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 a four property self-storage portfolio located in greater Houston. The asset has 2,199 units and 429,169 net rentable square feet.
Dave Knobler, Senior Managing Director 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 Georgia-based partnership. “I felt strongly the market would find the opportunity attractive and the offer activity did not disappoint,” said Knobler. “Some groups submitted offers on only 1-2 facilities while others offered on the entire portfolio which made sense because the assets weren’t exactly homogenous.” Knobler continued, “for instance, there was about a 45-year gap between the initial construction at Mini-City and the most recent phase at Great Spaces. Great Spaces and Drive Up were suburban whereas Mr. Self-Storage and Mini-City were urban, but the common thread was that they were all large assets, the smallest facility being over 90,000 square feet and the property locations each had desirable features.” The Buyer, a New York-based partnership, was secured by Dave Knobler and Charles “Chico” LeClaire.
“I felt strongly the market would find the opportunity attractive and the offer activity did not disappoint. Some groups submitted offers on only 1-2 facilities while others offered on the entire portfolio which made sense because the assets weren’t exactly homogenous. For instance, there was about a 45-year gap between the initial construction at Mini-City and the most recent phase at Great Spaces. Great Spaces and Drive Up were suburban whereas Mr. Self-Storage and Mini-City were urban, but the common thread was that they were all large assets, the smallest facility being over 90,000 square feet and the property locations each had desirable features.”
The portfolio has locations at 9000 Westpark Drive and 13001 Veterans Memorial Drive in Houston, 4624 Garth Road in Baytown, and 28543 FM 2978 in Magnolia.
