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| Michael A. Mele |
ORLANDO, FL –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, has
negotiated the sale of Vista Self
Storage, a 696-unit facility in Orlando for $11,801,000, according to
Richard Matricaria, vice president and regional manager of the Tampa office.
The property
sold at a sub-5 percent cap rate on a trailing income with adjustments for
property taxes and management.
Michael A. Mele, a senior director of the firm’s
National Self-Storage Group (NSSG) based in Tampa, represented the seller, a
Florida-based private client. Mele also procured the buyer of the property,
Wesport Properties, Inc.
“With an
exceptional location on Narcoossee Road in Orlando, this institutional-quality,
state-of-the-art self-storage facility has all of the amenities today’s
self-storage investors are seeking: a high-density location on a main
thoroughfare with excellent accessibility, surrounded by a growing population
base, which should fuel demand and steady rent increases over the long term,”
says Mele.
Located at 6707 Narcoossee Road,
developers built the 97,300-square foot Vista Self Storage in 2003, expanded it
in 2005, and renovated the facility in 2014. The 696-unit self-storage asset is
situated on nearly seven acres.
“The steady flow of equity and debt into
the self-storage sector, and expectations of a near-term rise in interest
rates, point to a continued increase in transactions nationally throughout
2015,” says Richard Bird, national director of Marcus & Millichap’s NSSG.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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