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 Prime Storage, a 189,088 square foot storage facility located in Houston, Texas.
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 local partnership. “Being inside the loop and a block away from NRG Stadium, the real estate was so interesting that we weren’t sure if the buyer would be a developer or a traditional storage buyer. We showed the opportunity to land, apartment, and retail prospects, but in the end traditional storage buyers came out of the gate right away with compelling offers,” said Knobler. “While we did receive some developer interest the market clearly indicated that the properties’ highest and best use is to continue as a storage facility.” The Buyer was a publicly-traded REIT.
“Being inside the loop and a block away from NRG Stadium, the real estate was so interesting that we weren’t sure if the buyer would be a developer or a traditional storage buyer. We showed the opportunity to land, apartment, and retail prospects, but in the end traditional storage buyers came out of the gate right away with compelling offers.”
Prime Storage is a 1,326-unit self-storage facility and was initially constructed in 2000. The facility eventually had a 29,000 square foot expansion in 2017. The property sits on an approximately ten acre parcel and features numerous amenities found in institutional quality storage facilities including, but not limited to, a full-service manager’s office and showroom, concrete driveways, units with roll-up doors, and video surveillance cameras throughout the property.
