Marcus & Millichap Brokers Texas Storage Sale
Brandon Karr and Danny Cunningham assisted the seller of a four-property portfolio totaling 1,835 units.
3323 Gilmer Road. Image via Google Maps
Marcus & Millichap has completed the sale of a four-facility self storage portfolio in Longview and Tyler, Texas. Senior Vice President Brandon Karr and First Vice President Danny Cunningham were the exclusive listing brokers who assisted the seller, a California-based private investor.
Spartan Investment Group acquired the assets and intends to renovate them to increase occupancy and improve operational efficiency. A life insurance company provided a 4 percent fixed-rate acquisition loan for the purchase. The portfolio included the following facilities:
- Longview: 3323 Gilmer Road, 350 W. Tyler St.;
- Tyler: 12913 State Highway 155 S., 2707 Shiloh Road.
The properties encompass 1,835 units spread across roughly 21 acres of land. The buildings were completed between 1979 and 2005. The stores have units ranging from 25 to 400 square feet and two of the locations provide RV, boat and vehicle storage.
In August, Marcus & Millichap facilitated the disposition of an 83,300-square-foot self storage facility in Tampa, Fla. A joint venture between Flagship Cos. Group and Blue Vista Capital Management sold the asset to Extra Space Storage.
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