DALLAS, 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 Noah’s Ark Self Storage, a 85,644 square foot storage facility located in Dallas, 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 the behalf of the Seller, a Texas Limited Partnership. “The barriers to entry were mammoth and the market took notice,” said Knobler. He continued, “There was so much uncertainty as we launched this offering in early March as COVID-19 was beginning to make its impact felt. We remained steadfast in our marketing process and were able to get numerous competitive offers from highly qualified groups.”
“The barriers to entry were mammoth and the market took notice. There was so much uncertainty as we launched this offering in early March as COVID-19 was beginning to make its impact felt. We remained steadfast in our marketing process and were able to get numerous competitive offers from highly qualified groups.”
Wentworth Property Company, with offices in Phoenix and Dallas, ultimately presented themselves as the most compelling buyer in the marketplace. Wentworth was able to navigate various transactional hurdles presented by COVID-19 to close in a timely manner and expand their existing footprint in Texas.
Noah’s Ark Self Storage is a 767 unit, 85,644 net rentable square foot Class A+ institutional-quality facility sitting on approximately 1.56 acres in Dallas, Texas. The property is in lease-up after opening in December of 2019. There is also approximately 2,100 square feet of retail space that was requested by the city of Dallas and provides stable ancillary income given the densely populated surroundings. Noah’s Ark Self 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, a covered loading/unloading area, and multiple elevators allowing convenient access throughout the facility. Moving forward, the facility will operate as a CubeSmart Self Storage.