Marcus & Millichap Facilitates Sale of 432 Unit Self Storage Property in Texas

AMARILLO, Texas, July 9, 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 Advantage Storage, a 432-unit self-storage property located in Amarillo, Texas.

"This deal was sold to an out-of-state REIT buyer in a very competitive process," said Gabriel Coe, senior managing director of investments. "The property closed just 50 days after an accepted offer and just 45 days after the signed purchase agreement. The buyer will benefit from a Class A property with an opportunity to increase revenue by leasing up from 70% occupancy and continuing to increase the rental rates."

Gabriel Coe, Nathan Coe, Brett Hatcher and Garret Nelson, investment specialists in Marcus & Millichap's Columbus and Dallas offices, had the exclusive listing to market the property on behalf of the seller. Tim Speck, Broker of Record in Texas, assisted in closing the transaction.

Advantage Storage is located at 8213 South Soncy Road with daily traffic counts exceeding 18,600 vehicles per day. Built in 2019, the 84,475-sqaure-foot facility features 226 climate-controlled units, 181 non-climate units, 13 enclosed parking spaces and 12 warehouse 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.