Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Bargain Storage Portfolio, a two property self-storage portfolio located in Houston, Texas. The asset has 454 units and 69,757 net rentable square feet.
Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston, Texas office and Charles "Chico" LeClaire, Executive Managing Director Investments in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, an Oregon based LLC. “It was another highly competitive situation with numerous offers,” said Knobler. “I had helped the Seller acquire the Ormandy Street asset about a year and a half ago knowing that their sophisticated management skills would enable them to combine these two previously under-managed properties and achieve a better exit.” The Buyer -- national self-storage owner, Merit Hill Capital, based in New York with 130 properties in 30 states -- was secured by Dave Knobler and Charles "Chico" LeClaire. This transaction marked the 2nd closing in southwest Houston in November as The LeClaire-Schlosser group recently facilitated the sale of West Bellfort Self-Storage which was about 3 and a half miles away.
The two properties are about one-half mile from one another and sit on a combined 3.84 acres with 18 metal framed single story buildings and consists of 454 drive-up non-climate storage units. Included in the square footage are 68 portable units that were delivered in 2019. The property at 11539 Canemont was built in two phases between 1974 and 1982 and has 205 units and 37,308 NRSF and the property at 12151 Ormandy has 247 units and 32,449 NRSF. There are also two outdoor parking spots. Both properties feature numerous amenities including but not limited to, concrete driveways, perimeter wrought iron fencing. The Canemont location has a full-service on-site manager’s office and both locations have a residence.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: : www.MarcusMillichap.com.
