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 Spencer Mini Storage, a 56,875 square foot storage facility located in La Porte, 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 California family trust. “There were some unique challenges in marketing the property,” said Knobler. “A small plane hit one of the buildings about a week after we went on the market. It made news all over the country, but fortunately the pilot was unharmed and it was never an issue.” Knobler continued, “After receiving the initial round of offers, the ultimate Buyer stepped up in the Best and Final round to secure the asset.”
Spencer Mini Storage sits on two parcels that total 9.05 acres of land and has 11 single story buildings. Out of the 9.05 acres, there are 4.68 acres of expansion land with close to 400 feet of frontage on Spencer Highway that is included in the sale. There are a total of 595 units composed of 226 climate controlled units (21,200 net rentable square feet), 286 non-climate units (35,675 net rentable square feet), and 83 parking spaces. One building was constructed in 1977, but 94 percent of the property was constructed between 1995 and 1999.
The property has many different amenities including, but not limited to, a gated entry with a digital keypad, full service on-site management office, video surveillance, asphalt driveways, and units with roll-up doors. Spencer Mini Storage has around 36,000 people living within a three mile radius of the facility and the population is expected to grow by about eight percent in the next five years. The property has over 750 feet of frontage on Spencer Highway and gets drive-by visibility from around 25,000 vehicles daily. Spencer Highway is a primary artery that connects the southeast Houston suburbs of Pasadena, Deer Park, and La Porte.