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 (Managed) Self Storage, a 82,025 square foot storage facility located in Houston suburb Richmond, 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 local LLC. “The market response we received was tremendous,” said Knobler. “A year ago, right at the onset of COVID-19 we had begun to market this property and we weren’t able to come close to achieving the Seller’s needs. Fast forward roughly 12 months and thanks to more availability of capital and more certainty within the submarket we received numerous offers that the Seller found compelling, and he was able to complete the development cycle with a positive exit.” The Buyer was a national self-storage REIT.
“A year ago, right at the onset of COVID-19 we had begun to market this property and we weren’t able to come close to achieving the Seller’s needs. Fast forward roughly 12 months and thanks to more availability of capital and more certainty within the submarket we received numerous offers that the Seller found compelling, and he was able to complete the development cycle with a positive exit.”
CubeSmart (Managed) Self Storage consists of 669 climate controlled units and features many amenities including wrought iron fencing and digital keypad access, elevators, and video surveillance throughout. This Class A facility is in the heart of one of the fastest growing retail corridors in Texas and fronts on the Grand Parkway (SH-99) which is the outer loop of the Greater Houston Area.
