Marcus & Millichap Arranges AK Storage Sale
- Jun 05, 2019
Sparkplug Capital—which operates under the brand name Red Dot Storage—has acquired The Storage Place, a 46,982-square-foot self storage facility in Little Rock, Ark., for $1.3 million from a private investor, according to Pulaski County records. The buyer financed the acquisition through an undisclosed 3-year loan from Texas Capital Bank.
Located at 4607 Hoffman Road, the asset comprises five individual parcels—three of which are unimproved and the remaining two parcels are situated across the street from each other. The facility, which was completed in 1971 and expanded in 1994, consists of 248 non-climate drive up units and 19 uncovered parking spaces. Recent renovations included 24-hour surveillance cameras, perimeter lighting, security gates with personalized key-pad entry, garage-style roll up doors, a manager’s office and paved driveways.
Senior Vice President Investments Brandon Karr and Senior Associate Danny Cunningham from Marcus & Millichap’s Fort Worth office worked on behalf of the seller and procured the buyer. Recently, the same brokerage team closed the sale of a 735-unit storage facility in Corsicana, Texas.