HOUSTON, TX | 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 Storage Place of Katy, a 131,003 net rentable square foot storage facility located in Katy, Texas, an affluent suburb on the western edge of the Greater Houston Area.
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, a Houston area partnership. “As to be expected, a storage facility in Katy garnered plenty of attention from the market as we had numerous showings and received multiple offers,” said Knobler. “The upside opportunity for a more sophisticated operator was pretty evident and the market agreed.”
Storage Place of Katy sits on approximately 8.58 acres of land and has 19 single story buildings. There are 529 units composed of 137 climate control units, 363 non-climate units, 25 covered parking spots, and four outdoor parking spots. There is also approximately four tenths of an acre of open land that fronts on 5th street that was included in the sale.
The facility has frontage on both 5th Street and Katyland Drive and benefits from nearly 14,000 vehicles daily between both streets passing the location. Additionally, Storage Place of Katy is about a half mile down the street from the Katy ISD football complex that houses two high school stadiums for the districts eight high schools. One of the stadiums is the 12,000 seat Legacy Stadium which opened in 2017 and at $70,000,000, is the most expensive high school football stadium in the country. In addition to being close to the heart of a Texas high school football hotbed, the facility sits less than one mile from Katy Mills Mall, Typhoon Texas Waterpark, and numerous national retailers.