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Enterprise Property Belief has bought Benefit Storage, a 69,839-square-foot facility in Houston to a personal purchaser, Yardi Matrix information exhibits.
Senior Managing Director Dave Knobler and Government Managing Director Charles LeClaire of Marcus & Millichap represented Enterprise Property Belief within the sale of the 777-unit property.
Benefit Storage was inbuilt two phases, between 2016 and 2017. The property was initially an workplace constructing constructed in 1980 and was then transformed to a storage facility in 2016. The 2-building facility encompasses a mixture of non-climate-controlled and climate-controlled models, starting from 25 to 220 sq. ft. On-site facilities embrace video surveillance, drive-up entry, loading dock, models with roll up doorways and RV and boat parking.
Situated at 12555 Northborough Drive, the property 15 miles from downtown Houston and has entry to Interstate 45 Freeway. The ability is likely one of the 13 accessible inside a 3-mile radius, providing residents 5.6 rentable sq. ft per capita. At present, there are 60 properties in numerous phases of improvement on this largely penetrated market, set so as to add roughly 3.5 million rentable sq. ft to the prevailing stock within the subsequent few years, Yardi Matrix information exhibits. The event pipeline continues to develop all through the nation, because the nationwide common of initiatives equals to 10.1 % of current stock, in response to the identical information supplier.
The most recent Houston storage transaction brokered by the Marcus & Millichap group passed off final month when Public Storage acquired a 1,326-unit facility.
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