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| Luke Elliott |
PALMDALE, CA – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced the sale of Palmdale Self Storage, a 78,630-net rentable square foot
self-storage facility in Palmdale, California, according to Ari Ravi, regional manager of the
firm’s Tampa office.
Luke Elliott,
vice president investments, Devin
Beasley, investment associate and Michael
A. Mele senior managing director investments of The Mele Group in Marcus
& Millichap’s Tampa and Phoenix offices, had the exclusive listing to
market the property on behalf of the seller, a private investor.
The buyer, a private
investor, was also secured by Elliott, Beasley and Mele. They were assisted by
Marcus & Millichap’s California Broker of Record, Kent Williams.
“We continue to see strong
interest from private clients and Wall Street funded investors. This
transaction was interesting as we are seeing significant interest from East
Coast buyers looking to migrate capital from east to west. This is a core value
proposition of Marcus & Millichap and our group is uniquely qualified to
assist our clients with such opportunities,” Elliott comments.
Palmdale Self Storage is a
well-maintained asset located at 3305 East Palmdale Boulevard. This
institutional-quality facility is comprised of 268 climate controlled units and
358 non-climate controlled units, ranging from 25 square feet and 300 square
feet, for a total of 626 units. Palmdale is a submarket in Los Angeles County,
California.
“This is a quality asset
acquired through a smooth transactional process and it will provide a nice
addition to the buyer’s current portfolio,” says Beasley.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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