PORT CHARLOTTE, FL, June 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of All Store Self Storage (top left photo), a 32,800 rentable square foot self-storage facility located in Port Charlotte, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $1,750,000.
Michael A. Mele (middle right photo), first vice president investments, and senior director of the National Self-Storage Group and Adam Wides (lower left photo), associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an institutional owner based out of Washington, DC who had purchased the loan and foreclosed on the property. The California-based buyer was also secured by Mele and Wides. All Store Self Storage was built in 2006 and is located at 7001 Gasparilla Road. Situated on 7.6 acres of land, this investment has 352 self-storage units, of which 36 spaces are covered RV parking and 120 are outside parking spaces.
The facility consists of four climate controlled storage buildings, one covered RV storage with electric access and one free-standing office building.
“This transaction represents a noticeable trend in the self-storage industry; financial institutions are more willing to dispose of troubled assets rather than modify current loans. In the next six months, we anticipate a sizeable increase in REO offerings” says Mele.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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