Lakeridge Self Storage

MIDLOTHIAN, TX, April 15, 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 Lakeridge Self Storage, a 59,517 self-storage facility located in Midlothian, TX, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.

Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the local Midlothian-based private investor. The buyer, a value-add commercial real estate investment group from the Austin, Texas area, was secured by Mr. Cunningham and Mr. Karr as well.

According to Mr. Cunningham, “Our relationship with Lakeridge Self Storage began almost ten years ago with the original developer.  He passed away in 2020 and left the property to his son, who subsequently expanded the facility’s footprint by approximately 20 percent. After rejecting several unsolicited offers to purchase the real estate, our client decided it was in his best interest to exclusively list the facility for sale with the Karr-Cunningham Storage Team. We were able to procure multiple offers from a variety of qualified investors and ultimately chose an experienced buyer who understood the legitimacy of the opportunity that lay just beneath the surface of a deal that at first glance appeared to be a fairly daunting proposition. To be sure, the real estate included more than 20 individual parcels – almost half of which were owned by entities featuring a unique combination of limited partners and stakeholders. This complicated matters from a logistical perspective, but we overcame many of those obstacles, largely because the seller took our advice to finance the acquisition himself.  At the end of the day both our client and the buyer were thrilled we were able to close the deal at a price point that reflected not only the facility’s existing income stream, but also its future potential”.

Lakeridge Self Storage is located at 5191 US-67 in Midlothian, TX.

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Storage Bright Portfolio

SPRINGTOWN, PARADISE, AND WEATHERFORD, TX, January 8, 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 the Storage Bright Portfolio, a 225,275 rentable-square foot self-storage portfolio consisting of eight facilities located in Springtown, Paradise, and Weatherford, TX, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Danny Cunningham and Brandon Karr, leaders of the Karr-Cunningham Storage Team in Marcus & Millichap’s Fort Worth office, marketed the properties on behalf of the seller, a family investment partnership located in Springtown, TX. The buyer, a Dallas-Fort Worth based development and investment firm that owns and operates 21 storage facilities throughout Texas and Oklahoma, was secured by Brandon Karr and Danny Cunningham as well.
According to Mr. Cunningham, “Our relationship with the sellers began in 2019 before they had purchased their first storage property. While touring one of our exclusive listings, the owners told us they wanted to amass a storage portfolio in secondary markets west of Fort Worth via both acquisition and development. As the years went on, our clients expanded their portfolio to what would eventually include eight Storage Bright properties. Then, in April 2023, during one of our regular “check-in” calls, the owners told us they wanted to explore selling the portfolio in its entirety so they could focus on other ventures. Because we consistently kept them abreast of the rapidly changing investment climate, our clients were not surprised to learn that, if they sold, the value of the portfolio would almost certainly fall below what would’ve otherwise been achievable between 2019 – 2021. But after reaching out to our vast network of buyers, we secured a buyer who closed the deal at a price that still yielded a significant return on the sellers’ original investment.”
Storage Bright Portfolio is located in Springtown, Paradise, and Weatherford, TX.

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405 Storage

SHAWNEE, OK, December 12, 2023 – 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 405 Storage, a 11,920 self-storage facility located in Shawnee, OK, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Bryan Quaschnick, Brandon Karr, and Danny Cunningham, investment specialists located in Marcus & Millichap’s Fort Worth office and members of the Karr-Cunningham Storage Team partnered with Stacey Gorman and Sam Slocum, investment specialists located in the Marcus & Millichap Atlanta office and members of the Gorman Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, an Arkansas-based private investor. The buyer, a Dallas-based privately owned real estate investment firm, was secured and represented by the Karr-Cunningham Storage Team.
According to Mr. Quaschnick, “Despite the presence of an otherwise challenging investment marketplace, we generated multiple offers within the first 30 days of listing the facility for sale, and we closed the deal at the originally agreed-upon sale price – emphasizing the property’s inherent value and showcasing the strength of our team’s strategic approach. The acquisition by an experienced real estate investment group based in Dallas, TX, underscores the enduring appeal of the self-storage sector in today’s dynamic market.”
405 Storage is located at 916 East Cammack Street in Shawnee, OK.

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Red River Self Storage

BROKEN ARROW, OK, October 18, 2023 – 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 Red River Self Storage, a 42,100 rentable-square foot self-storage facility located in Broken Arrow, OK, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.

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