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.
Marcus & Millichap Arranges the Sale of a 79,585-Square Foot Self-Storage Facility
PIKEVILLE, KY, April 20, 2016 - 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 Pikeville Mini Storage, a 79,585-square foot self-storage facility located in Pikeville, Kentucky, according to Joseph McKibben, regional manager of the firm's Birmingham office.
Delaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York
New York – The Mele Group of Marcus & Millichap arranged the sale of two family-run self-storage properties located in the New York metro area. The portfolio, which is made up of the 937-unit Byram Self Storage in Port Chester, N.Y. and the 1,063-unit New Haven Self Storage in New Haven, Conn., sold for a combined $25 million, which equates to more than $218 per square foot.