Marcus & Millichap Inc.
08/01/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of 229-Unit Eason Storage Facility in Canton Texas
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Marcus & Millichap Brokers Sale of 229-Unit Eason Storage Facility in Canton Texas
August 01, 2024
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CANTON, TX., August 1, 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 Eason Storage, a 229-unit self-storage facility in Canton, Texas.
"This transaction was the perfect example of how beneficial owner-financed sales can be for both buyers and sellers," says Cunningham, senior vice president investments. "Our clients purchased the facility more than a decade ago, and during that time we regularly kept them informed of marketplace conditions. At the beginning of 2024, our clients indicated they were ready to sell because they were growing weary of managing the day-to-day operations and wanted to spend more time with their grandkids. After considering a variety of strategic options, we collectively determined a seller-financed deal would not only maximize their chances of getting "top dollar" for the real estate, they would also continue to benefit from the presence of a reliable monthly income stream. Shortly after taking the property to market, we procured multiple list-price offers, and selected a buyer with whom the Karr-Cunningham Storage Team had transacted in the past. This proved to be a solid recommendation because the buyer ultimately closed the deal on time, and at the originally agreed-upon purchase price."
Cunningham and Brandon Karr, investment specialists in Marcus & Millichap's Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the local Canton, Texas, owner/operators. The buyer, a Texas-based storage group with more than 30 facilities, was secured by Mr. Cunningham and Mr. Karr as well.
Eason Storage is a 39,265 rentable-square-foot storage facility resting on two adjacent parcels totaling approximately 4.78 acres, located at 17546 FM 17. The 229-unit facility was built in 2000 and later expanded in 2017. It comprises 20 climate-controlled units,208 non-climate drive-up units, and one rental house.
"This transaction was the perfect example of how beneficial owner-financed sales can be for both buyers and sellers," says Cunningham, senior vice president investments. "Our clients purchased the facility more than a decade ago, and during that time we regularly kept them informed of marketplace conditions. At the beginning of 2024, our clients indicated they were ready to sell because they were growing weary of managing the day-to-day operations and wanted to spend more time with their grandkids. After considering a variety of strategic options, we collectively determined a seller-financed deal would not only maximize their chances of getting "top dollar" for the real estate, they would also continue to benefit from the presence of a reliable monthly income stream. Shortly after taking the property to market, we procured multiple list-price offers, and selected a buyer with whom the Karr-Cunningham Storage Team had transacted in the past. This proved to be a solid recommendation because the buyer ultimately closed the deal on time, and at the originally agreed-upon purchase price."
Cunningham and Brandon Karr, investment specialists in Marcus & Millichap's Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the local Canton, Texas, owner/operators. The buyer, a Texas-based storage group with more than 30 facilities, was secured by Mr. Cunningham and Mr. Karr as well.
Eason Storage is a 39,265 rentable-square-foot storage facility resting on two adjacent parcels totaling approximately 4.78 acres, located at 17546 FM 17. The 229-unit facility was built in 2000 and later expanded in 2017. It comprises 20 climate-controlled units,208 non-climate drive-up units, and one rental house.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.