PORT ST. LUCIE, Fla., January 18, 2019 – 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 Safe and Sound Storage, a 37,436-NRSF facility located in Port St. Lucie, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office.
Luke Elliott and Michael A. Mele, 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 limited liability company, was also secured and represented by Elliott and Mele.
“The national spotlight is on smaller secondary and tertiary markets when it comes to self-storage sales,” says Elliott, first vice president investments. “As investors get priced out of major markets, we are seeing some cap rate compression in areas like this all over the country.”
Safe and Sound Storage is located at 3737 SE Jennings Road in Port St Lucie, Fla., the principal city of its swelling Metropolitan Statistical Area, and a component of the Miami-Fort Lauderdale-Port St. Lucie Combined Statistical Area. The subject is situated perpendicular to U.S. Highway 1, demonstrating over 45,000 vehicles daily, and is near both Florida’s Turnpike and Interstate 95. Of the facility’s square feet, the subject has standard, boat/RV parking and climate-controlled units for 746 total units.
“Our business is built on strong relationships spanning over 20 years. This transaction was no exception and was the second time we have represented the ownership in helping them to achieve their long-term goals,” says Mele, executive managing director investments.