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| Michael Mele |
PALM BAY, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, is pleased
to announce the sale of a seven-building self-storage asset, Additional Storage of Palm Bay, located
west of Interstate 95 on the highly traveled Malabar Road.
The sales price was $11
million for the 122,690 net-rentable-square-foot property.
The listing agents were Michael Mele, senior vice president
investments, and Luke Elliott,
associate, both of the firm’s Tampa office. The seller was a local Limited
Partnership and the buyer was an investment company out of the Northeast.
“Additional Storage of
Palm Bay is a quality asset, and after exposing to the market, closed at full
list price,” says Mele. “This transaction marks the 7th transaction for me and
Luke in the past 60 days, for a combined total of over $70 million in dollar
volume.” Mele adds.
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| Luke Elliott |
The site is fully secured
by a perimeter fence with electronic gate access and is monitored by
surveillance cameras to ensure safe storage.
There are a total of 1,110 units
that range in size from 25 square feet to 300 square feet. Constructed in 2000
and expanded in 2006, the facility has both climate controlled space,
non-climate and RV Parking.
“While Palm Bay is very
much a tertiary market, the sellers built an institutional quality facility for
which we were able to get them an institutional price,” says Elliott.
“We have been running 42 days on average from
listing to going under contract, this highlights both the current market
climate and our platforms ability to quickly expose the asset to the maximum
number of qualified buyers.”
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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