LEXINGTON PARK, Maryland, April 20, 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 Lexington Park Self Storage, a 28,550-square-foot self-storage facility located in Lexington Park, Maryland, according to Bryn D. Merrey, senior vice president/division manager of the firm's Mid-Atlantic and Southeastern offices. The asset sold for $2,250,000.
"This transaction represents another example of how our platform, coupled with our industry expertise, delivers out of market capital to smaller market sellers, who have assets that may not be institutional quality," says Robert Bloch, senior associate in Marcus & Millichap's Washington, D.C. office. "We identified a buyer who was enthusiastic about the asset, and we were able to navigate a smooth, collaborative transaction."
Bloch and Michael A. Mele, senior managing director investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and procured the buyer, a limited liability company.
Lexington Park Self Storage is located at 21323 Great Mills Road in St. Mary's County, notable for being ranked among the nation's top 20 counties with the highest median household income. The property boasts historically high occupancies and all competing self-storage facilities in the area operate at near capacity. The facility offered the opportunity for an investor to secure a stabilized, cash-flowing asset with room for expansion, solid proforma projections and strategic positioning along Lexington Park's main thoroughfare.