TAMPA, FL-The Mele Group of Marcus & Millichap has announced the completion of an equity infusion deal with Son Light Self Storage out of Ocala, FL and a private investor based in Tampa, FL.Led by Vice President/ Investments Michael Mele,(top right photo) The Mele Group of Marcus & Millichap was able to take Son Light Self Storage, currently in lease-up, and put together a deal that made sense for both parties.
Son Light Self Storage was 30% occupied and lease-up remained flat due to market conditions and construction in front of the facility.
It was in need of a partner or joint venture which could infuse some equity and restructure the management of the facility.
“Despite all of the challenges Son Light was facing we were able to find an equity partner that believed in this project. He
was able to take a 50% ownership stake in Son Light and believes in the potential of the deal” says Mele. Mele goes on to say
was able to take a 50% ownership stake in Son Light and believes in the potential of the deal” says Mele. Mele goes on to say “The new equity partner has the intentions of increasing profitability of operations with better management and increased advertising of the facility.”
Market conditions are proving more of these types of deals maybe necessary; banks are dry and it’s hard to find institutional capital. The Mele Group of Marcus & Millichap was able to find a private investor to meet the needs of the client, proving the wrong market takes the right broker.
CONTACT:
Michael A.Mele, Marcus & Millichap, (813) 387-4700, http://www.melestoragegroup.com/
http://www.marcusmillichap.com/
http://www.marcusmillichap.com/
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