HOUSTON, 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 AAA Self Storage, a 65,950 net rentable square foot storage facility located in Bellville, Texas, a bedroom community approximately 30 miles to the west northwest of the Houston suburbs.
Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston, Texas office and Charles “Chico” LeClaire, Executive Managing Director Investments in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the seller, an Austin-based partnership. “It was definitely a more challenging assignment because the buyer pool isn’t as deep in non-metropolitan areas, but we received numerous offers,” said Knobler. “It actually turned into a very competitive bidding process as two highly qualified entities who understood the opportunity and wanted to have a presence on the western outskirts fiercely competed to purchase the property.”
The facility sits on 5.42 acres of land and has six single story buildings. There are 395 units composed of 219 climate control units (34,250 net rentable square feet) and 176 non-climate units (31,700 net rentable square feet). The property has many amenities typically found in class A self storage facilities including, but not limited to, a gated entry with a digital keypad, full service on-site management office, video surveillance, a kiosk, digital keypads that secure access to the climate control buildings, and concrete driveways. AAA Self Storage opened in 2005, however approximately 30 percent of the facility has been constructed since 2013 including the most recent phase in 2016. There is also approximately 1.6 acres of expansion land included in the offering and with the current physical occupancy hovering around 91 percent, it would seem the facility is ripe for another expansion.