Closed | Haltom City Self Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF A 39,570 RENTABLE-SQUARE FOOT SELF-STORAGE FACILITY
FORT WORTH, TX, February 16, 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 Haltom City Self Storage, a 39,570 rentable-square foot self-storage facility located in Haltom City, 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, in the off-market transaction. The buyer, a Phoenix-based fully integrated, industry-leading commercial real estate company, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “Our relationship with the seller began several years ago when market conditions were markedly different. At the time, the sellers were not ready to transact despite receiving significant interest from off-market buyers. Fortunately, the sellers were able to improve property performance and increase revenue over the past several years, so when conversations renewed between us and the sellers late last year, we determined the property was actually worth more than it had been previously. This surprised the sellers since interest rates had increased so much in the interim. We immediately knew who the likely buyers were and only needed to make a few calls to secure an agreeable offer.”
Haltom City Self Storage is located at 5020 Haltom Road in Fort Worth, TX.
