POMPANO BEACH, FLA., November 11, 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 Central Storage, a 74,731-square foot, self-storage located in Pompano Beach, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,660,000.
Michael A. Mele, a senior vice president investments and Luke Elliott, an associate, both in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Central Storage is located at 800 Northwest 31st Avenue in Pompano Beach, Florida. This high-quality self-storage is comprised of 866-units. Central Storage offers indoor climate-controlled units of various sizes, drive-up storage and rentable RV, trailer or boat parking. Units range in size from 28 to 960 square feet. The facility was constructed in 1981 with tilt wall and concrete block. There are five buildings on the property that spread across 2.98 acres.
“This property offers a tremendous repositioning opportunity for the buyers” says Mele. “The significant competition we saw for this property shows the continued strong interest in South Florida self-storage.” “With this sale our team has sold over $108,000,000 of self-storage in South Florida this year,” adds Elliott.
# # #
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