FOR IMMEDIATE RELEASE
MARCUS & MILLICHAP ARRANGES THE SALE OF A 184,573 RENTABLE-SQUARE FOOT BOAT & RV STORAGE FACILITY
PRINCETON, TX, May 22, 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 A Great Storage Place for Boats & RVs, a 184,573 rentable-square foot boat and RV storage located in Princeton, 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 Princeton, TX based investors. The buyer, the largest owner of boat and RV storage facilities in the country, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “We began discussing our clients’ real estate investment goals back in 2021 when boat/RV storage facilities were starting to trade at historically unprecedented values. After analyzing the facility’s competitive market position and operational history, we told the owners we could deliver a substantial profit if they were to sell, but they ultimately determined the timing just wasn’t right. We stayed in touch with the owners over the next 24-months, and during that time both marketplace conditions and our clients’ personal goals and objectives began to change. For this reason, in early 2024 our clients reached out to discuss an unsolicited off-market offer they had recently been presented with, but the offer price was too low, and the buyer couldn’t close unless the seller was willing to finance the acquisition themselves. That type of offer wouldn’t have helped the owners accomplish their goals, so they asked us to discuss the opportunity with only a handful of our most credible buyers. Leveraging some of our deepest, longest-standing relationships, we ultimately procured an all-cash buyer who closed the transaction at a price that substantially exceeded the off-market offer”.
A Great Storage Place for Boats & RVs is located at 2389 FM982 in Princeton, TX.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com