Closed iStor Self Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF A 61,750-SQUARE FOOT SELF-STORAGE FACILITY
WAXAHACHIE, TX, 5/18/2022 – 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 iStor Self Storage, a 61,750-square foot self-storage facility located in Waxahachie, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort
Brandon Karr, an investment specialist in Marcus & Millichap’s Fort Worth office, and leader of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a self-storage investor located in California, was procured by Mr. Karr as well.
According to Mr. Karr, “This transaction was reflective of an investment market that remains very hungry for deals that have upside potential in the form of expansion land. It was a competitive situation, but we were able to leverage our own internal database of buyers, along with the Marcus & Millichap national platform, to procure a buyer who was willing to put down non-refundable earnest money day-one. We were then able to close the deal on time, at the agreed-to purchase price. The transaction allowed our client, the seller, to achieve their retirement goals, and the buyer is now able to achieve some estate-planning objectives that would have otherwise not been possible in California. ”
iStor Self Storage is located at 1021 Ovilla Road in Waxahachie, Texas.