Marcus & Millichap Inc.
10/24/2024 | Press release | Archived content
Marcus & Millichap Announces Sale of 493-Unit Extra Space Storage Facility in Denton Texas
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Marcus & Millichap Announces Sale of 493-Unit Extra Space Storage Facility in Denton Texas
October 24, 2024
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DENTON, Texas, Oct. 24, 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 Extra Space Storage, a 493-unit self-storage facility in Denton, Texas.
"This first-generation, tilt-wall facility was built almost 40 years ago. During that time, the Dallas-Fort Worth Metroplex experienced tremendous growth, which brought new competition, much of it comprising third-generation, 'Class-A' facilities designed both cosmetically and practically to meet the lofty expectations of the 21st-century self-storage consumer," says Brandon Karr, senior managing director investments. "However, the old adage 'location, location, location' is just as relevant today as it was in 1986, when this property was built. For that reason, we attracted interest from a wide variety of investors, all of whom sought the stability and consistency that a traditional, infill location can provide. By leveraging our team's proprietary database of active investors and the Marcus & Millichap national platform, we secured nearly 10 offers and ultimately selected an established operator who closed the deal at the originally agreed-upon price."
Brandon Karr, investment specialist in Marcus & Millichap's Fort Worth office and co-leader of the Karr-Cunningham Storage Team, exclusively represented the seller, a local Dallas-Fort Worth investor, and procured the buyer, a publicly traded self-storage REIT.
Extra Space Storage, located at 816 Frame St., Denton, Texas, includes 184 interior non-climate-controlled units, 294 drive-up non-climate-controlled units, 13 multi-door interior units, and 2 multi-door drive-up units. Spanning 58,225 rentable square feet across seven buildings on a 2.89-acre parcel, the facility, built in 1986, offers security features such as 24/7 video surveillance, personalized key-pad access, and an on-site manager's residence.
"This first-generation, tilt-wall facility was built almost 40 years ago. During that time, the Dallas-Fort Worth Metroplex experienced tremendous growth, which brought new competition, much of it comprising third-generation, 'Class-A' facilities designed both cosmetically and practically to meet the lofty expectations of the 21st-century self-storage consumer," says Brandon Karr, senior managing director investments. "However, the old adage 'location, location, location' is just as relevant today as it was in 1986, when this property was built. For that reason, we attracted interest from a wide variety of investors, all of whom sought the stability and consistency that a traditional, infill location can provide. By leveraging our team's proprietary database of active investors and the Marcus & Millichap national platform, we secured nearly 10 offers and ultimately selected an established operator who closed the deal at the originally agreed-upon price."
Brandon Karr, investment specialist in Marcus & Millichap's Fort Worth office and co-leader of the Karr-Cunningham Storage Team, exclusively represented the seller, a local Dallas-Fort Worth investor, and procured the buyer, a publicly traded self-storage REIT.
Extra Space Storage, located at 816 Frame St., Denton, Texas, includes 184 interior non-climate-controlled units, 294 drive-up non-climate-controlled units, 13 multi-door interior units, and 2 multi-door drive-up units. Spanning 58,225 rentable square feet across seven buildings on a 2.89-acre parcel, the facility, built in 1986, offers security features such as 24/7 video surveillance, personalized key-pad access, and an on-site manager's residence.
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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.