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 Safe Harbor Boat & RV Storage, a two-property portfolio with 260,927 square feet of storage located in Cypress and Tomball, Texas.
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, a local LLC. “Clearly the market is much deeper for traditional self-storage facilities, but this transaction is really interesting because we see Morningstar Storage, a large national private equity firm, making another significant investment in the Boat/RV space,” said Knobler. “Not that the demand or interest for self-storage assets is waning whatsoever, but I think this sends a signal that more substantial capital is continuing to flow into the Boat/RV storage sector.”
Safe Harbor Boat & RV Storage is a two-property portfolio in Cypress and Tomball, Texas (Houston MSA). The two locations are approximately five miles apart and consist of Telge Road in Cypress which is a 477 unit, 128,026 net rentable square foot property and Hufsmith Kohrville in Tomball which contains 268 units and 132,901 net rentable square feet. The Telge property sits on approximately 12.34 acres of land and has 17 single-story buildings and one, two-story office/residence and was built in multiple phases between 2008 and 2015. The units consist of 58 climate control spaces, 284 drive-up units, 97 covered parking stalls, and 53 outdoor parking spots. The Hufsmith Kohrville property sits on approximately 8.36 acres of land and has 15 single story buildings and was built in two phases between 2015 and 2017. There are 251 drive-up units and 17 outdoor parking spots.
The properties have amenities including, but not limited to, a gated entry with digital keypad, a full-service manager’s office, video surveillance, roll-up doors, motion sensor hallway lights, and concrete driveways. The climate control buildings at Telge have automatic lighting in units that are 200 square feet or larger, individual door alarms, and digital keypads at the entrances.