Marcus & Millichap Closes Two Texas Self-Storage Deals
Marcus & Millichap Specialist Brandon Karr was the listing representative on two sales. One in Mesquite and the other in Waxahachie, Texas. The Mesquite site is called Starpoint Self Storage and Business Park and is located at 502 West Kearney Street, a 70,590 facility. The buyer is a publicly traded real estate investment trust. The seller was a private investment partnership. Karr said the deal was not the usual and standard self storage transaction because it was a combined office/self storage facility, “Under normal circumstances, this type of unit mix would reduce 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 61,750 square foot Waxahachie location is the iStor Self Storage at 1021 Villa Road. The seller was a limited liability company and the buyer was a California-based self-storage investor. Karr secured both the seller and the buyer.
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.