SANTA CLARITA, CA | The LeClaire 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 The Space Place, a 46,917 square foot storage facility located in Lancaster, California approximately 70 miles north of Los Angeles.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the Seller, a privately held LLC. “Investors are still targeting secondary & tertiary markets in search of higher in place yield,” says Schlosser. “This asset complemented the buyers existing portfolio well.” So far this year, the LeClaire Group has sold 36 self-storage properties.
The Space Place consists of 547 drive-up storage units. The facility is located near various retail centers, office buildings and industrial/flex buildings. There are approximately 199,965 people and 63,090 households within a five-mile radius of the property with an average household income of 73,948. The Space Place is also located just northwest of Palmdale Regional Airport and the United States Air Force Plant 42 which serves as a manufacturing facility for military aircraft. Several major aerospace contractors have large operations at the plant including Lockheed Martin, Northrop Grumman and Boeing making it largest employment hub in the Lancaster/Palmdale area.