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Marcus & Millichap Brokers Sale of 316-Unit Self-Storage Facility in Growing Texas Market

January 03, 2025

WAXAHACHIE, Texas, Jan. 3, 2025 – 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 Elite Self Storage, a 184-unit self-storage facility in Waxahachie, Texas.  

"When we first began speaking with the seller, he had just terminated a listing agreement with another storage broker who overpromised and underdelivered. In light of this, we emphasized our historical track record generating multiple offers from a wide variety of investors, and explained why it was in his best interest to formally list the property with the Karr-Cunningham Storage Team,” said Danny Cunningham, senior vice president investments. “The seller took our advice, and by leveraging our investor database and national platform, we generated multiple offers from a diverse set of owner-operators. This proved to be critically important because, on three separate occasions, our buyers abandoned their Elite Self Storage acquisition plans, even after both parties executed a non-binding letter of intent. Although stories like this are a dime a dozen in today’s market, our client couldn’t help but feel a bit demoralized. With that said, our unwavering internal commitment to deliver on our promises proved to make all the difference, and we ultimately closed the deal with buyer number four at the price and terms our client anticipated.”  

Brandon Karr and Danny Cunningham, investment specialist in Marcus & Millichap’s Fort Worth office and co-leaders of the Karr-Cunningham Storage Team, exclusively represented the seller, the original developer, and procured the buyer, Cedar Creek Capital.  

Elite Self Storage is located at 3948 US-287. The recently built facility comprises 148 climate-controlled units and 36 non-climate drive up units. The property includes personalized key-pad gated entry, wide concrete driveways, perimeter lighting, 24-hour video surveillance cameras, and garage-style roll up doors.

 

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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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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