Marcus & Millichap : Arranges the Sale of A 72,147 Square Foot Self Storage Facility in Dallas Fort Worth

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Marcus & Millichap Arranges the Sale of A 72,147 Square-Foot Self-Storage Facility in Dallas Fort-Worth

June 12, 2024

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MCKINNEY, TX, June 12, 2024 - 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 Prosper Self Storage, a 72,147 rentable-square foot self-storage located in McKinney, TX.

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, TX based investor. The buyer, a publicly traded REIT, was secured by Mr. Cunningham and Mr. Karr as well.

"Our relationship with the client began 10 years ago when he first asked us to construct a broker-opinion-of-value (BOV) for Prosper Self Storage," said Cunningham, senior vice president investments. "When we met him for the first time, phase-one had already been delivered, and he was contemplating building phase two. After studying his facility and the local trade area, we advised him to proceed with phase two. This proved to be the correct decision because the property was leasing quickly, the seller was enjoying its monthly cash flow, and the local submarket was growing fast. Throughout the following years, we regularly touched base with the owner, and in early 2024 he reached out to let us know that he was ready to sell. Per his request, we brought the offering to a select group of buyers, and procured multiple offers that far exceeded expectations. Once under contract, we enjoyed a quick, smooth escrow period and successfully closed the transaction at the originally agreed upon sales price."

Prosper Self Storage is located at 5903 N Custer Rd in McKinney, TX.

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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.