Marcus & Millichap Arranges Sale of Texas Storage Portfolio
- May 20, 2020
Marcus & Millichap has closed the sale of two self storage properties totaling 85,656 net-rentable square feet in Texarkana, Texas. First Vice President Dave Knobler and Executive Managing Director Charles LeClaire represented the seller, a private investor based in Florida. CubeSmart oversees operations for both properties. Strat Property Management acquired the portfolio, according to public records.
The buyer financed the purchase with a $2.4 million acquisition loan provided by State Bank of Dekalb. The note matures in 2023. The assets last changed hands in 2019, when the current seller acquired them from a local private investor, Bowie County records show.
Located at 927 N. Robison Road and 241 Forest Lake Drive, the two properties were completed in 1976 and 1996, respectively. The facilities total 541 units and feature drive-up access, 24/7 video surveillance, moving services and supplies and parking for RVs and boats.
Last year, Knobler and LeClaire arranged the disposition of AAA Self Storage, a 65,950-net-rentable-square-foot facility in Bellville, Texas. At the time of closing, the property was 91 percent occupied.