Tuesday, May 17, 2016

Marcus & Millichap Brokers $3.8 Million Sale of Pikeville Mini Storage in Pikeville, KY

Michael A. Mele
PIKEVILLE, KY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Pikeville Mini Storage, a 79,585-square foot self-storage facility located in Pikeville, Kentucky, according to Joseph McKibben, regional manager of the firm’s Birmingham office. The asset sold for $3,800,000.

Michael A. Mele, senior vice president investments in the firm’s Tampa office, Eddie Greenhalgh, senior associate in the Birmingham office, and Aaron Johnson, Kentucky broker, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a limited liability company, was secured and represented by Anne Williams, with Johnson assisting closing this transaction.

Pikeville Mini Storage is located at 278 South Mayo Trail in Pikeville, Kentucky. The facility includes 79,585 net rentable square feet with both climate-controlled and non-climate controlled storage units ranging in size from 50 square feet to 375 square feet.

Eddie Greenhalgh

Additional income is currently generated through rentable RV and boat parking spaces, an on-site 3,000 square foot office and four on-site apartments. Pikeville is the county seat of Pike County and is in a historic white-collar area of Kentucky. 

Pikeville is currently experiencing a boom of economic development which should lead to further expansion and population growth.

“We were able to source multiple offers for this property and chose an out-of-state buyer with ties to this part of Kentucky,” says Greenhalgh. “This process demonstrates our ability to work with a team of qualified individuals from around the country to get the deal done.”

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

Joseph McKibben
Regional Manager, Birmingham

(205) 510-9200

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