Closed | Plano Parkway Self Storage
MARCUS & MILLICHAP ARRANGES THE SALE OF A 42,937 RENTABLE-SQUARE FOOT SELF-STORAGE FACILITY
PLANO, TX, September 28, 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 Plano Parkway Self Storage, a 42,937 rentable-square foot self-storage facility located in Plano, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Danny Cunningham and Brandon Karr, 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, local private investors from the Dallas-Fort Worth Metroplex. The buyer, a private investor from Houston, Texas who wanted to include the facility in a newly formed Delaware Statutory Trust (or DST for short), was also secured by Mr. Cunningham and Mr. Karr.
According to Mr. Cunningham, “We knew the transaction would be somewhat challenging from the beginning because a sizeable percentage of the square footage and income came from the property’s office suites. With that said, the offices had maintained a consistently high occupancy level for a number of years, and the deal’s upside potential actually resided within the self-storage component. After selecting a buyer, we embarked upon an escrow period that was significantly impacted by a tumultuous interest rate environment that resulted in lender changes, timeline extensions, and price renegotiations. However, the buyer and seller remained motivated to transact, and they leaned on the Karr-Cunningham Storage Team’s experience closing complicated transactions to see the deal through – which we did at a purchase price that exceeded the original contract price.”
Plano Parkway Self Storage is located at 1100 East Plano Parkway in Plano, Texas.