Marcus & Millichap Arranges The Sale Of East Texas Self-Storage Portfolio To 1031 Exchange Buyer
Dave Knobler, Senior Vice President Investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. “The Seller developed the properties and operated them as a family business for over 40 years. The sale allowed them to retire and spend time elsewhere” said Knobler. The buyer, a DFW based private investor who was in a 1031 exchange, was also secured by Dave Knobler.
The primary facility at 2003 Crockett Road contains 97,370 NRSF with 683 units and was built in phases between 1980 and 2014. The unit mix includes consists of 30 climate-controlled units (4,180 NRSF), 106 insulated drive-up non climate spaces (19,083 NRSF), and 535 traditional drive-up non-climate units (74,112 NRSF). There are also 12 outdoor parking spaces included in the unit mix. The facility has a full-service manager’s office and showroom with a demo unit so the manager can help the customer visualize a unit size without having to leave the office. The asset is well located with frontage on Highway 287 in the heart of Palestine’s most vibrant retail corridor approximately 1/4 from Loop 256. The facility sees over 15,000 vehicles daily pass by at the front entrance and the back of the property is across the street from a Wal-Mart Supercenter. Numerous other national retailers are close to the primary location including Lowe’s Home Improvement, a number of well-known fast-food restaurants, and several hotels. In addition to all the prominent nearby businesses, the facility is 3/10 of a mile from Palestine High School and within a mile of the Palestine Regional Medical Center. The satellite facility on 2903 W. Oak Street also benefits from good visibility with traffic counts in excess of 17,000. This facility sits on approximately 1.15 acres contains almost 20,000 NRSF consisting of 156 units all of which are drive up non-climate. This property was built in 1986 and does not have an office and is managed remotely from the Crockett Road location.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.