Waxahachie, Texas, Dec. 11, 2025 – 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 Dry Dock & Lock, a 182-unit self-storage property in Waxahachie, Texas.

“We haven’t seen this much competition for a new listing since 2022,” said Danny Cunningham, senior managing director investments. “The original listing included a 98,700-square-foot storage facility on a 15-acre site that had plenty of excess land behind the buildings. The sellers also owned roughly nine acres of frontage land in front of the storage facility, but we mutually decided not to include that portion since we felt most traditional storage operators wouldn’t need that much additional land. What caught us off guard was how quickly the interest snowballed — we had major storage operators from across North America, including traditional and boat/RV groups, competing alongside a wide range of Texas-based private capital buyers. The bidding got so competitive that several groups started underwriting the entire property, including the frontage land, to see how they could make the numbers work across different concepts like storage, boat/RV, climate-controlled, or even flex-industrial. In the end, we went with a national self-storage operator who paid above the seller’s expectations for the full 25-acre site. It was a smooth process from start to finish, and we actually closed a little ahead of schedule.”

Cunningham, Brandon Karr and Jon Danklefs, investment specialists in Marcus & Millichap’s Fort Worth and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a DFW-based storage group, and procured the buyer, 10 Federal Storage.

Dry Dock & Lock is situated on 25 acres at 4009 Ovilla Road. Built in 2023, the facility features 98,700 rentable square feet across 182 units, including 181 enclosed parking units and one barn unit.

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