Closed Starpoint Self Storage & Business Park
MARCUS & MILLICHAP ARRANGES THE SALE OF A 70,590 SQUARE-FOOT SELF-STORAGE FACILITY
MESQUITE, 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 Starpoint Self Storage & Business Park, a 70,590-square foot self- storage facility located in Mesquite, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
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 local, privately-held investment partnership. The buyer, a publicly- traded real estate investment trust, was procured by Mr. Karr as well.
According to Brandon Karr, “This particular transaction was somewhat unique because a substantial portion of the rentable-square-footage was dedicated to commercial office suites, not just conventional self-storage. Under normal circumstances, this type of unit mix would reduce the size of our buyer pool. But the aggressive nature of today’s self-storage investment climate proved that non-traditional sites such as this can still command premium pricing. The sellers had owned the facility for almost two decades, and this was a perfect time for them to exit.”
Starpoint Self Storage & Business Park is located at 502 West Kearney Street in Mesquite, Texas.