BROKEN ARROW, OK, October 18, 2023 – 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 Red River Self Storage, a 42,100 rentable-square foot self-storage facility located in Broken Arrow, OK, 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 Dallas-based private investor. The buyer, a Pennsylvania-based investment and management group, was secured by Mr. Cunningham and Mr. Karr as well.

According to Mr. Cunningham, “We originally began marketing the property in October 2022.  At the time, the capital markets were extremely volatile, and a large portion of our buyer pool was sitting on the sidelines in a “wait and see mode”. Despite those challenges, we were able to utilize the Marcus & Millichap platform to find a buyer willing to offer within the seller’s strike price range. The offer was largely predicated on the buyer’s ability to expand the facility, but after almost six months in escrow, the expansion component ultimately proved too difficult due to the city’s stringent planning and zoning requirements.  The buyer had to walk away from the opportunity, and we began re-marketing the asset in late June.  The investment sales market had changed dramatically since October, but we actually generated multiple offers at a price that was even higher than our previous contract.  We closed the transaction on time and at the originally contracted sales price”.

Red River Self Storage is located at 2300 North 9th St in Broken Arrow, OK.