ENCINO, CA | 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), a 55,786 square foot storage facility located in South Pasadena, California in the Los Angeles MSA.

Adam Schlosser, Senior Managing Director Investments, and Charles “Chico” LeClaire, Executive Managing Director Investments, in Marcus & Millichap’s Denver, Colorado office, and Keith Phillips, Senior Investment Associate, in the firm’s Encino, California office had the exclusive listing to market the property on behalf of the Gelt Ventures, a Los Angeles-based real estate investment and asset management firm.  “This was a rare opportunity to acquire an irreplaceable asset in one of Southern California’s most desirable submarkets,” said Schlosser. “We were able to execute the trade in difficult market conditions which is a testament to both Buyer as well as Seller.” The Buyer, a joint venture between Clarion Partners LLC, a leading real estate investment manager, and Baranof Holdings out of Dallas, TX, was also procured by The LeClaire-Schlosser Group of Marcus & Millichap.

“This was a rare opportunity to acquire an irreplaceable asset in one of Southern California’s most desirable submarkets. We were able to execute the trade in difficult market conditions which is a testament to both Buyer as well as Seller.”

Extra Space Storage (Managed) is comprised of 643 non-climate controlled units, six modular drive-up units and 34 RV/boat parking spaces totaling 677 units and 55,786 net rentable square feet.  It features a prime location directly on South Pasadena’s famed Mission Street, a heavily trafficked corridor with a mass transit rail stop (Gold L Line) steps from the property. Extra Space Storage (Managed) offers its customers many amenities like 24-hour video surveillance, LED lighting, gated access, and Janus Noke locks on exterior units.