Closed | Hwy 35 Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF A 93,751 RENTABLE-SQUARE FOOT SELF-STORAGE FACILITY
ROYSE CITY, TX, September 22, 2022 – 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 Hwy 35 Storage, a 93,751 rentable-square foot self-storage facility located in Royse City, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a private investor from Washington state who purchased the facility through Karr and Cunningham in 2016. The buyer was a private investor from the Pacific Northwest.
According to Mr. Cunningham, “It is no secret the interest rate environment has been tumultuous over the past several months. Despite the challenges that come with this market uncertainty, we were able to generate multiple offers well above our asking price during a brief two-week marketing period. The escrow period was very smooth as well, and we closed at the originally agreed upon contract price. Investor appetite for stabilized and value-add storage facilities near major metros in Texas has remained strong, and this transaction was just one of several reaffirming examples we have seen lately.”
Hwy 35 Storage is located at 7878 Farm-to-Market 35 in Royse City, Texas.