Marcus & Millichap Arranges The Sale Of Two Self-Storage Facilities Totaling 33,100-Square Feet
Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the sellers. Mr. Karr and Mr. Cunningham also secured the buyer, a private partnership using the proceeds from the sale of their first self-storage development to complete a 1031 exchange.
“This was a unique transaction because the properties were marketed as a portfolio even though the two facilities had slightly different ownership groups. Through our marketing efforts, we were able to not only generate multiple offers from both Texas-based and out-of-state buyers, we were able to procure a buyer who was willing to be flexible and accommodate the needs of each ownership group. The purchase price needed to be allocated a certain way in order to satisfy one ownership group’s desire to use the proceeds to execute a 1031 exchange post-close.” Mr. Cunningham stated.
The properties are located at 10701 and 10531 Old Cleburne Crowley Junction in Crowley, Texas.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.