Five-Property, Self-Storage Portfolio Arranged by Marcus & Millichap
TULSA, Okla., May 5, 2016 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a five-property, 1,876-unit Storage Station self-storage portfolio in Tulsa.
Luke Elliott and Michael Mele Secure the Sale of Port St. Lucie, Fla. Self-Storage Facility
Port St. Lucie, FLA., May 5, 2016 - The Mele Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 530-unit, 53,111-net rentable square foot self-storage facility located in Port St. Lucie.
Real Estate Roundup: Self-Storage Transactions April2016
"Demand for Florida self-storage properties is vigorous, especially for top-quality assets like these with historically strong physical occupancies," said Michael Mele, senior vice president of investments in the Marcus & Millichap Tampa, Fla., office and senior director of the firm’s National Self Storage Group (NSSG). "The strength of the Tampa [Metropolitan Statistical Area], combined with the lack of supply, made this portfolio extremely valuable.”
The Mele Group of Marcus & Millichap Secures the Sale of Five-Property, Self-Storage Portfolio
TAMPA, April 26, 2016 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a five-property, 2,725-unit self-storage portfolio in the Southeast.
Sellers Get Top Dollar for Self-Storage Properties
It’s all about the location, location, location.
Owners who have facilities in large metropolitan areas with high demand for self-storage, with convenient access from major thoroughfares, are demanding, and getting, top dollar from those who want to buy the property. Development is extremely difficult in these population-dense, apartment-rich areas, making existing facilities very desirable.
As a result, brokers like Marcus & Millichap are able to negotiate multi-million deals like the ones they recently arranged for Byram Self-Storage in Port Chester, New York, and New Haven Self-Storage in New Haven, Connecticut. The two facilities sold for a combined total of $25 million to a privately held company based in California. The sale price breaks down to $218 a square foot.