MARCUS & MILLICHAP ARRANGES THE SALE OF FOUR NORTHWEST HOUSTON AREA BOAT/RV STORAGE FACILITIES
HOUSTON, 2016– 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 Dry Dockers Boat & RV Storage, a Boat/RV storage facility located in Houston, Texas, according to David H. Luther, first vice president/ regional manager of the firm’s Houston office. The closing marked the fourth Boat/RV Storage transaction that the Houston office has arranged in the Northwest Houston area recently. Marcus & Millichap also sold three Wendler’s Boat Storage facilities, one in Cypress and two in Houston.
Dave Knobler, a senior associate and Justin Miller, a vice president of investments, in Marcus & Millichap’s Houston office, had the exclusive listing to market all four properties. There were three separate closings as two of the Wendler’s facilities sold together as a portfolio. The buyers were all limited liability companies and all three were secured by Dave Knobler and Justin Miller. William Hoffpauir, a senior associate and Louisiana Broker of Record, assisted in closing this transaction.
“Boat/RV storage facilities have traditionally been attractive due to their relatively low management responsibility, but with CAP rates so compressed on traditional mini storage facilities, many investors are now looking at Boat/RV storage for higher returns” said Knobler. “There were multiple offers on each property and interestingly all three purchasers also owned one or more self-storage facilities in the Gulf Coast area”.
Dry Dockers Boat & RV Storage is located at 7603 Wright Road in Houston. Wendler’s Boat Storage is located at 13924 Schmidt Road in Cypress, 7114 Belgold Street in Houston and 10018 Edwards Street in Houston.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com