$8.6 Million Sale of Blue Water Storage Center & Retail Plaza in Jacksonville, FL Brokered by Marcus & Millichap

Blue Water Storage Center & Retail Plaza,
 9119 Merrill Road, Jacksonville, FL

JACKSONVILLE, FL – 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 Blue Water Storage Center & Retail Plaza, a 125,869-square foot self-storage and retail asset located in Jacksonville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,625,000.

Michael A. Mele, senior vice president investments and senior director of the firm’s National Self Storage Group, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a fund manager.  The buyer, a private investor, was secured and represented by Mele.

Blue Water Storage Center & Retail Plaza is a state-of-the-art facility in a high density location on a main thoroughfare with excellent accessibility and demographics.

The property is situated on approximately 10.38 acres located at 9119 Merrill Road in Jacksonville, Florida, which is half a mile east of Interstate 295.  The asset was constructed in 1990 and renovated in 2008.

It consists of 772 storage units totaling 80,734 net rentable square feet and two retail tenants, Big Lots and Salvation Army, with a total of 45,135 net rentable square feet. 

The storage facility has both drive-through, climate and non-climate controlled units and covered RV and boat parking. It boasts security features that include hi-tech digital video surveillance and electronic gate access.

“The market is gaining momentum and buyers are paying premiums for solid assets, however, it does not necessarily mean this is the time to sell,” cautions Mele. “As rates increase, cash flows do as well. This is a great time to be a self-storage operator and to continue to improve their bottom line,” he adds.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700