SPRINGTOWN, PARADISE, AND WEATHERFORD, TX, January 8, 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 the Storage Bright Portfolio, a 225,275 rentable-square foot self-storage portfolio consisting of eight facilities located in Springtown, Paradise, and Weatherford, TX, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.

Danny Cunningham and Brandon Karr, leaders of the Karr-Cunningham Storage Team in Marcus & Millichap’s Fort Worth office, marketed the properties on behalf of the seller, a family investment partnership located in Springtown, TX. The buyer, a Dallas-Fort Worth based development and investment firm that owns and operates 21 storage facilities throughout Texas and Oklahoma, was secured by Brandon Karr and Danny Cunningham as well.

According to Mr. Cunningham, “Our relationship with the sellers began in 2019 before they had purchased their first storage property. While touring one of our exclusive listings, the owners told us they wanted to amass a storage portfolio in secondary markets west of Fort Worth via both acquisition and development. As the years went on, our clients expanded their portfolio to what would eventually include eight Storage Bright properties. Then, in April 2023, during one of our regular “check-in” calls, the owners told us they wanted to explore selling the portfolio in its entirety so they could focus on other ventures. Because we consistently kept them abreast of the rapidly changing investment climate, our clients were not surprised to learn that, if they sold, the value of the portfolio would almost certainly fall below what would’ve otherwise been achievable between 2019 – 2021. But after reaching out to our vast network of buyers, we secured a buyer who closed the deal at a price that still yielded a significant return on the sellers’ original investment.”

Storage Bright Portfolio is located in Springtown, Paradise, and Weatherford, TX.