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 Affordable Storage, a 61,960 net rentable square feet storage facility located in Alvin, Texas which is a southern suburb of the Greater Houston Area.

Dave Knobler, Senior Managing Director Investments in Marcus & Millichap’s Houston, Texas office, and Charles “Chico” LeClaire, Executive Managing Director Investments in the Denver, Colorado office, marketed the property on behalf of the seller, a local individual.  “The asset was individually owned and operated, the management was rather antiquated and achieved rents were less than 50% of the market leader,” said Knobler. “It was right in the sweet spot for investment groups looking for value-add opportunities in suburban markets and the sale produced a great outcome for the seller.” The buyer, a Nevada-based LLC, was also secured by Knobler and LeClaire.

“The asset was individually owned and operated, the management was rather antiquated and achieved rents were less than 50% of the market leader. It was right in the sweet spot for investment groups looking for value-add opportunities in suburban markets and the sale produced a great outcome for the seller.”

The property sits on approximately 3.01 acres of land and has eight single-story buildings. The facility has numerous amenities including, but not limited to, video surveillance throughout the property, an automatic entrance gate with key code access, roll-up doors, concrete driveways, and a full-service on-site manager’s office with an onsite residence. Affordable Storage was originally constructed in 1982 and the climate control buildings were built in 1994.