Marcus & Millichap Announces Sale of 493-Unit Extra Space Storage Facility in Denton Texas
DENTON, Texas, Oct. 16, 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 Extra Space Storage, a 493-unit self-storage facility in Denton, Texas.
“This first-generation, tilt-wall facility was built almost 40-years ago. During that time, the Dallas-Fort Worth Metroplex experienced tremendous growth. With that growth came new competition – much of which included third-generation “Class-A” facilities that were designed – from both a cosmetic and practical standpoint – to meet the lofty expectations of the average self-storage consumer in the 21st century. says Brandon Karr, senior managing director investments. “But the old adage, “location, location, location” is equally as relevant in today’s marketplace as it was in 1986, when this property was built. For that reason, we collected interest from a wide variety of investors – all of whom sought the stability and consistency a traditional, infill location can provide. Coupling our team’s proprietary database of active investors with the Marcus & Millichap national platform, we procured slightly less than 10 total offers – ultimately selecting an established operator who closed the deal at the originally agreed-upon price”.
Brandon Karr, investment specialist in Marcus & Millichap’s Fort Worth office and co-leader of the Karr-Cunningham Storage Team, exclusively represented the seller, a local Dallas-Fort Worth investor, and procured the buyer, a publicly-traded self-storage REIT.
Extra Space Storage, located at 816 Frame St., Denton, Texas, includes 184 interior non-climate-controlled units, 294 drive-up non-climate-controlled units, 13 multi-door interior units, and 2 multi-door drive-up units. Spanning 58,225 rentable square feet across seven buildings on a 2.89-acre parcel, the facility, built in 1986, offers security features such as 24/7 video surveillance, personalized key-pad access, and an on-site manager’s residence.
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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