Marcus & Millichap Arranges The Sale Of A 37,440-Square Foot Self-Storage Facility
GEORGE WEST, TX, May 12, 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 281 Mini Storage, a 37,440-square foot self-storage facility located in George West, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Bryan Quaschnick, Brandon Karr, and Danny Cunningham, of the firm’s Fort Worth-based Karr-Cunningham Storage Team, had the exclusive listing to market the property for sale on behalf of a private investor. The buyer a privately held, Texas-based investment group was also procured by Mr. Quaschnick, Mr. Karr, and Mr. Cunningham.
According to Bryan Quaschnick, “We were able to leverage the Marcus & Millichap platform, along with Karr-Cunningham Team database, to expose the property to a large group of investors. We secured multiple offers from a variety of buyers virtually immediately, and the competitive nature of the bidding environment was so robust we were able to secure a buyer, who was looking to place the property into a Delaware Statutory Trust (DST), after only two weeks of marketing. With the property already 100% physically occupied, the Buyer realized positive cash flow day one. Additionally, the buyer retained significant upside to raise rental rates, which were nearly 20% below market. This transaction was a “win-win” for all parties involved, as the Seller was able to realize their retirement goals, while the Buyer was able to provide an attractive year-one return to its DST investors.”
281 Mini Storage is located at 3608 US-281 in George West, Texas.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.