Self-Storage Market Recap & Updates
Join the Mele Group of Marcus & Millichap's Michael Mele and Luke Elliott as they reflect on 2015's self-storage market and discuss the market's possibilities for the following 12 months. Topics include occupancies, interest rates versus capitalization rates and REITs expanding into tertiary markets.
$17.9 Million Self-Storage Transaction in Palm Beach County Arranged by Michael Mele and Luke Elliott
BOYNTON BEACH, Fla., Jan. 29, 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 US 1 A/C Self Storage, a 74,679-net-rentable-square-foot self-storage facility in Boynton Beach, Fla. The property sold for $17.9 million, which equates to $240 per square foot, one of the highest ever recorded for a Florida self-storage facility.
The Mele Group Shares 2016 Self Storage Trends Infographic
Would you like to take a look into the future of self storage? The Mele Group has a crystal ball for you. After surveying nearly 100 self storage facility owners and REITS about their thoughts on the industry over the next year, The Mele Group is giving us a closer look at the expected self storage trends for 2016.
Sold! Weekly Self-Storage Acquisition Round Up
Ladera Ranch, CA-based Strategic Storage Trust II recently purchased the 74,800-square-foot storage facility at 3101 South Federal Highway in Boynton Beach, FL for $17.9 million. The facility, formerly US 1 AC Storage, features 940 units and was 92 percent occupied at the time of sale.
Self-Storage CMBS Activity Surged in 2015
Self-storage CMBS loan volume soared by 73 percent in 2015 compared to two years prior as investors are increasingly recognizing the value of the niche properties. Specifically, $3.3 billion in commercial mortgage-backed securities (CMBS) loans were issued to self-storage properties in 2015 compared to $1.9 billion in 2013, according to data from Trepp.com.