ASHEVILLE, N.C., January 2, 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 South Park Storage, a 38,140-square-foot self-storage located in Asheville, North Carolina, according to Ari Ravi, regional manager of the firm’s Tampa office.
Brian Fulton, 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. Furthermore, the team represented the buyer, also a private investor.
“We worked with the seller over the last three years implementing value-add strategies to maximize the value of their property until they decided the time was right to sell,” says Fulton. “This long-term advisory relationship is indicative of our primary focus with all clients in achieving their goals.”
South Park Storage is comprised of 117 climate-controlled units, 140 non-climate controlled units, 27 occupied parking spaces and one non-climate workspace for a total of 285 units. Located at 270 Mills Gap Road, the subject is just southeast of Asheville’s city center, in proximity to a significant number of retailers supplying the immediate population. The city was most recently ranked by Forbes as being one of the best places for businesses and careers, ranked third for the world’s best cities for millennials and also ranked as one of the best mid-markets in the south.