MINNEAPOLIS, MN | 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 Security Self Storage Portfolio, a three property self storage portfolio located in Fargo, North Dakota. The asset has 1,319 units and 163,720 net rentable square feet.
Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver, Colorado office and Chris Kampmeyer, Investment Associate, in Marcus & Millichap’s Minneapolis, Minnesota office had the exclusive listing to market the property on behalf of the Seller, a local LLC. “Despite the pandemic we continue to execute self storage trades across the country in tertiary and core markets alike,” says Schlosser. “The resilience of self storage as an asset class shined during the last major economic downturn and should prove itself again this cycle.” Multiple bids were received on the portfolio but ultimately Five Star Storage, a regional family-owned self storage holding and operating company, was the winner.
The Security Self Storage portfolio assets are strategically located along primary infill corridors with excellent signage and visibility. The properties are newer when compared to the competitors and have been well maintained. The stores offer competitive amenities such as climate-controlled units, professional leasing offices, and high security gun storage, that truly make them stand out from the competition.