Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Hwy 35 Storage, located in Royse City, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Brandon Karr, Vice President Investments and Danny Cunningham, Senior Associate in Marcus & Millichap’s Fort Worth office, had the exclusive right to market the property on behalf of the seller, a private investor. The buyer, a private investor based out of the Pacific Northwest, was secured by Mr. Karr and Mr. Cunningham as well. Michael Laurencelle, Vice President with Marcus & Millichap Capital Corporation, was able to leverage several preferred lending relationships and secured attractive SBA financing which allowed the buyer to achieve their desired LTV and IRR investment goals.
Hwy 35 Storage is located at 7878 FM 35 in Royse City, Texas-20 miles east of Dallas. The property is a 79,117 net-rentable-square foot facility resting on four adjacent and contiguous parcels that encompass approximately 7.52 acres. The facility was built in stages beginning in 2009 and has been expanded upon as recently as 2014. It features an on-site manager's office, garage-style roll up doors, personalized key-pad gated entry & exit, 24-hour video surveillance, and perimeter fencing & lighting.
The property is comprised of 52 climate-controlled units, 215 drive-up units, 2 office spaces, 10 enclosed Boat/RV units, 68 covered Boat/RV units and 79 uncovered parking spaces.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
