Marcus & Millichap Sold Self Storage-Anchored Mixed Use Property in Littleton
Littleton, CO – Marcus & Millichap sold a mixed-use self-storage and office asset located in Littleton, Colorado. The property is anchored by an 81,263-net-rentable-square-foot, class “A” storage facility that was converted from an office/warehouse building in early 2016. The sale also included a stand-alone office/flex building leased to national defense contractor and an adjacent 7.06 acre parking lot leased to an auto broker.
Charles “Chico” LeClaire, Adam Schlosser, Drew Isaac and Barry Higgins, all in Marcus & Millichap’s Denver office, represented the seller, Etkin Johnson Real Estate Partners. LeClaire and Schlosser procured the buyer.
“The seller purchased the property completely vacant and did an excellent job repositioning and re-tenanting the assets,” LeClaire said, “The purchaser will receive immediate cash flow from the office warehouse and parking lot with continued upside in leasing the converted storage facility.”
At the time of sale, the national defense contractor was in their initial lease term to occupy the 33,238-square foot office/flex space. The auto broker, occupying the rear parking lot, was also in their initial term to lease the 7.06 acres.
Extra Space Storage professionally manages the storage conversion that is currently in lease up and features a total of 767 climate controlled units accessible via four loading docks with an institutional quality leasing office, two gated entrances and 13 video surveillance cameras monitoring the premises at all times. The property is located in a densely populated Denver metro suburb with convenient access to several major thoroughfares in the area.
“Converting suburban office/warehouse space to self-storage may not have been considered by seasoned developers like Etkin Johnson five years ago,” says Schlosser. “Successful projects like these are why we continue to see so many new players enter the self-storage space here locally and nationwide.”
Image courtesy of Marcus & Millichap