DENVER, CO | 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 a 7.5 acre parcel in Windsor, Colorado with city approved plans for a 78,550 square foot storage facility.

Thomas Parsons and Adam Schlosser, storage investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a local land developer.  “Buyers have been increasingly willing to buy entitled storage development sites because otherwise they’re starting from scratch which can take two plus years, cost hundreds of thousands of dollars, and eventual approval is far from certain. Challenges to this deal were high development costs including both construction loan interest rates and construction materials, as well as high property taxes for this parcel due to a local metro district,” says Parsons.  The Buyer, a local investment group, was also procured by Marcus & Millichap and has a history of successful self-storage developments around the front range.

“Buyers have been increasingly willing to buy entitled storage development sites because otherwise they’re starting from scratch which can take two plus years, cost hundreds of thousands of dollars, and eventual approval is far from certain. Challenges to this deal were high development costs including both construction loan interest rates and construction materials, as well as high property taxes for this parcel due to a local metro district.”

The purchase includes a fully entitled 7.5 acre light Industrial-zoned site at 340 Crossroads Blvd, Windsor with city approved plans for 78,550 NRSF of enclosed single-story self storage in a high occupancy area.  Windsor has an average household income of $125,000 and doubled its population between 2011-2021 with an average 7.11 percent yearly growth rate.