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| Michael A. Mele |
HOLLYWOOD, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, has
arranged the sale of Emerald Hills Extra
Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit
self-storage facility in Hollywood, Fla.
The $18,825,000 sales price equates to
$146 per square foot.
Michael Mele, senior vice president investments, and Luke Elliott, associate, both in Marcus
& Millichap’s Tampa office, represented the seller and procured the buyer.
“The sales price is the highest
paid for a single self-storage property in Florida to date,” says Elliott. “The
seller did a phenomenal job maintaining the facility and it will make a
tremendous addition to the buyer’s portfolio.”
“We had over nine offers
from qualified buyers and significant interest from many other investors during
our marketing process,” adds Mele. “The sale shows that well-maintained,
well-located assets can command substantial premiums in the current market.”
 |
| Luke Elliott |
The property is located on
approximately 7.4 acres at 3090 Sheridan St. in Hollywood, Fla., one-tenth of a
mile west of Interstate 95. Sheridan Street has traffic counts of 43,500
vehicles per day.
Emerald Hills Extra Closet Self
Storage was constructed in 1991, expanded in 1998 and features additional land
for more expansion. The facility has climate-controlled and non-climate
controlled units, business records storage, recreational vehicle parking, video
surveillance and electronic gate access
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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