BEAUMONT, TX | 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 Lisotta’s Self Storage Portfolio, a seven property self-storage portfolio located in 5 cities in Southeast Texas. The asset has 2,627 units and 389,386 net rentable square feet.
Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston office and Charles “Chico” LeClaire, Executive Managing Director Investment in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. “Obviously with such a large offering, the Buyer immediately gets a great deal of scale in the Golden Triangle,” said Knobler. “The properties were constructed in the 1970’s and early 1980’s, but creative Seller financing terms helped achieve 7 offers and ultimately a much higher price than if the asset had traded with conventional financing.” The buyer, a limited liability company, was secured by Dave Knobler and Charles “Chico” LeClaire.
The Lisotta’s Self Storage Portfolio has locations at 6045 College Street and 210 Interstate 10 South in Beaumont, 6111 Gulfway Drive in Groves, 2214 Spurlock and 2839 Highway 69 North in Nederland, 110 Tenney Street in Bridge City, and 603 Foreman Road in Orange.