PEMBROKE PARK, Fla., September 21, 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 a Pembroke Park self-storage development in Fla., according to Ari Ravi, regional manager of the firm’s Tampa office.
Brian Fulton and Michael A. Mele, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Fulton and Mele. This transaction marked the 31st self-storage transaction this year by The Mele Group of Marcus & Millichap.
"This project has been on the drawing table for a number of years," says Fulton. "We are excited to see it come to fruition and glad that we could help bring these parties together to facilitate this development."
Upon completion of the facility, this Class A asset is projected to yield over 86,000 rentable square feet among six stories in one, self-storage building.
The site’s trophy location grants excellent visibility from Interstate 95, this thoroughfare witnesses an estimated 232,000 vehicles daily. Entry to Interstate 95 is conveniently located at 0.7-mile distance, while Exit 18 at a 0.1-mile distance delivers a tenant directly onto State Road 858/Hallandale Beach Boulevard, where the site can be accessed with ease. Furthermore, Hallandale Beach Boulevard is located 0.06 miles from the site, also has strong traffic counts estimated at 61,150 vehicles daily.
The Pembroke Park Self-Storage Development is located at 2801 Southwest 31st Avenue in Pembroke Park, Fla.