TAMPA, Fla., February 9, 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 Self Storage Centers of America, a 79,325-rentable square foot, self-storage facility located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, self-storage 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, a private investor, was secured and represented by Michael A. Mele and Luke Elliott.
“We have worked with the seller since the facility was in its construction phase,” says Mele. “It’s great to see the success they have had with this investment, from the development to the sale of the asset.”
Located on State Highway 676/Causeway Boulevard, Self Storage Centers of America features strong demographics in a major suburb of Tampa. The Palm River-Clair Mel suburb is notably one of the nation’s fastest-growing suburbs, consisting of residential housing with numerous multifamily complexes surrounding the facility that have come online since 2000, resulting in a high number of renter-occupied housing units. The 705-unit facility is also adjacent to a major planned, 152-acre development, The Village at Crosstown, which is projected to include over 3,000 multifamily units and 350,000 square feet of retail.
“The strong interest from both institutional and private buyers shows the continued demand for well-located facilities with solid fundamentals,” says Elliott.