Marcus & Millichap courtiers Sale of 1,321 self-storage units
Marcus & Millichap (NYSE: MMI) announced the sale of a portfolio of two properties, 162,960 rental square feet and 1,321 self-storage units in the Dallas-Fort Worth Metroplex.
“Institutional grade self-storage facilities in growing primary markets are in high demand,” said Brandon Karr, senior vice president of investments in the Fort Worth office of Marcus & Millichap. “Although the properties in this portfolio had not yet reached economic stabilization, our team secured several offers based on a pro forma revenue stream that generated a price above the seller’s requirements. Karr represented the seller and procured the buyer.
This is a four-building, 557-unit facility located near Interstate 35 East in Corinth and a 764-unit one-building property 150 feet from Interstate 35 West in Fort Worth. Both assets were built in 2018 and are managed by Extra Space Storage.
“The Corinth property includes rough land suitable for building additional storage units and land could be purchased to expand the Fort Worth property,” Karr said. “Many commercial, single and multi-family residential developments, including Enclave at Fossil Creek, Las Ventanas and Artisan Village, have been completed or are expected to be delivered between the two facilities and the growing population is expected to increase significantly by 2025.”