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 CubeSmart Self Storage (Managed), a 93,715 square foot storage facility located in Houston, 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 LLC. “Year over year, the asset’s gross revenue was up 70 percent and given the positive conditions surrounding Clear Lake rental rates and occupancies, the market believed a very exciting pro forma was in store as we were able to generate multiple offers for the asset,” Knobler said.
“Year over year, the asset’s gross revenue was up 70 percent and given the positive conditions surrounding Clear Lake rental rates and occupancies, the market believed a very exciting pro forma was in store as we were able to generate multiple offers for the asset.”
CubeSmart Self Storage (Managed) is a storage facility in the Clear Lake area of southeast Houston. The two-story facility has a unit mix consisting of 802 climate-controlled units and the parcel the facility sits on is approximately 3.5 acres after being recently replatted. The brick façade facility was originally an office building that was constructed in 1985 and was converted to a storage facility in 2018. CubeSmart Self Storage (Managed) 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, and multiple loading/unloading areas.
