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| Michael A. Mele |
PIKEVILLE, KY – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Pikeville Mini Storage,
a 79,585-square foot self-storage facility located in Pikeville, Kentucky,
according to Joseph McKibben, regional manager of the firm’s Birmingham office.
The asset sold for $3,800,000.
Michael A. Mele,
senior vice president investments in the firm’s Tampa office, Eddie Greenhalgh, senior associate in
the Birmingham office, and Aaron Johnson, Kentucky broker, had the exclusive
listing to market the property on behalf of the seller, a limited liability company.
The buyer, a limited
liability company, was secured and represented by Anne Williams, with Johnson assisting closing this transaction.
Pikeville Mini Storage is
located at 278 South Mayo Trail in Pikeville, Kentucky. The facility includes
79,585 net rentable square feet with both climate-controlled and non-climate controlled
storage units ranging in size from 50 square feet to 375 square feet.
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| Eddie Greenhalgh |
Additional income is
currently generated through rentable RV and boat parking spaces, an on-site
3,000 square foot office and four on-site apartments. Pikeville is the county seat
of Pike County and is in a historic white-collar area of Kentucky.
Pikeville is
currently experiencing a boom of economic development which should lead to
further expansion and population growth.
“We were able to source
multiple offers for this property and chose an out-of-state buyer with ties to
this part of Kentucky,” says Greenhalgh. “This process demonstrates our ability
to work with a team of qualified individuals from around the country to get the
deal done.”
For a
complete copy of the company’s news release, please contact:
Joseph McKibben
Regional Manager,
Birmingham
(205) 510-9200
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