PENSACOLA, Fla., November 30, 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 Pensacola Mini Storage, a 26,700-square foot self-storage facility located in Pensacola, Fla., 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 limited liability company. The buyer, a limited liability company, was also secured and represented by Michael A. Mele and Luke Elliott. This transaction marked the 43rd self-storage transaction this year by The Mele Storage Group of Marcus & Millichap.
“With Florida tourism breaking records with over 95 million visitors so far this year according to the Orlando Weekly, it’s no surprise that we’re continuing to receive a strong amount of interest from private equity and institutionally-backed buyers,” says Elliott, first vice president investments.
Pensacola Mini Storage is located at 4422 West Jackson Street in Pensacola, Fla. Initially constructed in 2007, the property resides on approximately 1.88 acres, comprised of eight single-story buildings and 281 total units. The facility features a fantastic surrounding housing profile as indicated by the six multifamily communities near the site and over 20 residential neighborhoods within a three-mile radius.