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| Gandy at 4th Street Storage, St. Petersburg, FL |
ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Gandy at 4th Street
Storage, a six-building, 720-unit self-storage facility in St. Petersburg,
Fla.
The $10.2 million sales price equates to $143 per square
foot. Michael Mele, a senior vice president investments in Marcus &
Millichap’s Tampa office, represented the seller, a local developer, and the
buyer, a national self-storage real estate investment trust.
“The
asset is a premier self-storage facility located in an area of St. Petersburg
that is experiencing an apartment and retail construction boom,” says Mele.
“This is the highest price per square foot we have seen since the downturn.”
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| Michael A. Mele |
The
property is located at 10111 Gandy Blvd. in St. Petersburg near the
intersection of Gandy Boulevard, which receives traffic counts of 48,620
vehicles per day, and 4th Street, which produces a daily traffic count of
38,000.
The current population within three miles of the property is
more than 47,000. Interstate 275, the major thoroughfare that connects Pinellas
and Hillsborough counties is approximately two miles away.
Other commercial
properties in the neighborhood include Vantage Point Condominiums, Baypoint
Commerce Center and the popular and historic Derby Lane Greyhound Track.
Constructed in 2007, Gandy at 4th Street Storage is one of the newest
self-storage facilities in Pinellas County.
The facility is 82 percent
climate-controlled. Units are range in size from nine square feet to 300 square
feet.
All of the buildings feature stucco exteriors with reinforced modular
metal framing. Access to the facility is granted through an electronic keypad
entry system and digital video surveillance cameras are prevalent throughout.
An on-site rental office allows for easy management and provides additional
income through the sale of moving supplies.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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