DENVER, CO | 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 Morningstar Storage Portfolio, a two property self-storage portfolio with locations in Richmond, Virginia and Asheville, North Carolina. The assets include 1,033 units across 112,707 net rentable square feet.

Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Managing Director Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of Morningstar Properties, a vertically integrated real estate developer, owner and operator of specialty real estate products focused primarily on self-storage and marinas in the southeastern United States. “The assets were offered as either a portfolio or individually, and we received considerable activity under both scenarios, but the seller chose the one they were most comfortable with,” said LeClaire. “These assets fit well into the buyer’s existing portfolio and the sellers were able to make a strategic exit out of markets where they had less density and operational efficiency,” said Schlosser.  The buyer, a non-publicly traded REIT out of Southern California, was also secured by Adam Schlosser and Charles “Chico” LeClaire.  Brian Hosey, Mid-Atlantic Division Manager, and Benjamin Yelm, Regional Manager of the Carolinas, assisted with the deal and served as the respective brokers of record.

“These assets fit well into the buyer’s existing portfolio and the sellers were able to make a strategic exit out of markets where they had less density and operational efficiency.”

The Morningstar Storage Portfolio has locations at 1716 East Cary Street in Richmond, Virginia and 6 Long Shoals Road in Arden, North Carolina.  Both facilities are well appointed with 24-hour video monitoring, secure digital access, and institutional style leasing offices.