Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently arranged sales for two Texas storage properties featuring RV and boat storage.
At the start of the new year, the firm closed a deal for Dry Dock & Lock, a 182-unit self-storage property in Waxahachie, Texas.Â
“We haven’t seen this much competition for a new listing since 2022,” said Danny 
Cunningham, senior managing director investments. “We had major storage operators from across North America, including traditional and boat and RV groups, competing alongside a wide range of Texas-based private capital buyers. The interest snowballed to the point that several groups started underwriting the entire 25-acre site, even though only 15 acres were originally listed. In the end, a national self-storage operator stepped up and paid above the seller’s expectations for the full site.”Â
Cunningham, Brandon Karr and Jon Danklefs, investment specialists in Marcus & Millichap’s Fort Worth and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, a DFW-based storage group, and procured the buyer, 10 Federal Storage.Â
Located at 4009 Ovilla Road, Dry Dock & Lock features 182 storage units totaling 98,700 rentable square feet on 25 acres. Built in 2023, the facility includes wide concrete drive aisles, keypad gate access, perimeter fencing, 24/7 video surveillance, and fully enclosed boat and RV storage.Â
The company also closed a deal at another Dry Dock & Lock, a 389-unit self-storage property in Aledo, Texas, in October.
“This was a very unique transaction,” said Cunningham. “Our client purchased the distressed note in April 2025 and ultimately had to foreclose after efforts to restructure the loan with the original developer fell through. Right after the foreclosure, our client asked us for a BOV. Once we shared our valuation, they agreed to sell at that price and asked us to quietly gauge interest with a few of our top buyers before going to the open market. That’s not our usual approach, but after making just three phone calls, we secured a buyer who closed on time and at our original suggested price.” Â
Cunningham, Karr and Danklefs had the exclusive listing to market the property on behalf of the seller, a DFW-based storage group, and procured the buyer, a family of private investors who own and operate multiple storage facilities throughout Tarrant and Parker Counties.Â
Dry Dock & Lock is situated on 11.99 acres at 1801 FM 1187. Built in 2019, the facility features 158,720 rentable square feet across 389 units, including 317 covered parking spaces, 34 non-climate drive-up units and 38 uncovered parking spaces.Â
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
