Marcus & Millichap Sells 59,102-SF Self-Storage Facility in Lakeland, FL

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.

Highlands Storage is located at 4733 Exploration Avenue. The facility was built in 2007 and is situated on 4.29 acres (MOL).

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