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 Extra Space (Managed), a 73,700 square foot storage facility located in Sugar Land, 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 Texas-based partnership. “We had compelling offer activity within the first 24 hours of advertising the asset, but we executed our full marketing process and received better offers which yielded a tremendous result for the Seller,” said Knobler. “There is limited storage supply in Sugar Land with only two facilities having been constructed in the city since 2003 and the buyer pool recognized the strong barrier to entry.”
“We had compelling offer activity within the first 24 hours of advertising the asset, but we executed our full marketing process and received better offers which yielded a tremendous result for the Seller.”
The property sits on approximately 5.28 acres of land and has five single story buildings plus one two-story manager’s office and residence. There are a total of 666 units composed of 305 climate-controlled units (34,910 net rentable square feet), 322 non-climate units (38,790 net rentable square feet) and 39 outdoor parking spaces. The facility was constructed in 1999 and has an attractive block façade along with many amenities commonly found in Class “A” self-storage facilities. There is a gated entry with a digital keypad, a spacious on-site management office, a manager’s residence, video surveillance throughout the facility, and concrete driveways.