Marcus & Millichap arranged the sale of 281 Mini Storage in George West. The buyer and sales price was not disclosed.
The listing broker was Dallas-based Karr-Cunningham Storage Team. The Team’s Bryan Quaschnick said the 37,440 square foot facility went fast, “We secured multiple offers from a variety of buyers virtually immediately, and the competitive nature of the bidding environment was so robust we were able to secure a buyer after only two weeks.” The buyer placed the property into a Delaware Statutory Trust.
Quaschnick added that the property was 100% occupied so the buyer will realize day one cash flow. In addition, the rents were 20% below market allowing the buyer to consider raising rents.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.