Real Estate Roundup: Self-Storage Transactions January 2018
Bay Area Mini Storage in Corpus Christi, Texas, was sold to a private investor. The facility at 2301 Rodd Field Road was constructed in 2003 and expanded from 2006 to 2016. It comprises 95,479 rentable square feet of storage space in 635 units. The buyer and the seller, an LLC, were represented by Jon Danklefs, senior associate, and Michael A. Mele, senior vice president of investments, for M&M.
The Mele Group of Marcus & Millichap Arranges the Sale of a Yuma, Arizona Self-Storage Facility
YUMA, AZ, January 26, 2018 – 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 Fortuna Road Storage, a 61,218-rentable square foot self-storage facility located in Yuma, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office.
Sold! Weekly Self-Storage Acquisition Round Up 1.24.18
Mike Mele and Jon Danklefs, both of Marcus & Millichap, handled the sale of Bay Area Mini Storage in Corpus Christi, TX. The names of the buyer, a private investor, and seller, an LLC, weren’t available. The purchase price wasn’t disclosed. The facility, at 2301 Rodd Field Road, contains 95,479 rentable square feet and 635 units. Initially built in 2003, the facility underwent expansions in 2006, 2014 and 2016.
Marcus & Millichap Brokers Sale of Bay Area Mini Storage
The Mele Group, the company’s self-storage team, marketed the 635-unit facility located in Corpus Christi. The team represented both the seller and the buyer in the transaction.
NYC’s Storage Industry has Crate Expectations
In a city of gleaming office towers and chic boutique shops, self-storage might seem like the least sexy real estate industry. But in fact, it’s emerged as a growing business in the city, where coveted properties trade between major players for multimillion-dollar sums. Before the bill passed, the industry was on the upswing. There are currently around 920 self-storage facilities spanning 50 million square feet in New York City, according to Michael Mele, a senior managing director with commercial brokerage Marcus & Millichap. The firm released a report that found asking rents at non-climate-controlled facilities increased 3.3 percent to $2.74 per square foot in 2017, while climate-controlled units logged a 1.5 percent rise to $3 per square foot.