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 Lakeridge Self Storage, a 59,517 self-storage facility located in Midlothian, Texas.
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 Midlothian-based private investor. The buyer, a value-add commercial real estate investment group from the Austin, Texas area, was secured by Mr. Cunningham and Mr. Karr as well.
According to Mr. Cunningham, “Our relationship with Lakeridge Self Storage began almost ten years ago with the original developer. He passed away in 2020 and left the property to his son, who subsequently expanded the facility’s footprint by approximately 20 percent. After rejecting several unsolicited offers to purchase the real estate, our client decided it was in his best interest to exclusively list the facility for sale with the Karr-Cunningham Storage Team. We were able to procure multiple offers from a variety of qualified investors and ultimately chose an experienced buyer who understood the legitimacy of the opportunity that lay just beneath the surface of a deal that at first glance appeared to be a fairly daunting proposition. To be sure, the real estate included more than 20 individual parcels – almost half of which were owned by entities featuring a unique combination of limited partners and stakeholders. This complicated matters from a logistical perspective, but we overcame many of those obstacles, largely because the seller took our advice to finance the acquisition himself. At the end of the day both our client and the buyer were thrilled we were able to close the deal at a price point that reflected not only the facility’s existing income stream, but also its future potential”.
Lakeridge Self Storage is located at 5191 US-67 in Midlothian, TX.
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, https://www.marcusmillichap.com.
