TAMPA, Fla., November 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cross Creek Storage, a 69,984-square foot self-storage facility located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,800,000.
Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa, Fla. office, had the exclusive listing to market the property on behalf of the local sellers, both private investors. Mele also represented the buyer of the property, a limited liability company based in Maryland.
Cross Creek Storage is a Class “A” facility built in 2006 and located at 18191 East Meadows Road in Tampa, Fla. This turnkey asset has a total of 56,830 net rentable square feet and stretches across approximately 2.61 acres. There are 476 rentable units ranging in size from 25 square feet to 375 square feet.
The facility is arranged with three, one-story buildings surrounding a central, two-story building with units on both floors. The property features wide driveways, climate-controlled and non-climate controlled units and has a physical occupancy rate of 75 percent and an economic occupancy of 66 percent.
“This is another example of a small, local owner selling to a large operator,” says Mele. “We will continue to see consolidation in the industry.”
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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.