Closed | Trojan Self Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF AN 87,480 RENTABLE-SQUARE FOOT SELF-STORAGE FACILITY
TROY, TX, August 25, 2022 – 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 Trojan Self Storage, a 87,480 rentable-square foot self-storage facility located in Troy, TX, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Brandon Karr, an investment specialist in Marcus & Millichap’s Fort Worth office, and leader of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a private investor and Troy native. The buyer, a Texas-based private investor, was also secured by Mr. Karr.
According to Mr. Karr, “This was a particularly meaningful deal for a variety of reasons. Our client was an experienced real estate investor, but this was his first self-storage transaction. As such, we worked closely together to develop a marketing plan that would allow him to execute on his 1031-exchange goals. When our client built the facility, he had the foresight to identify a location in the path of substantial population growth. Because of this, we were confident that when combined, the Marcus & Millichap national platform, our team’s proprietary database of active storage investors, and our knowledge of the local trade area could be leveraged to procure a buyer capable of seeing the real estate’s true long-term potential. We delivered on that promise, and within a few weeks of marketing the property for sale, a purchase agreement had been executed with an experienced Texas-based investment partnership. However, during the escrow period the Federal Reserve significantly raised interest rates – introducing a level of marketplace uncertainty not seen since the credit crisis of 2009 – 2010. Navigating this ‘uncharted territory’ was challenging, but we closed the deal at the originally-agreed-upon contract price, and we are extremely pleased to have put both buyer and seller in a position to achieve their respective goals.”
Trojan Self Storage is located at 610 Church Avenue in Troy, Texas.
