PHOENIX, AZ | 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 a two property self storage portfolio consisting of 184,835 square feet located in Phoenix, Arizona.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller. “There is still a tremendous amount of capital vying for cash-flowing self storage facilities in the top 50 MSAs,” says Schlosser. “We’re deep in the real estate cycle but, for the most part, evaluations have held up well especially in dynamic markets like Phoenix.” The buyer was private fund out of the East Coast. So far this year, The LeClaire Group has sold 42 self storage properties.
The portfolio consists of 1,600 climate and non-climate controlled units and parking spaces. Both assets are positioned on well-traveled corridors and have excellent drive by visibility. Each property offers comparable amenities including large leasing offices with attached on-site manager’s apartments, full perimeter fencing with security cameras throughout and a mix of traditional drive up and interior units. Built in phases from 1973 to 1987, the buildings are primarily of cinder-block construction with metal roofs. Significant capital improvements have been made to the properties over the last few years to include roof repairs and replacements and parking surface, security upgrades and doors.