LAKELAND, FL, July 8, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Highlands Storage (top left photo), a 59,102-square foot self-storage facility located in Lakeland, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $1,250,000.
Michael A. Mele (bottom right photo), vice president investments and senior director of the National Self Storage Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the REO Department of a National Bank, as well as the buyer, a private investor based out of Florida.
The property includes one multi-story, climate controlled building with a manager’s office. This REO asset was priced well below replacement cost.
“This was the second bank deal we have closed this year,” says Mele. “We have several more in the pipeline. I think you will see the banks and special servicers being very active in selling their self-storage assets in the next twelve months.”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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