COLUMBUS, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services brokerage firm, has arranged the sale of the Storage Inns of America portfolio. The 418,020-square foot, seven-property self-storage portfolio commanded a sales price of $18.85 million , representing $45.09 per square foot and a cap rate of 5.16 percentt cap rate.
Michael Mele, (top right photo) a vice president of investments in the Tampa office of Marcus & Millichap; and Adam Schlosser and Brett Hatcher, both investment specialists in the firm’s Columbus office, represented the seller, a Dayton-based private investor.
Sean Delaney and Jesse D. Luke, bot
h self-storage investment specialists in the firm’s Oak Brook office, represented the buyer, a Mishawaka, Ind.-based investment group. The Indiana firm is rapidly acquiring self-storage assets throughout the Midwest.
h self-storage investment specialists in the firm’s Oak Brook office, represented the buyer, a Mishawaka, Ind.-based investment group. The Indiana firm is rapidly acquiring self-storage assets throughout the Midwest. “By adding this portfolio to its existing holdings, the new owner has obtained a large percentage of the Columbus self-storage market, achieving substantial economies of scale and receiving the enormous upside potential of continuing to lease-up the available space with better management and improved promotion of the sites,” says Schlosser.
“This deal showcases the ability of Marcus & Millichap’s unique platform to produce positive resul
ts. Because of Marcus & Millichap’s unique approach to brokerage and our ability to access capital nationwide, we were able to arrange the sale of this asset even during the current capital markets crisisIt’s the main reason why we are closing deals while most of our competitors are not,” addsed Mele.
ts. Because of Marcus & Millichap’s unique approach to brokerage and our ability to access capital nationwide, we were able to arrange the sale of this asset even during the current capital markets crisisIt’s the main reason why we are closing deals while most of our competitors are not,” addsed Mele. (Downtown Columbus photo is at left)
“Using the firm’s collaborative approach, We were able to use a collaborative approach, using five brokers in three different offices across the country worked together on this transactione offices to get the desired results. At a time when all you hear is how bad the credit market is, we were able to securefind a buyer who was able to close this could close a deal with a significant amount ofquite a bit of upside built into the price.”
The Storage Inns of America Portfolio includes:
· 608-unit facility at 1330 Georgesville Road, Columbus
· 576-unit facility at 7200 Tussing Road, Reynoldsburg
· 570-unit facility at 9984 South Old State Road, Lewis Center
· 520-unit facility at 5199 Westerville Road, Columbus
· 460-unit facility at 5301 East Tamarack Circle, Columbus
· 426-unit facility at 580 East Dublin-Granville Road, Worthington · 342-unit facility at 1585 Lexington Ave., Mansfield
All of the facilities are located on, or exposed to major thoroughfares with ample frontage and are surrounded by strong market demographics in the Columbus MSA.
Each property is of similar construction: a single-level storage facility with standard drive-up, interior climate control, steel or brick exterior, metal framing, steel roof and concrete slab with asphalt driveway.
All locations feature exterior lighting, perimeter fencing with computerized-gate a
ccess, a manager’s office and attractive signage exposing the Storage Inns of America logo.
ccess, a manager’s office and attractive signage exposing the Storage Inns of America logo.Press Contact: Stacey Corso, Communications Department, (925) 953-1716
No comments:
Post a Comment