ORANGE PARK, Fla., Dec. 27, 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 Best Little Storehouse, a 58,425-square-foot self-storage facility located in Orange Park, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the sellers, local, private investors, and secured the buyer, also a private investor.
“We were able to deliver a below market cap rate to the seller, by establishing significant upside through management, renovation and expansion. It was a win-win for the buyer and the local sellers,” said Elliott.
Located at 996 Blanding Boulevard/State Highway 21 in Orange Park, Florida, Best Little Storehouse consists of 506 units, comprised of non-climate controlled units, climate-controlled units, office spaces and boat/RV parking. Known for its robust commercial activity and national retailers, State Highway 21 witnesses over 53,500 vehicles daily and is also surrounded by numerous, single-family residential homes resulting in a five-mile population of 134,110.