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| Michael A. Mele |
TAMPA FL, June 6, 2014 – Marcus & Millichap (NYSE: MMI),
a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced the sale of an
eight-property, more than 7,000-unit, 854,831-rentable-square-foot portfolio of
Best Florida Storage locations in Broward County, Fla.
Four of the properties are located in Fort Lauderdale, one
is in Lauderhill, one is in Oakland Park, two are in Pompano Beach and one has
an annex in Deerfield Beach. The $91,000,000 sales price equates to $106 per
square foot.
Michael
Mele, a first vice president investments in Marcus & Millichap’s Tampa
office, represented the seller and the buyer.
“The Best
Florida Storage portfolio is an outstanding mix of stabilized assets with
strong cash flow, lease-up properties with new construction components, and newly
renovated space,” says Mele.
“The previous owner assembled this portfolio of prime
locations with exacting focus over a decade of ownership, selectively pruning
under-performing assets along the way. The properties have been so masterfully
aggregated that it takes no more than 30 minutes to travel between the two
farthest facilities.”
The
properties are:
· Best
Storage One, 115,528 total rentable square feet, 1,074 units, Fort Lauderdale
· Best
Storage Two, 56,107 total rentable square feet, 740 units, Fort Lauderdale
· Best
Storage Three, 104,474 rentable square feet, 1,070 units, Fort Lauderdale
· Best
Storage Five, 87,137 rentable square, 1,041 units, Lauderhill
· Best
Storage Six, 52,113 rentable square feet, 346 units, Pompano Beach
· Best
Storage Seven, 88,694 rentable square feet, 519 units, Oakland Park
· Best
Storage Eleven, 220,000 rentable square feet, 1,169 units, Pompano Beach and
Deerfield Beach
· Best Storage
Twelve, 100,450 rentable square feet, 1,199 units, Fort Lauderdale
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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