ORLANDO, FL, October 13, 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 Private Storage, a 51,375-rentable square foot self-storage facility located in Orlando, Florida, 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 private investor. The buyer, an investment firm, was also secured and represented by Michael A. Mele and Luke Elliott.
According to Mele, “This transaction demonstrates the self-storage industry’s continued consolidation as major players purchase smaller properties in both the nation’s primary and emerging markets.”
Situated on one of Orlando’s major thoroughfares, U.S. 441/Orange Blossom Trail, this highway witnesses traffic counts of over 55,118 vehicles per day and is renowned for its abundance of nationally-recognized retailer. Private Storage offers a total of 443 drive-up units and is located in the Southgate Shopping Center, anchored by major grocer ALDI, Aaron’s and AutoZone. The facility has received consistent praise with five-star reviews for its security features and excellent location within the primary Greater Orlando market.