MARCUS & MILLICHAP ARRANGES THE SALE OF AN APPROXIMATELY 50,000 RSF OWNER-OPERATED STORAGE FACILITY IN DALLAS, TX MSA
GARLAND, TX, May 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 Ark Storage, a 48,660 self-storage facility located in Garland, 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 Dallas based owner-operators. The buyer, a multi-family investment group purchasing their first storage facility, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “About twenty years ago our client bought the facility in what was, at that time, a Garland submarket most investors tended to shy away from. This proved to be a savvy move because, during that time, the local trade area underwent a drastic transformation into a highly desirable, up-and-coming neighborhood. In addition, after first meeting with the Karr-Cunningham Storage Team in 2021, the owner took many of our recommendations and drastically improved the facility’s operational performance. Consequently, by Q1.2024, the facility’s market value was approximately 50% higher than what we collectively thought it would sell for only three years prior. The buyer, a real estate investment firm that traditionally focused on the multifamily sector, made a decision in Q1.2024 to diversify into self-storage, and Ark Storage was the perfect fit because of its close proximity to many of the firm’s other real estate holdings”.
Ark Storage is located at 3539 Dividend Dr in Garland, TX.
# # #
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