Marcus & Millichap Inc.
08/29/2024 | Press release | Distributed by Public on 08/29/2024 14:47
Marcus & Millichap Arranges Sale of 13.23 Acre Self Storage Property in Maryland
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Marcus & Millichap Arranges Sale of 13.23-Acre Self-Storage Property in Maryland
August 29, 2024
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MCHENRY, Md., August 29, 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 Garrett County Self Storage, a 49,675-square-foot storage property located in McHenry, Maryland.
"The facility's strategic location in a high-demand, seasonal area, combined with its approved expansion space, made this an attractive opportunity for growth," said Jared Houck, associate. "We're thrilled to have completed this sale smoothly, thanks to the timely and responsive collaboration of both the buyer and seller."
Houck, Kevin Bledsoe and Matthew Junkin, investment specialists in Marcus & Millichap's King of Prussia office, had the exclusive listing to market the property on behalf of the seller, Chris Cynkar, and procured the buyer, Valley Storage Maryland, LLC. Brian Hosey, Broker of Record in Maryland, assisted in closing the transaction.
"In advance of marketing the property, we had honest discussions about the valuation, marketing conditions and deal structuring alternatives to make certain we were aligned before going to the market," said Cynkar.
Located at 1206 Mosser Road, Garrett County Self Storage hosts 305 units of storage space, including drive-up, climate-controlled, boat and RV storage. Built in 1988, the facility has consistently maintained high occupancy rates, currently at 77 percent, benefiting from a strong local market with no competitors within a 10-mile radius. The property is located near Garrett Highway, Garrett County Airport and Garrett College.
"The facility's strategic location in a high-demand, seasonal area, combined with its approved expansion space, made this an attractive opportunity for growth," said Jared Houck, associate. "We're thrilled to have completed this sale smoothly, thanks to the timely and responsive collaboration of both the buyer and seller."
Houck, Kevin Bledsoe and Matthew Junkin, investment specialists in Marcus & Millichap's King of Prussia office, had the exclusive listing to market the property on behalf of the seller, Chris Cynkar, and procured the buyer, Valley Storage Maryland, LLC. Brian Hosey, Broker of Record in Maryland, assisted in closing the transaction.
"In advance of marketing the property, we had honest discussions about the valuation, marketing conditions and deal structuring alternatives to make certain we were aligned before going to the market," said Cynkar.
Located at 1206 Mosser Road, Garrett County Self Storage hosts 305 units of storage space, including drive-up, climate-controlled, boat and RV storage. Built in 1988, the facility has consistently maintained high occupancy rates, currently at 77 percent, benefiting from a strong local market with no competitors within a 10-mile radius. The property is located near Garrett Highway, Garrett County Airport and Garrett College.
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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.