Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Assured Mini Storage, a 966-unit self-storage facility in Lake Charles, Louisiana. The terms of the sale were not disclosed.
“The facility recently added a 23,300-net-rentable-square-foot expansion that can provide the new owner with additional revenue growth,” says Charles “Chico” LeClaire, senior managing director investments in Marcus & Millichap’s Denver office. “The expansion should be absorbed more quickly than it would have been in prior years due to the lack of new self-storage construction in southwestern Louisiana since 2008.”
LeClaire and Cameron Glinton, senior associate, represented the sellers, private investors, and procured the buyer, a well-established family-owned self-storage company.
Built in 1988 on 7.4 acres, Assured Mini Storage is located on Ihles Road, just north of Country Club Road near McNeese State University, a new Super Walmart and a Target. The facility is a few blocks from the new Graywood master-planned community, the city’s first planned community, which includes retail and new home development on 277 acres.
Assured Mini Storage features non-air-cooled and climate-controlled-cooled units, all-steel construction, metal roofs, Janus roll-up doors, a well-lit exterior with perimeter fencing, an electronic gate, and a spacious on-site rental office.
Chris Shaheen, associate in Marcus & Millichap’s Baton Rouge office, is Marcus & Millichap’s broker of record in Louisiana.