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 the Neighborhood Mini Storage Portfolio, a combined 121,705 net rentable square foot two-property portfolio located in Gonzales and Prairieville, LA, according to Richard A. Bird, regional manager of the firm’s Denver office. The assets sold for $8,075,000.
The seller, a private investor, was represented by Chico LeClaire, senior vice president investments, and Adam Schlosser, vice president investments, both are located out of Marcus & Millichap’s Denver office. LeClaire and Schlosser also procured the buyer, National Storage Affiliates. Marcus & Millichap’s broker of record in Louisiana is William Hoffpauir. Neighborhood Mini Storage is located at 14401 Highway 44 in Gonzales, LA and 36501 Oak Plaza Avenue in Prairieville, LA.
“These two assets, located in the suburbs of Baton Rouge are several of the nicest facilities in the local market”, LeClaire said, “The property in Gonzales was built just before hurricane Katrina and expanded shortly thereafter and the Prairieville facility is of even newer construction. Both properties are in excellent locations, with strong demographics and great visibility. This was an excellent opportunity for National Storage Affiliates to expand their presence in Louisiana and the seller was able to obtain a great price from an aggressive bidding environment,” said LeClaire.
The Gonzales location features two, single-story buildings with approximately 447 units that include both climate and non-climate controlled. The facility has amenities that include 24-hour video surveillance, electronic gate access, a professional leasing office, and wide concrete drives. The Prairieville location is comprised of six, single-story buildings and one, multi-story building with an elevator. There are approximately 386 units with both climate and non-climate controlled and numerous amenities including 24-hour video surveillance, electronic gate access, perimeter fencing and exterior lighting. This facility is also an authorized U-Haul dealer and FedEx and UPS shipping center.
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