09/16/2021 | Press release | Distributed by Public on 09/16/2021 15:28
FORT WORTH, TEXAS, September 16, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Chapel Creek Storage, a 56,650-square foot self-storage facility located in Fort Worth, Texas.
Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private DFW-based partnership. The buyer, Montfort Capital, a Dallas-based storage group purchasing their ninth Texas asset, was secured by Mr. Karr and Mr. Cunningham.
'During the marketing period, we made sure potential investors knew just as much about the submarket as the facility itself. This particular portion of Fort Worth has experienced a tremendous amount of growth over the past 5 years, and it is only a small fraction of the development that will take place within the next 10 years. As a result, our team was able to generate multiple list price offers, and we ultimately closed above asking price,' says Mr. Cunningham.
Chapel Creek Storage is located at 10113 First Chapel Drive in Fort Worth, Texas.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.