HOUSTON, TX | The LeClaire-Schlosser 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 Cumberland Storage, a 61,713 square foot storage facility located in Tyler, Texas.
Dave Knobler, Senior 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 Tyler-based LLC who developed the property. “We marketed Cumberland at a 5 percent end of year one proforma cap rate and generated an incredible amount of interest,” said Knobler. “The best and final process was razor thin as we had to go to a third round to ultimately pick a winner, but it was certainly understandable given both the quality and location of the asset and the fact that it was literally 100 percent physically occupied.”
“The best and final process was razor thin as we had to go to a third round to ultimately pick a winner, but it was certainly understandable given both the quality and location of the asset and the fact that it was literally 100 percent physically occupied.”
Cumberland Storage is a 539 climate-controlled unit self-storage facility in Tyler, TX. The front three story building was constructed in 2016 and the rear single story widespan building which was originally a roller rink built in 1999 was converted to storage in 2012. The 61,713 NRSF sits on an approximately 2.4 acre parcel. Cumberland Storage features numerous amenities found in modern institutional quality storage facilities including, but not limited to a full-service manager’s office and showroom, video surveillance cameras throughout the property, several personalized key-pad entrances, and multiple covered loading/unloading areas.
