Updated Dec 4, 2024
Houston-Based Firm Acquires 56.9K SF Self-Storage Facility In Forney, TX
7761 Fm 741
Building Size
56,900 SF
Asset Type
Self Storage
Closing
Sep 25, 2023
About this deal
AI
A 56,900-square-foot self-storage facility located at 7761 Farm-to-Market 741 in Forney, TX has been sold by Marcus & Millichap. The property, originally constructed in 2017 by a Dallas-Fort Worth family partnership, was recently acquired by a Houston-based real estate investment firm. Despite encountering challenges during the escrow process, the sale was successfully facilitated by Marcus & Millichap's Karr-Cunningham Storage Team.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: Not specified
- Address: 7761 Farm-to-Market 741, Forney, TX
- Market: Forney
- Brokers: Danny Cunningham & Brandon Karr - Marcus & Millichap
The Karr-Cunningham Storage Team, representing Marcus & Millichap, played an instrumental role in facilitating the sale of Bin 741 Storage. Overcoming obstacles during the escrow process, the team successfully closed the deal, resulting in the transfer of ownership from the Dallas-Fort Worth family partnership to the Houston-based real estate investment firm.
Players
Forney Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93