OKLAHOMA CITY, OKLAHOMA, June 23, 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 Preferred Self Storage, a 35,350 rentable square foot self-storage located in Oklahoma City, Oklahoma, according to J. Michael Watson, regional manager of the firm’s Tulsa office.
Trey Hammond, senior associate and an investment specialist in Marcus & Millichap’s Tulsa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Trey Hammond and Michael A. Mele, senior managing director investments, self-storage specialists in Marcus & Millichap’s Tampa, Florida and Tulsa, Oklahoma offices.
“Preferred Self Storage perfectly illustrated the continued strong demand in the market for properly positioned assets,” says Hammond. “We produced multiple offers from both in-state and out-of-state buyers, resulting in an extremely competitive environment.”
Preferred Self Storage is located at 2250 North Douglas Boulevard. The 205-unit, self-storage facility is a well-kept, strongly-positioned asset in Oklahoma City, a top 50 Metropolitan Statistical Area. Located in a thriving residential and retail-dense region, the facility boasts fantastic demographics in a population demonstrating high demand for self-storage. The facility’s occupancies indicate the high-growth and demand for self-storage in the immediate area with a physical occupancy of 99.0 percent and an economic occupancy of 89.9 percent at the time of sale.
“This sale illustrates our platform and the ability to bring capital from larger coastal markets into middle markets, ensuring we get the highest price for our clients,” says Mele.