Closed | AAA Mini Storage | 09/17/2020

Big Spring, TX 79720 | NRSF - 73,116 | 09/17/2020


Marcus & Millichap Arranges the Sale Of A 73,116-Square Foot Self-Storage

BIG SPRING, Texas, September 21, 2020 - 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 AAA Mini Storage, a 73,116-square foot selfstorage located in Big Spring, Texas, according to Mark R. McCoy, regional manager of the firm's Fort Worth office.

Sean M. Delaney, Senior Vice President Investments, in Marcus & Millichap's Chicago Oak Brook office, Brandon Karr, Senior Vice President Investments, and Danny Cunningham, First Vice President Investments, in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private Chicago-based investor. The buyer, a fund manager with self-storage facilities in twelve states, was also secured by Karr, Cunningham, and Delaney.

"The biggest challenge we overcame during the marketing process was the property's location in a trade area whose economy was perceived as heavily dependent upon the oil & gas industry. However, even in the midst of the Covid-19 pandemic, we were able to demonstrate that AAA Mini Storage's performance actually improved year-over-year," commented Cunningham. "The out-of-state seller wanted to focus on investments closer to home, and the buyer's goal was
to increase their existing presence in the West Texas storage market."

AAA Mini Storage is located at 3301 East FM 700 in Big Spring, Texas. The subject property has 365 rentable units and is located on 6.25 acres of land.