M&M BROKERS SALE OF 49,600 SF SELF STORAGE PROPERTY IN PASADENA

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PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Burke Self Storage, a 49,600-square-foot self storage property in the Houston suburb of Pasadena. Located at 1009 Burke Road, the facility consists of 15 separate buildings and 463 units the property offers. Originally constructed in 1975 and expanded in 1998, the property was 87 percent leased at the time of the sale. Roger Hendricks of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Alex Bouchard and Gus Lagos, also of Marcus & Millichap, secured the buyer, a family trust that was completing a 1031 tax-deferred exchange. The property sold for $26.70 per rentable square foot, representing a cap rate of 8.6 percent.

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