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 Nations Storage, a 64,280 square foot storage facility with 516 climate and non-climate controlled units located in northwest Houston, Texas.
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. “We had numerous property showings and received a handful of offers, despite having 17 competitive properties, three of which that were still in lease-up in the three-mile trade area,” said Knobler, “but it’s a testament to investor sentiment that the supply will be rapidly absorbed”. One of the sellers, Charlie Talbert, who was part of a father and son partnership sent this note of thanks to Dave, “Dave, [we] wanted to thank you for your assistance and support in the sale of our property. Chris and I are very pleased with the terms you were able to negotiate. The closing was completed without any issues and the funds were received in our account before the close of business yesterday.”
So far this year, The LeClaire Group has sold 38 self-storage properties including 18 in Texas. Nations Storage sits in a densely populated and growing area of Houston and has over 110,000 people living within a three-mile radius of the facility. Population is expected to grow over nine percent in a three-mile radius of the property in the next five years. The property is located on State Highway 249 and has over 550 feet of frontage. With around 150,000 cars traveling in front of the property daily, Nations Storage is located on one of the busiest thoroughfares in the Greater Houston Area.