + 15,425 drive-up) |
| Pre-Phase III occupancy | 94% (marketing claim) |
| Current occupancy | ~65% with Phase III online |
| CC rent (marketing) | $1.43/SF |
| Drive-up rent (marketing) | $0.82/SF |
| LOI deadline | Oct. 14, 2026 |
Demographic bullets include median household income above $110,000 in the immediate trade area, 10% population growth over the past five years, and 8% projected growth over the next five years. Within one mile, marketing cites $121,591 average household income and 54% bachelor's degree attainment.
Why Sell After Phase III Instead of at Stabilization?
Developers classically market assets on two curves: prove demand on Phases I and II, then sell the lease-up story on Phase III when institutional buyers want upside without construction risk.
SSRA's release claims Phase I stabilized in about nine months and Phase II in about twelve months. Hitting 94% before opening Phase III supports the narrative that Abilene's southwest corridor absorbs inventory faster than national averages suggest.
Resetting to ~65% occupancy after May 2026 delivery is arithmetic, not failure. Buyers underwriting the LOI are paying for a 43,350-square-foot lease-up wedge with road frontage and big-box co-tenancy already built.
That playbook contrasts with Connolly Brothers' October 2026 CubeSmart delivery in Canton, where the developer hands over a fully entitled greenfield box. Abilene is a merchant-builder exit on phased product.
How Does Abilene Fit 2026 Buyer Psychology?
National data still shows pricing pressure. Yardi Matrix reported advertised rates down 1.9% year over year in August 2026. Marcus & Millichap's September outlook forecasts 10% vacancy by year-end with deliveries slowing to 2.2% of inventory.
Yet October 2026 marketing continues for Class A assets with visible lease-up paths:
- Spare Feet Abilene (this offering): tertiary market, phased upside on 148,240 NRSF
- Lock Up's $13.2 million Roseville buy: stabilized 2019 suburban box
- Merit Hill's $6.9 million Kissimmee StorQuest: 82.2% occupied lease-up
Buyers are not monolithic. Value-add funds want Abilene's 65% floor with a 94% historical ceiling. Core-plus buyers want Roseville's 2019 vintage at $153 per foot.
What Should Underwriters Stress-Test on Spare Feet?
Occupancy marketing vs. audited rent roll. Broker decks quote 94% pre-expansion and 65% post-expansion. Diligence needs tenant-level detail, not rounded portfolio percentages.
Rate achievability. $1.43 climate-controlled and $0.82 drive-up are marketing anchors. Compare against StorTrack-powered comp sets and secret-shop quotes at signing.
Phase III execution risk. 27,925 square feet of new climate-controlled space competes with existing Phase I and II tenants for the same drive-by traffic. Marketing says rates outperform competitors; prove it with concession history.
Tertiary economic concentration. Abilene's military and education anchors add stability, but tertiary markets move faster on single-employer shocks than Dallas or Austin metros.
Highway retail co-tenancy. Sam's Club adjacency drives visibility. It also caps alternative uses. Underwrite the storage cash flow, not imaginary mixed-use optionality.
The Numbers Worth Writing Down
- 148,240 net rentable square feet total
- 43,350 NRSF added in Phase III (May 2026)
- 94% occupancy claim before Phase III
- ~65% occupancy with Phase III online
- $1.43/SF climate-controlled rent (marketing)
- $0.82/SF drive-up rent (marketing)
- 36,000+ vehicles per day on Highway 83 (marketing)
- October 14, 2026 LOI deadline
Lease-Up Proof Still Sells in Soft Rate Years
Spare Feet's October 2026 offering is a market-trend signal: developers will still bring Class A tertiary assets to market when they can show nine- to twelve-month stabilization history on prior phases, even while national advertised rents slide.
The buyer who wins Abilene is not betting on a macro rip higher in Q4 2026. They are betting Phase III repeats Phases I and II on a Sam's Club corner with $110,000+ household incomes.
National averages tell you rates are down. Windmill Circle tells you localized demand can still absorb another 43,350 square feet if you price and market it like institutional product.
Sources
- Opportunity to Acquire Prime Class A Self-Storage Asset in Abilene, Texas; Call for Offers Due Oct. 14, 2026, PR Newswire, October 5, 2026