94
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of a 15,280-square-foot self storage facility in the Houston suburb of Pasadena. Operated as Burke Self Storage II, the property is located at 2003 Cherrybrook Lane. The facility’s 149 non-climate-controlled units were 88 percent leased at the time of the sale. Roger Hendricks of Marcus & Millichap marketed the asset on behalf of the seller, a personal trust. Alex Bouchard and Gus Lagos, also of Marcus & Millichap, secured the buyer, a family trust completing a 1031 tax-deferred exchange. The property sold for $43.80 per net rentable square foot, representing a cap rate of 9.5 percent.