The Current State of the Market: 2016 Storage Wrap Up
It is uncertain what 2017 holds for the self storage industry. From a new presidency, to spiking interest rates, to negative REIT performance and to changes in lending requirements, we at The Mele Group feel that 2017 could be a tumultuous year for self storage.
The Mele Storage Group of Marcus & Millichap Arranges the Sale of a 53,952-Square Foot Self-Storage Facility in Carthage, New York
CARTHAGE, NY, December 9, 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 Carefree Storage, a 53,952-net rentable square foot self-storage located in Carthage, NY, according to John Krueger, regional manager of the firm’s Manhattan office.
Self-Storage Demand Outpaces Supply in Northwest Florida
North Port, Fla.—Passco Cos., along with its joint venture partner, Perdew Investment Group, has announced the sale of the Patriot Self Storage Portfolio, which comprises two Class A self-storage facilities totaling 1,667 units in the North Port submarket of the Sarasota-Bradenton MSA of Florida.
Passco, Perdew Sell Two Self Storage Facilities in Northwest Florida, Represented by The Mele Group
NORTH PORT, FLA. — A joint venture between Passco Cos. and Perdew Investment Group has sold two Class A self storage facilities totaling 1,667 units in North Port for approximately $19 million. The joint venture developed both assets, Patriot Self Storage of Talon Bay and Patriot Self Storage of Bobcat Trail, in 2008. Life Storage purchased the Talon Bay property, and Southern Self Storage purchased the Bobcat Trail facility. Located about 8.4 miles apart, the two facilities were nearly fully leased at the time of sale. Michael Mele and Luke Elliott of Marcus & Millichap’s Mele Group represented Passco as the seller in the transactions.
Jernigan Capital Invests $12.6M in 2 Florida Self-Storage Properties
Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has invested $12.6 million in two Florida self-storage development projects. The company invested $7.5 million to build a 784-unit facility in East Jacksonville with co-investment partner PLG Properties LLC, a Georgia-based developer.