Marcus & Millichap Inc.
09/23/2024 | Press release | Archived content
Marcus & Millichap Facilitates Sale of 375 Unit Self Storage Facility in Tuttle Oklahoma
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Marcus & Millichap Facilitates Sale of 375-Unit Self-Storage Facility in Tuttle Oklahoma
September 23, 2024
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TUTTLE, Okla., Sept. 23, 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 Premium Storage, a 375-unit self-storage facility in Tuttle, Oklahoma.
"This was a particularly meaningful transaction because we actually sold the facility to our Dallas-based client in 2021", says Bryan Quaschnick, senior associate. "The marketplace was attracted to the facility's assumable CMBS loan - which featured a sub-four percent rate and multiple years of interest-only payments remaining. Although the CMBS loan assumption process can appear fairly intimidating to the uninitiated, the Karr-Cunningham Storage Team leveraged its extensive CMBS experience to close the deal at the originally agreed-upon sales price - illustrating our ability to deliver exceptional results in a highly competitive marketplace that remains eager to purchase high-quality assets in Oklahoma."
Marcus & Millichap's Bryan Quaschnick, Danny Cunningham, and Brandon Karr, investment specialists and leaders of the Karr-Cunningham Storage Team, exclusively represented the seller, a Dallas based private investment group, and procured the buyer, an out-of-state private investor. Tim Speck is Marcus & Millichap's broker of record in Oklahoma.
Premium Storage is located at 4945 ACAM Dr., just outside the Oklahoma City metro area, spanning 107,330 square feet on a 6.99-acre parcel. The property comprises 37 climate-controlled self-storage units, 334 non-climate-controlled drive-up units, and four commercial spaces. Sizes range from 100 to 750 rentable square feet.
"This was a particularly meaningful transaction because we actually sold the facility to our Dallas-based client in 2021", says Bryan Quaschnick, senior associate. "The marketplace was attracted to the facility's assumable CMBS loan - which featured a sub-four percent rate and multiple years of interest-only payments remaining. Although the CMBS loan assumption process can appear fairly intimidating to the uninitiated, the Karr-Cunningham Storage Team leveraged its extensive CMBS experience to close the deal at the originally agreed-upon sales price - illustrating our ability to deliver exceptional results in a highly competitive marketplace that remains eager to purchase high-quality assets in Oklahoma."
Marcus & Millichap's Bryan Quaschnick, Danny Cunningham, and Brandon Karr, investment specialists and leaders of the Karr-Cunningham Storage Team, exclusively represented the seller, a Dallas based private investment group, and procured the buyer, an out-of-state private investor. Tim Speck is Marcus & Millichap's broker of record in Oklahoma.
Premium Storage is located at 4945 ACAM Dr., just outside the Oklahoma City metro area, spanning 107,330 square feet on a 6.99-acre parcel. The property comprises 37 climate-controlled self-storage units, 334 non-climate-controlled drive-up units, and four commercial spaces. Sizes range from 100 to 750 rentable square feet.
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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.