Closed | Affordable Self Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF A 47,108 RENTABLE-SQUARE FOOT SELF-STORAGE FACILITY IN A DENSELY POPULATED DALLAS-FORT WORTH SUBURB
DENTON, TX, July 31, 2023 – 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 Affordable Self Storage, a 47,108 rentable-square foot self-storage facility located in Denton, TX, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, had the opportunity to represent the seller, a Dallas-Fort Worth based private investor who owned and operated the facility for three decades. The buyer, a fully integrated real estate company based in Chicago, IL, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “The Karr-Cunningham Storage Team began cultivating a relationship with the sellers more than five years ago. In fact, during that same five-year period we interacted with three generations of the same family, regularly providing them with market insight from both a buyer’s perspective and a seller’s perspective. During a conversation with the seller earlier this year, we determined the time was right to sell the facility. We also agreed that seller-financing would help the seller get the highest value for the facility, maintain a steady monthly income stream, partially defer capital gains taxes, and pursue other investment opportunities. During a brief two-week marketing period, we were able to generate eight offers, five of which exceeded our list price. Three of the offers came from Texas-based investors, and the other offers came from buyers that were based in Utah, Illinois, Virginia, Pennsylvania, and Minnesota. We selected a buyer, and worked with them hand-in-hand to close the deal at the contracted price within the original 60-day timeline”.
Affordable Self Storage is located at 1239 Teasley Lane in Denton, TX.
