Thursday, November 19, 2015

Cocoa Beach Self Storage Sold for $3.35 Million; Marcus Millichap Handled Sale in Cocoa Beach, FL

Luke Elliott
COCOA BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Cocoa Beach Self Storage, a 28,730-square foot self-storage facility located in Cocoa Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.

Luke Elliott, associate in Marcus & Millichap’s Tampa office, and Michael A. Mele, senior vice president investments in the firm’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a private investor, was secured and also represented by Elliott and Mele.

Cocoa Beach Self Storage is located at 14 South 20th Street in the desirable beach community of Cocoa Beach, Florida.

Constructed in 2009, the 319 storage units are located inside one large, three-story building with 28,730 net rentable square feet. The building is one of the only solar-powered self-storage facilities in Florida with more than 5,000 square feet of solar paneling.

Cocoa Beach Self Storage has dominant market share in the area and experiences little to no competition from nearby facilities. Cocoa Beach is a popular tourist destination with 2.4 million visitors per year. It is also a traditionally white-collar area with an average household income of $84,890 within a five mile radius.

“This was a Class A facility that was less than 30,000-square feet in a high barrier to entry, but tertiary market,” says Elliott. “Overwhelmingly the market spoke and we found a buyer for whom this facility worked well for, it will be a great addition to their portfolio.”

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

Richard D. Matricaria
Vice President/Regional Manager,
 Tampa, FL

(813) 387-4700

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