Marcus & Millichap Inc.
10/01/2024 | Press release | Distributed by Public on 10/01/2024 16:44
Marcus & Millichap Facilitates Sale of 3,380 Unit Three Property Self Storage Portfolio
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Marcus & Millichap Facilitates Sale of 3,380-Unit Three-Property Self-Storage Portfolio
October 01, 2024
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SAN ANTONIO, Oct. 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 The Storage Center, a three-property, 3,380-unit self-storage portfolio consisting of multiple multi-story assets located in Austin and San Antonio, Texas and Glendale, Arizona.
"The exceptional quality of the assets captured the interest of a diverse array of today's most active self-storage investors," said Jon Danklefs, first vice president investments in Marcus & Millichap's San Antonio office. "Ultimately, our marketing strategy paved the way for a competitive bidding process, resulting in a transaction that closed at 98% of our initial guidance." Danklefs represented the seller, Brookwood Properties, the original developers of the portfolio, and procured the buyer, UTEX Storage Partners.
Constructed from 2020 to 2023, the portfolio encompasses 322,775 square feet and features 3,296 climate-controlled units along with 84 non-climate-controlled units. Each facility is equipped with a variety of amenities, such as a full-service manager's office and showroom, video surveillance throughout the premises, and several loading and unloading areas. Ryan Sarbinoff is Marcus & Millichap's broker of record in Arizona.
"The exceptional quality of the assets captured the interest of a diverse array of today's most active self-storage investors," said Jon Danklefs, first vice president investments in Marcus & Millichap's San Antonio office. "Ultimately, our marketing strategy paved the way for a competitive bidding process, resulting in a transaction that closed at 98% of our initial guidance." Danklefs represented the seller, Brookwood Properties, the original developers of the portfolio, and procured the buyer, UTEX Storage Partners.
Constructed from 2020 to 2023, the portfolio encompasses 322,775 square feet and features 3,296 climate-controlled units along with 84 non-climate-controlled units. Each facility is equipped with a variety of amenities, such as a full-service manager's office and showroom, video surveillance throughout the premises, and several loading and unloading areas. Ryan Sarbinoff is Marcus & Millichap's broker of record in Arizona.
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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.