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 Santa Fe Storage Portfolio, a 97,090 net rentable square foot storage portfolio with four locations across Santa Fe, Texas.
Dave Knobler, Senior Managing Director Investments in Marcus & Millichap’s Houston, Texas office, and Charles “Chico” LeClaire, Executive Managing Director Investments in the Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a Texas based limited liability company. “I sold these properties to the Seller just two years ago and they did a tremendous job improving the value of the property,” said Knobler. “While the Seller could have attained an even higher price with a longer hold period, they were able to quickly hit a very healthy return while leaving room for the Buyer to capitalize on additional upside.” The Buyer, a Delaware limited liability company, was also secured by Knobler and LeClaire.
“I sold these properties to the Seller just two years ago and they did a tremendous job improving the value of the property. While the Seller could have attained an even higher price with a longer hold period, they were able to quickly hit a very healthy return while leaving room for the Buyer to capitalize on additional upside.”
The Santa Fe Storage Portfolio properties sit on approximately 4.35 acres of land and there are 17 single story buildings and one two-story office residence. There are a total of 682 rentable spaces made up of 654 non-climate units, 24 outdoor parking spaces, two small office spaces, a billboard, and an efficiency apartment. All the properties have entrance gates with digital keypad access. There is an on-site management office with a residence at the Highway 6 location while the other properties are unmanned. The four properties are located either on or close to the main streets in Santa Fe within a two-mile radius and provide convenient access to customers throughout the town.
