Fort Worth, TX | The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Public Storage (Managed), a 1,086-unit self-storage facility in Fort Worth, Texas.
Jordan Farrer, Managing Director Investments, along with Dave Knobler, Senior Managing Director Investments, and Adam Schlosser, Executive Managing Director Investments, represented the seller, a private developer, in the transaction. The property was acquired by Sundance Bay, a real estate private equity company based in Salt Lake City, Utah. “This asset generated great interest as a brand-new, Class A facility being offered at or near current replacement cost. A strong location on U.S. Highway 287 with more than 73,000 vehicles passing daily, and a lease-up trajectory that was already producing five percent month-over-month revenue growth,” said Jordan Farrer, Managing Director Investments. “Fort Worth’s three-mile trade area alone has more than 116,000 residents and rising incomes, and buyers recognized this property is positioned to capture that demand for years to come.” The property will be rebranded and managed by Extra Space Storage.
““This asset generated great interest as a brand-new, Class A facility being offered at or near current replacement cost. A strong location on U.S. Highway 287 with more than 73,000 vehicles passing daily, and a lease-up trajectory that was already producing five percent month-over-month revenue growth. Fort Worth’s three-mile trade area alone has more than 116,000 residents and rising incomes, and buyers recognized this property is positioned to capture that demand for years to come.”
Built in two phases — the first completed in 2022 and the second in 2024 — Public Storage (Managed) comprises three single-story self-storage buildings and one multi-story building totaling 126,325 net rentable square feet across 1,086 units on 7.97 acres. The property offers a mix of drive-up, interior, and climate-controlled units to accommodate a range of storage needs.
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