Marcus & Millichap announced the sale of Storage Depot, a 59,120-square foot self-storage facility located in Beaumont, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Dave Knobler, an investment specialist located in the Marcus & Millichap Houston office and member of the LeClaire-Schlosser Group, partnered with the firm’s Fort Worth-based Karr-Cunningham Storage Team to exclusively market the property for sale on behalf of a privately held, Texas-based investment group. The Buyer, El Paso based LLC, Riverbend Development was procured by Mr. Knobler, Mr. Karr, and Mr. Cunningham as well.
According to Brandon Karr, “Because the property had been operating at a high level for many years, we thought the transaction would prove to be relatively straight-forward. However, before taking the property to market, we discovered that our client would have to absorb a substantial pre-payment penalty if they were to sell the real estate in the traditional fashion. As such, we determined that the only way a sale made sense for our client was if we could get a buyer to assume the existing mortgage. Needless to say, our client was pleasantly surprised to learn that the property remained highly marketable despite the loan assumption requirement. After receiving multiple offers, a buyer was chosen, and we worked hand-in-hand with both parties to see the assumption through – a process which took less than four months start-to-finish.”
Storage Depot is located at 6320 College St. in Beaumont, Texas 77707.