Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston office and Charles “Chico” LeClaire, Executive Managing Director Investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller who had owned and operated the facility for 41 years. “Many prospects who either toured the property or made offers to purchase the facility indicated they saw a significant opportunity to improve the operations with more modernized marketing tools” said Knobler. The buyer, an out-of-state investment firm, was also procured by Knobler and LeClaire. “It was a competitive process as is typical for self storage assets in exciting areas of town. We received offers from various groups around the country and a couple here locally” said Knobler. “While it wasn’t the winning bid, a retail agent in the Houston office submitted an offer on behalf of a client as well which helped create competition for the asset.” LeClaire says this is the 15^th self-storage property the group has sold this year.

The property consists of 353 climate and non-climate controlled units. Amenities include video surveillance, gated entry with digital keypad, a manager’s office & residence, and concrete driveways. Ammex Mini Storage sits in the densely populated Spring Branch area of Houston with approximately 135,000 people living within a three-mile radius. Some of the city’s most prominent residential developers have staked their claim in the area and numerous high density residential developments that would complement a self-storage facility well are underway nearby with many more on the horizon. Retail submarket occupancies are over 95 percent with new restaurants and stores making recent entrances. Just south of the property sit some of Houston’s most expensive and appealing neighborhoods.