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 Storage King USA, a 55,600 net rentable square foot storage facility located in Sherman, 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 Delaware limited liability company. “Between the usual flight to quality for such a nice asset and Sherman’s unbelievable growth story it’s not surprising that we saw great activity level despite the capital market headwinds we were facing during the marketing campaign,” said Knobler. The Buyer, a Delaware limited liability company, was also secured by Knobler and LeClaire.
“Between the usual flight to quality for such a nice asset and Sherman’s unbelievable growth story it’s not surprising that we saw great activity level despite the capital market headwinds we were facing during the marketing campaign.”
Storage King USA is a 337-unit self-storage facility that was constructed in 2006 in Sherman, Texas just north of the DFW Metroplex. The property sits on approximately 6.3 acres of land and has nine single-story buildings containing 97 climate-controlled units and 239 non-climate drive up units. Storage King USA has an attractive brick façade along with many amenities commonly found in Class “A” self-storage facilities. There is a gated entry with a digital keypad, a full-service on-site management office, 24/7 video surveillance throughout the facility, automatic hallway light sensors, concrete driveways, and units with roll up doors. Sherman is fast becoming the technology hub of North Texas with two multi-billion-dollar manufacturing projects underway within 3 miles of the facility. Additionally, there were 2.280 single family lots and 3,756 multi-family units under construction within the property trade area at the time the listing was launched to the market.
