Press Releases
Marcus & Millichap Arranges the Sale of A 73,990 SF Class A Self-Storage Facility in Dallas-Fort Worth
June 10, 2024
MESQUITE, TX, June 10, 2024 – 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 Storage King USA, a 73,990 self-storage facility located in Mesquite, 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 founder of the Karr-Cunningham Storage Team of Marcus & Millichap, exclusively represented a private investment firm based in New York that has a national self-storage footprint. The buyer, a self-administered, self-managed real estate investment trust, was secured by Mr. Karr as well.
According to Mr. Karr, “The Storage King USA transaction substantiates the fact that premium pricing and healthy profit margins can still be achieved in today’s market under the right circumstances. Our client actually purchased the facility in 2021 from The Karr-Cunningham Storage Team, and during their hold period the 3-mile trade area supply/demand fundamentals remained attractive, physical occupancy contracted by less than 2%, and month-over-month average revenue growth increased substantially. For these reasons, the size of our buyer pool – from which we procured almost ten offers – didn’t decrease in the slightest. This allowed us to close the deal with our first contracted buyer in less than 60 days at the originally-agreed-upon purchase price”.
Storage King USA is located at 4809 N Belt Line Rd in Mesquite, TX.
Brandon Karr, an investment specialist in Marcus & Millichap’s Fort Worth office and founder of the Karr-Cunningham Storage Team of Marcus & Millichap, exclusively represented a private investment firm based in New York that has a national self-storage footprint. The buyer, a self-administered, self-managed real estate investment trust, was secured by Mr. Karr as well.
According to Mr. Karr, “The Storage King USA transaction substantiates the fact that premium pricing and healthy profit margins can still be achieved in today’s market under the right circumstances. Our client actually purchased the facility in 2021 from The Karr-Cunningham Storage Team, and during their hold period the 3-mile trade area supply/demand fundamentals remained attractive, physical occupancy contracted by less than 2%, and month-over-month average revenue growth increased substantially. For these reasons, the size of our buyer pool – from which we procured almost ten offers – didn’t decrease in the slightest. This allowed us to close the deal with our first contracted buyer in less than 60 days at the originally-agreed-upon purchase price”.
Storage King USA is located at 4809 N Belt Line Rd in Mesquite, TX.
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About Marcus & Millichap, Inc. (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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
