Press Releases
Marcus & Millichap Arranges Sale of 261-Unit Self-Storage Property in Iowa City
August 13, 2024
IOWA CITY, Iowa, August 13, 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 Oak Crest Storage, a 261-unit self-storage property located in Iowa City, Iowa.
“In today’s Iowa market, buyers and sellers are navigating a competitive self-storage landscape, where strategic pricing and thorough due diligence are crucial for closing deals successfully,” said George Kondracke, associate. “Both parties demonstrated clear communication and tailored negotiations to meet mutual goals and close the deal in a timely fashion.”
Kondracke, Brian Kelly, Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Streamlined Storage, bringing them to their fourth Self Storage location in Iowa. Jon Ruzicka, Broker of Record in Iowa, assisted in the transaction.
Located at 4942 Oak Crest Hill Road S.E., Oak Crest Storage spans 5.70 acres approximately 30 miles south of Cedar Rapids. Built in 1999, the property features 27 climate-controlled units, 101 non-climate-controlled units, 22 enclosed parking spaces, 109 uncovered parking spaces, and two leasable offices, totaling 34,397 rentable square feet.
“In today’s Iowa market, buyers and sellers are navigating a competitive self-storage landscape, where strategic pricing and thorough due diligence are crucial for closing deals successfully,” said George Kondracke, associate. “Both parties demonstrated clear communication and tailored negotiations to meet mutual goals and close the deal in a timely fashion.”
Kondracke, Brian Kelly, Gabriel Coe, Nathan Coe and Brett Hatcher, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Streamlined Storage, bringing them to their fourth Self Storage location in Iowa. Jon Ruzicka, Broker of Record in Iowa, assisted in the transaction.
Located at 4942 Oak Crest Hill Road S.E., Oak Crest Storage spans 5.70 acres approximately 30 miles south of Cedar Rapids. Built in 1999, the property features 27 climate-controlled units, 101 non-climate-controlled units, 22 enclosed parking spaces, 109 uncovered parking spaces, and two leasable offices, totaling 34,397 rentable square feet.
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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.
