Saturday, July 18, 2015

Marcus & Millichap Brokers Record-Breaking Price of $18.825 Million for South Florida Self-Storage Facility

Michael A. Mele
HOLLYWOOD, FL – 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 Emerald Hills Extra Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit self-storage facility in Hollywood, Fla. 

The $18,825,000 sales price equates to $146 per square foot.

              Michael Mele, senior vice president investments, and Luke Elliott, associate, both in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.

            “The sales price is the highest paid for a single self-storage property in Florida to date,” says Elliott. “The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer’s portfolio.”

“We had over nine offers from qualified buyers and significant interest from many other investors during our marketing process,” adds Mele. “The sale shows that well-maintained, well-located assets can command substantial premiums in the current market.”

Luke Elliott
            The property is located on approximately 7.4 acres at 3090 Sheridan St. in Hollywood, Fla., one-tenth of a mile west of Interstate 95. Sheridan Street has traffic counts of 43,500 vehicles per day.

           Emerald Hills Extra Closet Self Storage was constructed in 1991, expanded in 1998 and features additional land for more expansion. The facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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