Colorado Real Estate Journal - May 4, 2016

Centennial self-storage facility purchased in $11.35M deal

One of the country’s largest self-storage owners and operators paid $11.35 million for a 533-unit property in Centennial.

CubeSmart, which owns numerous self-storage facilities in Colorado, bought the Extra Space Storage facility at 7059 S. Kenton St. from CEBFA Storage I LLC, according to public records.

Marcus & Millichap handled both sides of the deal.

“The sale of Extra Space Storage presented investors with the opportunity to acquire a Class A facility in a prominent Denver suburb,” said Adam Schlosser, vice president of investments in Marcus & Millichap’s Denver office. “The property’s location, along with its exceptional quality, allows for the new investor to build on an already thriving and stable asset.”


There were numerous offers for the property, which was more than 95 percent occupied. Constructed in 2009, it is one of the newer self-storage facilities in Centennial.


“With any of these new, Class A facilities, there’s a high demand,” said Charles “Chico” LeClaire, who handled the transaction with Schlosser and Brett Hatcher, a vice president of investments in Marcus & Millichap’s Columbus, Ohio, office.


The storage facility is next to a Walmart and the Top Golf facility. Approximately 215,892 people live within a 5-mile radius.

Extra Space Storage, a self storage real estate investment trust, manages the property.


The property features drive-up and interior-access units, 507 climate-controlled units and 26 nonclimate-controlled units. There is a digital surveillance system, perimeter fencing, a leasing office and electronic gate access.

CubeSmart is the fourth-largest owner and operator of self storage properties in the country, according to its website.