MESA, AZ, September 25, 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 Higley Self Storage of Broadway, a self-storage facility located in Mesa, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office.
Luke Elliott, Devin Beasley and Michael A. Mele, investment specialists in Marcus & Millichap’s Tampa and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Elliott, Beasley and Mele. This transaction marked the 33rd self-storage transaction this year by The Mele Group of Marcus & Millichap.
"In a highly-desirable market such as Arizona, this sale represents The Mele Group's propensity to bring together a very strong buyer and a great seller to achieve both parties’ respective goals," says Beasley.
Higley Self-Storage of Broadway is a brand-new self-storage facility conveniently situated at 457 South Higley Road, benefiting from over 40,800 vehicles daily and representative of an increasing in traffic from the previous year, indicating the metropolitan area’s growth. The facility consists of a mixture of climate-controlled and non-climate-controlled units. Advantageously, this facility is also surrounded by an abundance of multifamily and single-family housing and features retailers nearby along Broadway Avenue.
"We are seeing a lot in the news about new storage development and oversaturation occurring in different markets. While predatory storage development is taking place and beginning to cause rental rate challenges, there are many areas where new storage is not only well-received but in high demand," says Elliott. "In the past six months, we have been very successful and have found the buyer pool quite deep for both types of C/O assets."