News

1,470-Unit Self-Storage Portfolio Sells for $20 Million
By Marcus & Millichap

TAMPA, Fla., June 26, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a two-property, 1,470-unit, 155,057-net-rentable-square-foot self-storage portfolio in Brevard County, Florida. The sales price is $20.25 million.

“Florida is squarely in the sights of many buyers as a hotspot for self-storage acquisition and development,” says Michael Mele, senior managing director investments in Marcus & Millichap’s Tampa office. “Our 15-year advisory relationship with the seller, and dominant market knowledge contributed greatly to the client’s success.”

“Tertiary market assets with value-add elements are highly sought after,” adds Luke Elliott, vice president investments. “This transaction was a hybrid in that the seller completed an addition to one facility prior to the sale, which added value to a well-managed facility,”

Mele and Elliott represented the seller, a private investor and procured the buyer, a West Coast-based investor.

“I appreciate how well Michael, Luke and their team handled the sale of my two facilities, making this a win-win for both myself and the buyer,” the seller comments.

The facilities are self-storage locations in Melbourne and Palm Bay that are approximately 10 miles apart.