Marcus & Millichap Real Estate Investment Services brokered the sale of 13-property, $35 million self-storage portfolio in California and North Carolina. Eleven of the facilities are in California: Bloomington, Hemet, Highland and Riverside. The remaining two are in Fayetteville, N.C. Combined they contain more than 6,300 units and 800,000 net rentable square feet of self-storage space, along with two affiliated business parks.
Charles “Chico” LeClaire, senior vice president of investments for the company’s Denver office, brokered the off-market transaction between the seller, a publicly traded real estate investment trust, and the buyer, a large private real estate company. The seller wanted to pare down the number of facilities it owns in these markets, while the buyer was seeking to expand its existing portfolio.
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap specializes in commercial real estate investment services nationwide. The company closed 3,441 transactions in 2009.