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 Storage Bank, a multi-story storage facility located in the urban core of Albuquerque, New Mexico.
Thomas Parsons, Senior Associate, and Adam Schlosser, Senior Vice President Investments, and Charles “Chico” LeClaire, Executive Managing Director, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a local LLC. The Buyer was a national self storage operator with substantial U.S. real estate holdings. “COVID had very minimal effect on this deal. The facility’s 2020 operations remained strong and there were multiple offers from buyers. Both the Buyer and Seller were prepared to extend deadlines if COVID travel restrictions slowed down the escrow process, but that didn’t happen and the deal closed ahead of schedule,” said Thomas Parsons.
“COVID had very minimal effect on this deal. The facility’s 2020 operations remained strong and there were multiple offers from buyers. Both the Buyer and Seller were prepared to extend deadlines if COVID travel restrictions slowed down the escrow process, but that didn’t happen and the deal closed ahead of schedule.”
Storage Bank is a two-story climate controlled self storage facility located on San Pedro Boulevard, a 14,542 vehicle per day four-lane commercial corridor that runs through a densely populated residential area in Albuquerque. Amenities include a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second story and an on-site managers apartment. Storage Bank has been well maintained with numerous recent capital improvements. There is currently a retail space on the first level of the facility that is rented by a packing and shipping business called Mail Bank.
