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Closed | Affordable Storage | 09/09/2021 - Karr-Cunningham Storage
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Closed | Affordable Storage | 09/09/2021

Closed Apublix Self Storage

Oklahoma City, OK 73128 | NRSF - 83,960 | 09/07/2021

MARCUS & MILLICHAP ARRANGES THE SALE OF TWO SELF-STORAGE FACILITIES IN OKLAHOMA

OKLAHOMA CITY AND NEWCASTLE, OK, October 14, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two separate transactions in the greater Oklahoma City market. Apublix Self Storage, located in Oklahoma City, OK contains 563 units encompassing 83,960 rentable square feet, and Riverside Boat & RV Storage, located in Newcastle, OK contains 472 units encompassing 161,316 rentable square feet. Between the two assets, non-climate drive-up storage, climate-controlled storage, enclosed
parking, and covered boat/RV parking are featured, according to Mark R. McCoy, regional manager of the firm's Fort Worth office.

The Karr Self Storage Team consisting of Bryan Quaschnick, Brandon Karr, and Danny Cunningham, represented the seller of Apublix Self Storage, and they also procured the buyer

"Apublix Self Storage was a unique transaction because the unit mix was somewhat atypical in the sense that many of the units are much larger than the industry standard. Because of this, we customized our marketing strategy and specifically targeted experienced private investors who would be able to see the value-creation opportunity associated with altering the unit mix. Within a short period of time, we secured a buyer who closed the deal at a price point that met the seller's expectations. The transaction illuminates how the Karr Self-Storage Team can deliver results even when we know our buyer pool was going to be smaller than usual," stated Mr. Quaschnick.

The second transaction, Riverside Boat/RV Storage, was completed in a more traditional fashion. The Karr Self Storage team had the exclusive right to market the listing on behalf of the seller, a private owner who built the Class A facility - they also procured the buyer. "We combined our team's network of buyers with the Marcus & Millichap national platform to generate multiple offers", said Mr. Quaschnick. "The owners of the facility were constantly receiving unsolicited offers from buyers, but after speaking with us they agreed that the best way to maximize their profit potential was to engage our team to create a competitive bidding
environment. This proved beneficial because our traditional marketing process ultimately yielded a transaction price that was significantly higher than what the seller was asking for."

Apublix Self Storage is located at 1300 S MacArthur Blvd in Oklahoma City, Oklahoma. Riverside Boat & RV Storage is located at 3100 N Main St in Newcastle, Oklahoma