MIDDLETOWN, NY, February 5, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Galleria Self Storage, a 44,845-square-foot self-storage facility located in Middletown, NY, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,100,000.
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 seller, a private investor and they secured the buyer a private investor.
“Michael Mele and his team provided outstanding and friendly support throughout the entire process,” comments Susan Petrone, the seller. “I look forward to working with The Mele Group of Marcus & Millichap again.”
Located at 295 Ballard Road in Middletown, New York, the 317-unit facility is located in Middletown’s commercial corridor. Adjacent to the major east-west expressway Interstate 84, Galleria Self Storage boasts convenient access to Middletown’s numerous highways in addition to I-84, including State Highway 17, State Highway 211 and County Road 92.
“Prior to our team’s involvement, a local broker attempted to market the property and was unsuccessful,” says Mele, senior managing director investments at Marcus & Millichap. “With our robust platform, we were able to successfully facilitate a transaction that resulted in a higher price.”
The buyer, President Liz Schlesinger of Merit Hill Capital, adds, “Michael Mele’s experience was invaluable in the acquisition of Galleria Self Storage. It’s refreshing to see a self-storage advisor at his highly-accomplished level continue to work closely with both the buyer and seller to get the deal done. It’s widely known that The Mele Group is a leader in the self-storage industry, and this transaction only further demonstrates this continued success into 2018.”