Marcus & Millichap Inc.
09/11/2024 | Press release | Archived content
Marcus & Millichap Facilitates Sale of 568-Unit Pego Self Storage in Mabank Texas
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Marcus & Millichap Facilitates Sale of 568-Unit Pego Self Storage in Mabank Texas
September 11, 2024
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MABANK, TX, Sept. 11, 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 Pego Self Storage, 568-unit self-storage facility in Mabank, Texas.
Danny 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 Mabank, TX owner/operators. The buyer, a commercial real estate deal sponsor from the Austin area, was also secured by Cunningham and Karr.
"This was our second transaction with this particular seller - we sold his first property above list price in 2021 when market conditions were at an all-time high," says Danny Cunningham, senior vice president of investments. "Over the ensuing years, we regularly kept the owner informed of market conditions at both the operational level and investment level. During that time, operating fundamentals and investor appetite decreased. With that said, we made our client aware that we could still procure an attractive purchase price if he would entertain an owner-financed sale. That turned out to be the perfect strategy for the client, as he was tired of managing the day-to-day activities but did not want to lose the monthly income stream. We were able to leverage our network of investors to find a buyer who could meet the seller's desired price and terms, and we closed the transaction 60 days later."
Pego Self Storage, located at 11951 TX-198, spans 12 buildings with a total of 72,262 rentable square feet, including drive-up and climate-controlled units.
Danny 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 Mabank, TX owner/operators. The buyer, a commercial real estate deal sponsor from the Austin area, was also secured by Cunningham and Karr.
"This was our second transaction with this particular seller - we sold his first property above list price in 2021 when market conditions were at an all-time high," says Danny Cunningham, senior vice president of investments. "Over the ensuing years, we regularly kept the owner informed of market conditions at both the operational level and investment level. During that time, operating fundamentals and investor appetite decreased. With that said, we made our client aware that we could still procure an attractive purchase price if he would entertain an owner-financed sale. That turned out to be the perfect strategy for the client, as he was tired of managing the day-to-day activities but did not want to lose the monthly income stream. We were able to leverage our network of investors to find a buyer who could meet the seller's desired price and terms, and we closed the transaction 60 days later."
Pego Self Storage, located at 11951 TX-198, spans 12 buildings with a total of 72,262 rentable square feet, including drive-up and climate-controlled 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.