KINGSTON, N.H., July 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Kingston & Route 111 Portfolio, a two-property self-storage portfolio located in Kingston, N.H., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The assets sold for $6,400,000.
Michael A. Mele, a senior vice president investments in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Massachusetts. Nicholas Walker, a vice president investments in Marcus & Millichap’s Ontario office procured the buyer of the property, a limited liability company also based in Massachusetts. Sunlite Realty Corp, New Hampshire broker of record, assisted in closing this transaction.
Kingston Self-Storage is located at 164 Route 125 in Kingston, N.H., and Route 111 Self Storage is located at 220 Kingston Road in Danville, N.H. The properties in this portfolio are located 2.5 miles driving distance from each other in southern New Hampshire. There are thirteen storage buildings with 111,300 net rentable square feet between the two properties.
This portfolio offers two of the newest facilities in the area. Both facilities feature reinforced metal construction and modular metal framing with built-up steel roofs. The facilities are fully monitored by video surveillance and access is only granted with keypad entry, guaranteeing secure storage. Route 111 also has individually alarmed units. Combined, there are a total of 875 storage units ranging in size from 25 to 300 square feet.
“This deal shows a continued shift in our industry from private clients, to institutional owner operators,” says Mele in a statement.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com