Press Releases
Marcus & Millichap Arranges Sale of 389-Unit Self-Storage Property in Aledo, Texas
October 22, 2025
ALEDO, Texas, Oct. 22, 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 Dry Dock & Lock, a 389-unit self-storage property in Aledo, Texas.
“This was a very unique transaction,” said Danny Cunningham, senior managing director investments. “Our client purchased the distressed note in April 2025 and ultimately had to foreclose after efforts to restructure the loan with the original developer fell through. Right after the foreclosure, our client asked us for a BOV. Once we shared our valuation, they agreed to sell at that price and asked us to quietly gauge interest with a few of our top buyers before going to the open market. That’s not our usual approach, but after making just three phone calls, we secured a buyer who closed on time and at our original suggested price.”
Cunningham, Brandon Karr and Jon Danklefs, investment specialists in Marcus & Millichap’s Fort Worth and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a DFW-based storage group, and procured the buyer, a family of private investors who own and operate multiple storage facilities throughout Tarrant and Parker Counties.
Dry Dock & Lock is situated on 11.99 acres at 1801 FM 1187. Built in 2019, the facility features 158,720 rentable square feet across 389 units, including 317 covered parking spaces, 34 non-climate drive-up units and 38 uncovered parking spaces.
“This was a very unique transaction,” said Danny Cunningham, senior managing director investments. “Our client purchased the distressed note in April 2025 and ultimately had to foreclose after efforts to restructure the loan with the original developer fell through. Right after the foreclosure, our client asked us for a BOV. Once we shared our valuation, they agreed to sell at that price and asked us to quietly gauge interest with a few of our top buyers before going to the open market. That’s not our usual approach, but after making just three phone calls, we secured a buyer who closed on time and at our original suggested price.”
Cunningham, Brandon Karr and Jon Danklefs, investment specialists in Marcus & Millichap’s Fort Worth and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a DFW-based storage group, and procured the buyer, a family of private investors who own and operate multiple storage facilities throughout Tarrant and Parker Counties.
Dry Dock & Lock is situated on 11.99 acres at 1801 FM 1187. Built in 2019, the facility features 158,720 rentable square feet across 389 units, including 317 covered parking spaces, 34 non-climate drive-up units and 38 uncovered parking spaces.
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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.
