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 Alliance Gateway Self Storage, a 49,085 rentable-square foot self-storage facility located in Fort Worth, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Brandon Karr, First Vice President Investments and Danny Cunningham, Senior Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private operator headquartered in Ohio, was also secured by Mr. Karr and Mr. Cunningham.
Alliance Gateway Self Storage, which was built in 2002 and expanded upon in 2008, consists of eight single story buildings and one two story management office and residence. Additional features include garage-style roll up doors, concrete driveways, personalized key-pad gated entry, 24-hour video surveillance and perimeter fencing & lighting.
The facility benefits from the excellent visibility that its strategic location on Alliance Gateway Freeway (Highway 170) provides, upon which approximately 27,000 vehicles travel each day. In addition, ample truck rental business provided by Penske serves as a complementary income stream.
In addition to its favorable location along Alliance Gateway Freeway, the new operator will also benefit from the attractive demographics and growth trends associated with the submarket in which the facility operates, providing a fertile environment for occupancy growth well into the future. It is also reasonable to expect the affluent submarket surrounding Alliance Gateway Self Storage will allow a new operator to systematically raise rents and increase profitability throughout the hold period. To be sure, the average household income within a three-mile radius of the property is over $100,000 annually – almost twice as much as the U.S average of approximately $51,000.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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