SPRING HILL, Fla., June 18, 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 Security Storage, a 88,338-rentable square foot self-storage facility located in Spring Hill, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Brian Fulton, Michael A. Mele, Luke Elliott and Paul Bouldin, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also secured and represented the buyer, a limited liability company. This transaction marked the 20th self-storage transaction this year by The Mele Storage Group of Marcus & Millichap.
“We worked with the owner to implement a strategy that would effectively showcase this 54-acre property and help buyers conceptually design a plan to renovate, expand and maximize the value of this opportunity,” said Fulton.
Situated in the Tampa Bay Metropolitan Statistical Area, Security Storage features solid visibility along U.S. Highway 19. The facility and this highly-frequented thoroughfare are surrounded by large-scale, gated residential communities and many national retailers. At 3663 Commercial Way in Spring Hill, Florida, the 382-unit Security Storage showcases a staple location with full occupancy and plentiful opportunities to expand as the MSA’s population is projected to continue its substantial population increase.