DENVER, CO | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of AAA Self Storage, a 74,750 square foot storage facility located in Cheyenne, Wyoming. The property achieved an $8 million purchase price at a little over $107 per foot.
Adam Schlosser, Senior Vice President Investments, Charles “Chico” LeClaire, Executive Managing Director Investments, and Neville Rustomjee, Wyoming broker of record, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a local investor. “Capital continues to migrate into secondary and tertiary markets to find higher and more consistent returns,” says Schlosser. “We see this trend continuing over the next several years as some of the major markets around the country deal with overbuilding and rental rate volatility.” “Surprisingly, we had bidders engage in the process from all over the country,” added LeClaire.
AAA Self Storage consists of 517 drive-up units and 103 rentable outdoor parking spaces. The facility is located on 200 South College Drive on the southeast side of the Cheyenne market.
There is significant investment being made in the immediate area headlined by the Sweetgrass development- a 2,350-acre, mixed use master planned community slated for 5,000 single family homes. This project will only bolster demand in an already tight rental market with an average physical vacancy of over 95 percent across the comparable properties.