PALM COAST, FLA., October 8, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Parkway Self Storage & Car Wash, a 75,356-square foot self-storage facility located in Palm Coast, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company. Mele procured and represented the buyer of the property, a limited liability company based in New York.
Parkway Self Storage & Car Wash is located at 4860 NW Palm Coast Parkway in Palm Coast, Florida. This facility is situated on approximately 5.95 acres of land and includes a five-bay car wash. Constructed in 2001, Parkway consists of 454 units for a total of 63,119 net rentable square feet.
“The sale of Parkway Self Storage and Carwash is a great example that distressed assets are still in the market,” said Mele in a statement. “Our team was able to work with the owner and lender to ensure the maximum purchase price was achieved.”
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
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