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Marcus & Millichap Inc.
10/30/2024 | Press release | Archived content
Marcus & Millichap Arranges Sale of 332 Unit Self Storage Facility in Dallas
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Marcus & Millichap Arranges Sale of 332-Unit Self-Storage Facility in Dallas
October 30, 2024
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DALLAS, Oct. 30, 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 Guard Drive Self Storage, a 38,295-square-foot self-storage facility in Dallas, Texas.
"We initially took this property to market in late 2021, before its certificate of occupancy was issued. However, global supply-chain disruptions delayed its completion, and rising interest rates hindered our marketing efforts from the get-go. For those reasons, and because we were confident the new supply would be quickly absorbed by an undersupplied submarket, we recommended that our client take the facility off the market and open for business," says Danny Cunningham, senior vice president investments. "This proved to be the right decision, as the owners successfully leased the facility over the next 24 months. In the meantime, we maintained constant communication to keep them informed about the ever-changing investment sales market. In the spring of this year, we advised them that the market was showing signs of life again, and it was time to explore a sale. We presented the offering to a select group of experienced investors and found a group that recognized the facility's current and future potential value. Once under contract, we closed on time at the originally agreed-upon sales price."
Danny Cunningham and Brandon Karr, investment specialist in Marcus & Millichap's Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the sellers, a local development group, and procured the buyer, Sage Property Company.
Located at 1332 Guard Dr., the self-storage facility is near Interstate 30 and State Highway 360. The property includes 250 climate-controlled units and 82 drive-up units, serving both residential and commercial tenants in a growing area.
"We initially took this property to market in late 2021, before its certificate of occupancy was issued. However, global supply-chain disruptions delayed its completion, and rising interest rates hindered our marketing efforts from the get-go. For those reasons, and because we were confident the new supply would be quickly absorbed by an undersupplied submarket, we recommended that our client take the facility off the market and open for business," says Danny Cunningham, senior vice president investments. "This proved to be the right decision, as the owners successfully leased the facility over the next 24 months. In the meantime, we maintained constant communication to keep them informed about the ever-changing investment sales market. In the spring of this year, we advised them that the market was showing signs of life again, and it was time to explore a sale. We presented the offering to a select group of experienced investors and found a group that recognized the facility's current and future potential value. Once under contract, we closed on time at the originally agreed-upon sales price."
Danny Cunningham and Brandon Karr, investment specialist in Marcus & Millichap's Fort Worth office and leaders of the Karr-Cunningham Storage Team, exclusively represented the sellers, a local development group, and procured the buyer, Sage Property Company.
Located at 1332 Guard Dr., the self-storage facility is near Interstate 30 and State Highway 360. The property includes 250 climate-controlled units and 82 drive-up units, serving both residential and commercial tenants in a growing area.
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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.