JENSEN BEACH, FL, April 18, 2017 - 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 Jensen Mini-Bay Storage, a 602-unit self-storage facility located in Jensen Beach, Florida, according to Ari Ravi, regional manager of the firm's Tampa office.
Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, both in Tampa's Marcus & Millichap office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a public, non-traded REIT, was also secured and represented by Michael A. Mele and Luke Elliott.
"While we have seen rumblings of turmoil in the self-storage market, this asset's sale shows the strong interest in postcard assets. We closed very close to list price with a line of back-up buyers waiting in tow," says Elliott.
Located at 1105 Northeast Industrial Boulevard in Jensen Beach, Florida, Jensen Mini-Bay Storage encompasses 39,119 total rentable square feet and 366 climate-controlled units, 138 non-climate controlled units and 96 rentable parking spaces to accommodate RV, boat and vehicle storage. The facility is situated in the Port St. Lucie Metropolitan Statistical Area, a component of the larger Miami-Fort Lauderdale-Port St. Lucie Combined Statistical Area. For four consecutive years, Florida has continued to boast the highest annual net migration rate in the country.
"Jensen Mini-Bay Storage represented one of the few 'add-value' deals we are seeing in this market," Mele adds.