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Marcus & Millichap Inc.
11/07/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of 49,950 Square Foot North Texas Star Storage in Azle
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Marcus & Millichap Brokers Sale of 49,950-Square-Foot North Texas Star Storage in Azle
November 07, 2024
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AZLE, Texas, Nov. 7, 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 North Texas Star Storage in Azle, Texas.
"This was a unique deal," says Danny Cunningham, senior vice president investments. "Our client, a private developer based in California, was building a 191-unit facility but halted construction about two-thirds of the way through after a significant disagreement with the general contractor. Shortly after putting the project on hold, the owner reached out to us for strategic advice. We presented a few options, and he ultimately chose to sell the real estate after learning (to his surprise) that we could secure a price point that made sense. Since the DFW Metroplex is essentially our backyard, we knew which buyers to contact and secured a competitive offer within a week. We selected an experienced operator with whom we have closed several deals in the past, and the property closed at the originally agreed-upon value."
Brandon Karr and Danny Cunningham, investment specialist in Marcus & Millichap's Fort Worth office and co-leaders of the Karr-Cunningham Storage Team, exclusively represented the seller, a southern California-based investor, and procured the buyer, KO Storage.
Built in 2024, North Star Texas Storage is located at 7604 Veal Station Road, spanning 49,950 square feet across 4.27 acres and including 191 units.
"This was a unique deal," says Danny Cunningham, senior vice president investments. "Our client, a private developer based in California, was building a 191-unit facility but halted construction about two-thirds of the way through after a significant disagreement with the general contractor. Shortly after putting the project on hold, the owner reached out to us for strategic advice. We presented a few options, and he ultimately chose to sell the real estate after learning (to his surprise) that we could secure a price point that made sense. Since the DFW Metroplex is essentially our backyard, we knew which buyers to contact and secured a competitive offer within a week. We selected an experienced operator with whom we have closed several deals in the past, and the property closed at the originally agreed-upon value."
Brandon Karr and Danny Cunningham, investment specialist in Marcus & Millichap's Fort Worth office and co-leaders of the Karr-Cunningham Storage Team, exclusively represented the seller, a southern California-based investor, and procured the buyer, KO Storage.
Built in 2024, North Star Texas Storage is located at 7604 Veal Station Road, spanning 49,950 square feet across 4.27 acres and including 191 units.
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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.