Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a CubeSmart-managed self-storage facility located in Broussard, Louisiana. The asset sold for $14 million, or $167 per square foot.
“This well-located facility has excellent upside through management and future expansion,” says Eddie Greenhalgh, senior director of Marcus & Millichap’s National Self Storage Group. “We were able to source multiple qualified offers from in and around the state of Louisiana.”
Greenhalgh, alongside Jake Payne and Lee Thornton, had the exclusive listing to market the property on behalf of the seller. The team also procured the buyer, whom Thornton says the property “fits their model based on the location and room for expansion.” Chris Shaheen assisted in the transaction as the Louisiana broker of record.
Payne added, “We were able to achieve record pricing for this market and asset type by coming to market with aggressive, yet realistic pricing, which in turn created a competitive bidding environment.”
This 704-unit, 83,675-square-foot asset is located at 1321 Evangeline Thruway in Broussard. Constructed in 2008 on roughly 8.8 acres of land, the facility features a mix of climate- and non-climate-controlled units.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.