MARCUS & MILLICHAP ARRANGES THE SALE OF COLLEGE STATION, TEXAS SELF-STORAGE FACILITY
COLLEGE STATION, 2016 – 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 Brazos Moving and Storage, according to David H. Luther, first vice president/district manager of the firm’s Houston office. The asset, a 477 unit Class A self-storage facility completed at the end of 2015, is located in College Station, Texas.
Logan Miller, an associate, and Dave Knobler, a senior associate, in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a self-storage developer and operator. The buyer, a foreign investor, was secured by Logan Miller and Dave Knobler.
“Brazos Moving and Storage offered some unique challenges”, said Miller. “The property was new and not yet fully stabilized, and its location in a tertiary market limited the appeal to a number of buyers that typically look for assets of this size and quality.”
“We had a short timeline with which to work”, said Knobler. “We were able to secure five offers within a 20 day call-for-offers period and find the right buyer for the asset. The seller had received an off-market offer for the property prior to the launch of our marketing efforts. We were able to bring a sale price significantly higher than the offer he had in-hand. This speaks to the power of the exclusive listing and our ability to create a competitive bidding process.”
Miller believes that the successful sale underscores the strength of the self-storage market in Texas. “The number of qualified bidders interested in this asset, and the ability to bring foreign capital into a tertiary market not only demonstrates the strength of the self-storage market in Texas, but shows increasing investor interest in rapidly growing College Station.”
Brazos Moving and Storage is located at 17535 Highway 6 South in College Station. Home to Texas A&M University, College Station is the fastest growing town in Texas and the 18th fastest growing metro area in the United States.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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