Marcus & Millichap (NYSE:MMI), today announced the sale of a
three-property, 2,291-unit self-storage portfolio located in Saint
Petersburg, Palm Harbor and Tampa, Florida. The total sales price for
the portfolio is $47,925,000.
“There is vigorous demand for self-storage properties in Florida,
especially for top-quality assets like these with historically high
occupancies,” said Michael Mele, senior vice president investments in
Marcus & Millichap’s Tampa office. “The strength of the Tampa
metropolitan statistical area (MSA), combined with the lack of supply,
makes this portfolio highly valuable.”
Mele, and Luke Elliott, a Marcus & Millichap senior associate in Tampa,
represented the seller, a real estate investment trust (REIT) located in
New York, and procured the buyer, a Pennsylvania-based REIT.
“The wide range of interested investors for this portfolio points to
strength in secondary markets and strong momentum in the self-storage
sector overall,” notes Elliott.
The portfolio is composed of three institutional-quality self-storage
assets located within the populous Tampa-Saint Petersburg-Clearwater
MSA, which is the third-largest MSA in the Southeast United States and
the second-most heavily populated MSA in Florida. The facilities feature
climate-controlled and non-climate-controlled self-storage units ranging
in size from 12 square feet to 600 square feet. The portfolio totals
223,903 net rentable square feet.
About Marcus & Millichap (NYSE:MMI)
With over 1,600 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed over
8,700 transactions in 2015 with a value of approximately $37.8 billion.
The company has perfected a powerful system for marketing properties
that combines investment specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To learn
more, please visit: www.MarcusMillichap.com
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