Closed The Storage Place
Mesquite, TX 75150 | NRSF - 73,990 | 10/18/2021
MARCUS & MILLICHAP ARRANGES THE SALE OF A 73,990-SQUARE FOOT SELF-STORAGE FACILITY
MESQUITE, TX, October 26, 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 The Storage Place, a 73,990-square foot selfstorage facility located in Mesquite, Texas, 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, had the exclusive listing to market the property on behalf of the seller, a limited liability company - Mr. Karr also procured the buyer.
"On the surface, this transaction was poised to be fairly straightforward. Our team knew that an economically stabilized facility of this caliber would generate significant interest in the marketplace, so we priced it aggressively and developed a marketing plan that primarily targeted both private and public institutional capital. The Karr Self Storage Team had the exclusive right to market the asset, and we combined our own database of buyers with the Marcus & Millichap
national platform to create a competitive bidding environment. This strategy proved beneficial because we ultimately closed the deal above list price," stated Mr. Karr.
"The buyer, a privately-held capital group, already maintained a presence within the submarket, and they were attracted to the economies-of-scale the acquisition would provide. An issue related to the property's zoning status did pose a challenge during the due diligence process, but our team worked closely with both the buyer and the seller to find a creative solution that allowed each party to achieve their goals."
The Storage Place is located at 4809 North Belt Line Rd in Mesquite, Texas
