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) a 74,845 square foot storage facility located in Spring, Texas, a north Houston suburb.
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. “This was a classic case of putting the client’s interests above your own,” said Knobler. “We initially brought this to market in the first quarter of 2020 and the uncertainty of COVID-19 derailed our marketing efforts, but we came up with a plan to help the Seller achieve a higher value and the plan came to fruition.” The Buyer was an institutional partnership.
“This was a classic case of putting the client’s interests above your own. We initially brought this to market in the first quarter of 2020 and the uncertainty of COVID-19 derailed our marketing efforts, but we came up with a plan to help the Seller achieve a higher value and the plan came to fruition.”
The property sits on around 4.5 acres with nine single story buildings consisting of 529 units (478 mini-storage & 51 covered and outdoor parking spaces). The facility was constructed in several phases from 2003 to 2016 with about half of the property being developed since 2014. The facility has numerous amenities including, but not limited to, video surveillance throughout the property, key code access, roll-up doors, concrete driveways, and a full-service on-site manager’s office.
