Marcus & Millichap Real Estate Investment Brokerage Co. announced the multimillion- dollar sale of a four-property Devon Self Storage portfolio with facilities located in Lawrenceville, N.J., Lanham, Md., Morrisville, Pa., and Philadelphia. The portfolio totals more than 3,200 self-storage units.
Charles “Chico” LeClaire in the firm’s Denver office was both the listing and selling agent for the package along with M.J. Partners of Chicago headed by Marc Boorstein.
Devon Self Storage, an Emeryville, Calif.-based operator of self-storage properties, was the seller. Extra Space Storage, based in Salt Lake City, acquired the assets.
The four-property portfolio includes a Devon Self Storage located at 12005 Roosevelt Blvd. in Philadelphia. The 798-unit property was constructed in 1998 and includes 92,179 net rentable square feet on 6.63 acres.
The second facility is located at 915 Old Lincoln Highway in Morrisville, Pa. The 678-unit property was also constructed in 1998 and includes 84,087 net rentable square feet on 9.79 acres.
The third property in the package is located at 10101 Martin Luther King Jr. Highway in Lanham, Md. The 866-unit property was constructed in 1998 and includes 117,880 net rentable square feet on 14.11 acres.
The fourth is located at 2870 Brunswick Pike, U.S. Highway 1 in Lawrenceville, N.J. The 899-unit property was constructed in 1998 and includes 105,909 net rentable square feet on 11.7 acres.
Encino, Calif.-based Marcus & Millichap has ith 36 offices and 800 investment professionals nationwide.
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