News

  • Private Equity Pours Money into Self-Storage Deals
    By Robert Carr
    Investors are crowding into self-storage as the sector continues to post the highest long-term returns of any commercial property type, according to a recent quarterly industry survey.
  • Marcus & Millichap Arrange Sale of Self-Storage Facility in St. Louis, MO
    By Marcus & Millichap
    MARCUS & MILLICHAP ARRANGES THE SALE OF
    A 45,976 SQUARE FOOT SELF-STORAGE

    OAKBROOK TERRACE, IL, March 9, 2015 – 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 Uncle Bob's Self Storage, a 45,976 square foot self-storage located in St. Louis, MO, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office.
    Sean M. Delaney, Vice President Investments, Director – National Self Storage Group and part of The Mele Group, located in Marcus & Millichap’s Chicago Oak Brook office, and Will Holman, investment specialist in Marcus & Millichap’s St. Louis office had the exclusive listing to market the property on behalf of the seller, a REIT. The buyer, a limited liability company, was secured and represented by Dave Knobler, an investment specialist in Marcus & Millichap’s Houston office.
    The facility is located at 1036 Pershall Road in St. Louis, MO and sold in 50 days. The subject property is located approximately 12 miles to the north of downtown St. Louis in the suburb of Florissant. The property sits on roughly 4.93 acres of land and consists of 331 units and 18 outdoor parking spaces.

    The property was constructed in 1979, and the buildings are all single-story brick/masonry construction. Unit sizes range from 3x6 to 40x24 with a combination of roll-up and swing doors. The facility offers numerous amenities including but not limited to a professional on-site management office with an apartment, computerized digital gate access, video surveillance and 24 hour access.
  • Marcus & Millichap ARRANGES THE SALE OF a 96,725 SQUARE FOOT SELF-STORAGE FACILITY IN SUBURBAN CHICAGO
    By Marcus & Millichap
    MARCUS & MILLICHAP ARRANGES THE SALE OF A
    96,725 SQUARE FOOT SELF-STORAGE FACILITY IN SUBURBAN CHICAGO

    OAKBROOK TERRACE, IL, March 4, 2015 – 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 Alsip Self Storage, a 96,725-square foot self-storage located in Alsip, IL, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. Sean M. Delaney, Vice President Investments, Director – National Self Storage Group and part of The Mele Group, located in Marcus & Millichap’s Chicago Oak Brook, office had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, Sovran Acquisition LP, was also secured by Sean M. Delaney.
  • Marcus & Millichap Arranges The Sale Of US 1 Self Storage For $3 Million
    By Tampa Bay News Wire
    SEBASTIAN, FLA., February 27, 2015 – 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 US 1 Self Storage, a 55,168-square foot, self-storage facility located in Sebastian, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,000,000. Michael A. Mele, a senior vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa Office, represented both parties in this transaction. US 1 Self Storage is situated on 4.85 acres and is located at 9893 North US Highway 1 in Sebastian, Fla. The facility was built in 1991 and expanded in 1996. Units consists of 29 climate-controlled units, 438 non, climate-controlled units and 16 parking spaces. There are also two retail spaces. “US 1 Self Storage is a prime example of the continued trend of larger operators having interest in stable, tertiary markets,” says Elliott. “We had multiple offers on this property and a number of interested parties with significant interest,” concludes Mele.

    See more at: http://www.tampabaynewswire.com/2015/02/28/marcus-millichap-arranges-the-sale-of-us-1-self-storage-for-3-million-32821#sthash.U2JpTfzm.dpuf
  • Extra Space Buys 4-Property Self-Storage Portfolio in FL
    Extra Space Storage Inc., a self-storage real estate investment trust and third-party management firm, recently purchased a four-property portfolio the company has been managing in Florida. The terms of the sale were not released. The seller was a Florida-based private investment firm. The properties are in Bradenton, Sarasota, South Pasadena and Tampa, Fla. The portfolio comprises 250,406 net rentable square feet of storage space in 2,332 units.

    The facilities feature climate control, vehicle parking, video cameras and electronic-gate access. Solar panels were recently installed at the Bradenton, Sarasota and South Pasadena facilities, and all three have new roofs with 10-year warranties, according to the source.

    The transaction represented the largest self-storage portfolio sale in 2014 in Tampa Bay, Fla., based on square footage and number of units, according to a press release from Marcus & Millichap Real Estate Investment Services, the commercial-property investment firm that brokered the deal. Michael Mele, senior vice president of investments, and associate Brian Baldwin, both in the company’s Tampa office, represented the seller.

    Founded in 1971, Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company specializes in commercial real estate investment sales, financing, research and advisory services.

    Salt Lake City-based Extra Space owns or operates 1,050 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 750,000 units and 80 million square feet of rentable space.