CHARLOTTE, NC, April 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Penny Pinchers Self-Storage (top left photo), a 49,688 square foot self-storage facility located in Charlotte, North Carolina, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $1,025,000.
Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, Allen Smith (middle left photo), a vice president investments in the Charlotte Uptown office; and associate Stacey Gorman (lower right photo) in the Atlanta office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The buyer, a private investor, was secured and represented by Mele and Gorman.
Penny Pinchers Self Storage is located at 124 Dorton Street. This self-storage facility was built in 1974 and renovated in 2008. It currently has a 77 percent physical occupancy. This investment has 334 self-storage, non-climate controlled units and 19 units for RV/boat parking. These units range from 50 to 600 square feet.
“This deal once again shows the power of the Marcus & Millichap platform” says Mele. “We had Florida owners who wanted to sell a property in North Carolina.
"Using multiple brokers and our extensive national database, we were able to find a buyer in South Carolina who was a perfect fit. No other firm can access these kinds of buyers for a deal this size” adds Mele.
Press Contact:
Bryn D. Merrey
Vice President/Regional Manager, Tampa
(813) 387-4700
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