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, announced the sale of St. Landry Storage, a two-property, 1,269-unit self-storage portfolio in Opelousas, Louisiana.
Thomas Parsons, Senior Director Investments, and Adam Schlosser, Executive Managing Director Investments, of the LeClaire-Schlosser Group represented the seller in the transaction, with Steve Greer serving as Louisiana broker of record.
“A 99 percent occupied portfolio with minimal advertising tells you everything about the demand in this market,” said Thomas Parsons. “Add in room to build a third climate-controlled building at the North facility and a Lafayette MSA that’s growing across the board, and this portfolio offers a rare mix of stabilized cash flow today and a clear path to more.”
“A 99 percent occupied portfolio with minimal advertising tells you everything about the demand in this market. Add in room to build a third climate-controlled building at the North facility and a Lafayette MSA that’s growing across the board, and this portfolio offers a rare mix of stabilized cash flow today and a clear path to more.”
The portfolio comprises St. Landry Storage’s Main facility at 4048 I-49 Frontage Road, built in phases between 2005 and 2014 with 971 units across six single-story storage buildings and an administrative building on approximately 10.5 acres, and the North facility at 5424 I-49 North Service Road, built in 2017 and expanded in 2022, with 298 units across two single-story buildings and covered parking on approximately 3.7 acres. Combined, the portfolio totals 1,269 units and 185,345 net rentable square feet on 14.2 acres, and was approximately 99 percent occupied at the time of sale. The North facility also has room for a third building, with an estimated 23,750 square feet of climate-controlled expansion potential. The buyer was The Storage Center (www.thestoragecenter.com), a Louisiana based regional large operator with 75 self-storage facilities.
