MESA, AZ, May 29, 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 MoreSpace Mesa, a self-storage facility located in Mesa, Arizona, according to Ryan Sarbinoff, regional manager of the firm's Phoenix office. The asset sold for $7,250,000.
The transaction was a collaboration of two Marcus and Millichap offices with Michael A. Mele and Luke Elliott in Tampa and Devin Beasley in Phoenix. This transaction marked the 17th self-storage transaction this year by The Mele Storage Group of Marcus & Millichap. The group had the exclusive listing to market the property on behalf of the seller, a partnership and secured the buyer, also a partnership.
"The seller was able to capitalize on the influx of buyers entering the self storage investment market looking for new, quality facilities that are in the process of leasing up. In this case, bids came from around the country and a buyer from out of state was selected and subsequently closed on this high-quality, recently repositioned asset," said Elliott.
Located at 4550 East Southern Avenue in Mesa, Arizona, the 57,475-NRSF facility has excellent curbside appeal near the Southern Avenue/Greenfield Road intersection with a paramount balance of residential and retail surroundings. The 722-unit asset most recently expanded in December 2017 to match the rapid population increase of the Phoenix-Mesa-Scottsdale, Arizona Metropolitan Statistical Area. The facility has additional room for further expansion with the continued population growth in Mesa.
Mele added, "Under Luke Elliott's strong leadership in the west coast, The Mele Storage Group of Marcus & Millichap has solidified its national footprint, as indicated by this transaction in Mesa, Arizona."