Don Clements in the Houston office for Marcus & Millichap tells GlobeSt.com that the buyer of record, ML Deer Co., beat out several others jockeying for the offerings owned by two KM funds. He says the seller got a return in excess of 18% on the investments, brought to market four months ago.
The Interstate 10 property was developed in 1976. The one-acre-plus asset contains 35,000 sf in storage units. The self-storage project was 85% occupied at sale time.
The Mangum Road property contains 33,000 sf on slightly less than an acre. Built in 1978, the units were 88% occupied.
Clements says the seller released the deed because it was just the right time in the hold strategy. The seller acquired the properties in 1996. In both cases, the new owner plans to refurbish and operate the assets, he says.
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