SARASOTA, FL, December 27, 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 Loc N' Key Storage, a well located self-storage facility in Sarasota, 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 seller, a local private investor. The buyer, an east coast based private investor, was secured and represented by Mele and Elliott.
The seller, George Miller, commented, “The long-term commitment of Luke and his whole team was invaluable to the successful sale of my property. Without The Mele Group’s expertise, a sale probably would not have happened.”
Loc N' Key Storage is located at 6720 South Tamiami Trail in Sarasota, Florida, approximately 0.2 miles from the Stickney Point Bridge. Stickney Point Bridge is one of two routes to access the key and notably the most traveled; the facility’s proximity to the bridge makes it the closest mainland facility to the coveted beaches of Siesta Key. Overall, the facility consists of 439 units and has 30,544 rentable square feet on 1.56 acres.
“This transaction was the culmination of working with Mr. Miller for over 10 years, partnering with him so that when the time came to sell, we knew the asset and his operations inside and out. Ultimately, our platform creates a very deep buyer pool which adds tremendous value for our private clients,” said Elliott, a director of the National Self-Storage Group (NSSG) of Marcus & Millichap.