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 Extra Space Storage (Managed) CofO, a 67,350 square foot storage facility located in New Braunfels, 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 Central Texas-based limited partnership. “The Seller had initially planned to hold on to the asset but reconsidered after being approached with an interesting off-market offer. Our competitive process yielded a price over 20 percent higher than the initial proposal the seller received,” Knobler said.
“The Seller had initially planned to hold on to the asset but reconsidered after being approached with an interesting off-market offer. Our competitive process yielded a price over 20 percent higher than the initial proposal the seller received.”
Extra Space Storage (Managed) CofO is a 550-unit self-storage facility that recently opened in New Braunfels, Texas. The property sits on approximately 3.45 acres of land and has one three-story building containing 524 climate control units and 26 non-climate drive-up units. Extra Space Storage (Managed) CofO has an attractive façade along with many amenities commonly found in Class “A” self-storage facilities including a gated entry with digital keypad, a full-service onsite management office, 24/7 video surveillance throughout the facility, automatic hallway light sensors, concrete driveways, and units with roll-up doors. The facility fronts on Interstate 35 and around 105,000 vehicles pass by the facility daily. Additionally, Extra Space Storage (Managed) CofO has a cross access easement with the adjacent 7-11 giving the facility access to the hard corner of Interstate 35 and Schmidt Road.
