PALMDALE, CA, April 6, 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 Palmdale Self Storage, a 78,630-net rentable square foot self-storage facility in Palmdale, California, according to Ari Ravi, regional manager of the firm’s Tampa office.
Luke Elliott, vice president investments, Devin Beasley, investment associate and Michael A. Mele senior managing director investments of The Mele Group 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 by Elliott, Beasley and Mele. They were assisted by Marcus & Millichap’s California Broker of Record, Kent Williams.
"We continue to see strong interest from private clients and Wall Street funded investors. This transaction was interesting as we are seeing significant interest from East Coast buyers looking migrate capital from east to west. This is a core value proposition of Marcus & Millichap and our group is uniquely qualified to assist our clients with such opportunities," Elliott comments.
Palmdale Self Storage is a well-maintained asset located at 3305 East Palmdale Boulevard. This institutional-quality facility is comprised of 268 climate controlled units and 358 non-climate controlled units, ranging from 25 square feet and 300 square feet, for a total of 626 units. Palmdale is a submarket in Los Angeles County, California.
"This is a quality asset acquired through a smooth transactional process and it will provide a nice addition to the buyer’s current portfolio," says Beasley.