Marcus & Millichap Arranges Sale of 332-Unit Self-Storage Facility in Dallas
DALLAS, Oct. 10, 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 Guard Drive Self Storage, a 38,295-square-foot self-storage facility in Dallas, Texas.
“We originally took this property to market in late 2021 before its certificate of occupancy had been delivered. Unfortunately, global supply-chain disruptions delayed its completion, and rising interest rates hindered our marketing efforts from the get-go. For those reasons, and because we were confident the new supply would be quickly absorbed by an undersupplied submarket, we actually recommended our client take the facility off the market, and open its doors for business,” says Danny Cunningham, senior vice president investments. “This proved to be the right decision, as the owners were able to successfully lease-up the facility over the ensuing 24 months. In the meantime, we stayed in constant communication to keep them up to date on the ever-changing investment sales market. In the Spring of this year, we advised them that the market was showing signs of life again, and it was likely time to explore a sale. We showed the offering to a select group of experienced investors and were able to find a group who saw the current and future potential value of the facility. Once under contract, we closed on time and at the originally agreed upon sales price.”
Danny Cunningham and Brandon Karr, investment specialist in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the sellers, a local development group, and procured the buyer, Sage Property Company.
Located at 1332 Guard Dr., the self-storage facility is near Interstate 30 and State Highway 360. The property includes 250 climate-controlled units and 82 drive-up units, serving both residential and commercial tenants in a growing area.
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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
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