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| Pineapple Plaza and Mini Storage complex, Fort Pierce, FL |
FORT PIERCE, 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 Pineapple Plaza and Mini Storage, a 101,352 rentable square
foot, self-storage facility located in Fort Pierce, Fla., according to Richard
D. Matricaria, regional manager of the firm’s Tampa office.
The asset sold for $3,500,000.
Michael A. Mele, senior vice president investments
and Luke Elliott, associate in Marcus & Millichap’s Tampa office, along
with Derek Francis and Tom Thompson, associates in the firm’s
Orlando office, represented the seller, a private investor. Mele and Elliott secured the buyer of the
property, a private investor.
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| Michael A. Mele |
Pineapple Plaza and Mini Storage was built in 1987 and is
located at 4892 Okeechobee Road in Fort Pierce, Fla. This is a mixed-use offering consisting of 641 self-storage units
and three retail units, for a total of 101,352 square feet.
“Pineapple Mini
Storage presented a tremendous value add opportunity for this investor who will
also benefit from increased management efficiencies,” says Elliott.
“This is yet another
example of the consolidation we are seeing in the industry. I think it will
continue to be harder and harder for the mom and pop’s to compete in this new
market.” adds Mele.
“This transaction marked the first of three self-storage
closings the Mele Group had this week,” concludes Elliott.
For a complete copy
of the company’s news release, please contact:
Richard D.
Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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