SPRING, TX | Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Devon Self Storage (Managed), an 80,188-square-foot self-storage facility located in Spring, Texas.
Charles “Chico” LeClaire and Dave Knobler, investment specialists in Marcus & Millichap’s Denver and Houston offices, had the exclusive listing to market the property on behalf of the seller, a private investor. “Devon was another example of the importance investors place on quality assets in densely populated, high traffic locations,” Knobler said. “We had several quality buyers to choose from which was extremely important considering the Fed Funds Rate went up three times between when the offers started coming in and the closing.” The buyer, a private investor, was procured by LeClaire and Knobler. Tim Speck, broker of record of Texas, assisted in closing this transaction.
“Devon was another example of the importance investors place on quality assets in densely populated, high traffic locations. We had several quality buyers to choose from which was extremely important considering the Fed Funds Rate went up three times between when the offers started coming in and the closing.”
Devon Self Storage (Managed) sits in a highly populated and growing area with nearly 80,000 people living within a three-mile radius of the property. The population is projected to grow nearly 13 percent in the next five years. Aldine Westfield Road is a major north-south thoroughfare in North Harris County with daily traffic counts of over 28,000. The facility is also close to three major freeways: The Hardy Toll Road, The Grand Parkway (Houston’s Outer Loop) and Interstate 45.
