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 Space City Self Storage, a 57,545 net rentable 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 the Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a Houston-based LLC. “Space City was another great example of the market pushing hard to obtain a high quality individually owned asset in an undersupplied market,” said Knobler. “The nearest Class A properties were over 2.5 miles away which should give the institutional buyer plenty of runway to dominate their immediate area,” Knobler added. The Buyer, an Arizona based REIT, was also secured by Knobler and LeClaire.
“Space City was another great example of the market pushing hard to obtain a high quality individually owned asset in an undersupplied market. The nearest Class A properties were over 2.5 miles away which should give the institutional buyer plenty of runway to dominate their immediate area.”
Space City Self Storage is located in Houston, Texas about 10 miles south of downtown. The property sits on approximately 4.38 acres of land and has 9 single-story buildings consisting of 225 drive-up non climatized units (38,570 NRSF), and 175 climate control units (18,975 NRSF). The facility has amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with key code access, roll-up doors, concrete driveways, and a full-service on-site managers office. The property was initially constructed in 2017 and then saw it nearly double in size with an expansion in 2019.