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 Kangaroo II Self-Storage, a 75,325 square foot storage facility located in Loveland, Colorado.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a local private LLC. “We continue to experience high demand for cash flowing self storage facilities along the front range,” says Schlosser. “New supply is beginning to affect values in certain areas but the broader market as a whole is still performing well.” The buyer was an investment fund from the east coast. So far this year, The LeClaire Group has sold 40 self-storage properties.
Northern Colorado continues to be one of the fastest growing areas in the state and is predicted to double in population by 2050. Just a mile north of the property, downtown Loveland is undergoing a revitalization with a new development under construction called The Foundry. The development spans three city blocks and will offer 155 luxury apartments, restaurant space, a 102-room hotel, movie theater and a central community plaza scheduled to be completed in early 2019. Another $500 Million large scale development called The Brands at The Ranch is currently in the works in northeast Loveland. The mixed-use project will bring another 2.6 million square feet of commercial space and approximately 1,200 multi-family units to the area.