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 U-Lock-It Mini Storage, a 27,120 rentable-square foot self-storage facility located in Cleburne, 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 Dallas-Fort Worth based owner-operators. The buyer, a Dallas, TX based commercial real estate investment group, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “In terms of what buyers are looking for in today’s market, this deal checked a lot of the boxes. The facility was owner/operated by a local ‘mom & pop’, there was room for expansion, the rental rates were below market, and the owners’ pricing expectations were realistic. As a result, we generated eight offers within the first two weeks of marketing, and the sellers ultimately chose to accept an attractive all-cash offer from a local investment group we’ve done business with before. While under contract, we discovered an extremely unique title-related issue that needed to be addressed before the buyer could verify he had the right to expand the facility’s footprint, but we worked through that issue and closed the deal on time at the originally agreed-upon sales price”.
U-Lock-It Mini Storage is located at 3233 N Main St in Cleburne, TX.
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.
