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 Gulf Freeway Self Storage, a 62,632 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 partnership. “The facility was only twenty percent occupied a couple of months prior to us launching our marketing campaign and I think that was due in large part to its opening basically at the onset of the COVID-19 pandemic,” said Knobler. “As the vaccines started to roll out, the occupancy started growing quickly and it didn’t hurt that it sits in a highly populated area and was the newest property in its submarket.” The Buyer was an institutional partnership.
“As the vaccines started to roll out, the occupancy started growing quickly and it didn’t hurt that it sits in a highly populated area and was the newest property in its submarket.”
The property fronts on the Gulf Freeway (Interstate 45) which is one of the most highly traveled areas of Greater Houston with over 225,000 vehicles driving by daily. The densely populated urban area is home to over 130,000 residents within three miles. The facility is sandwiched between numerous national and regional retailers such as Macy’s and Burlington Coat Factory to the north and a Sam’s Club to the south. The facility has numerous amenities typically found in Class “A” self storage facilities including security passcode access, several loading/unloading entrances, video surveillance throughout the property, and a large full-service manager’s office.