Marcus & Millichap Arranges the Sale of a Self-Storage Facility in Pasadena, Texas
PASADENA, TEXAS May 13, 2015 – 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 Morningstar of Pasadena, an 88,011-square foot self-storage facility located in Pasadena, Texas, according to David H. Luther, Vice President/ Regional Manager of Marcus & Millichap’s Houston office. The asset had a list price of $4,250,000.
Chico LeClaire, Senior Vice President Investments in Marcus Millichap’s Denver office, and Dave Knobler, Senior Associate in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “This transaction completed the exiting of the seller from this product type and gave the buyer another strong anchor in the Houston market,” said LeClaire.
“We received interest from investors both here in Texas, and also obtained three out of state offers,” said Knobler.
The buyer, a limited liability company from the Pacific Northwest, was also secured and represented by Knobler and LeClaire.
Morningstar of Pasadena is located at 6321 Spencer Highway in Pasadena, Texas.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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
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