ORLANDO, FLA., November 9, 2015 – 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 My Neighborhood Storage Center, a 64,480-square foot self-storage facility located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,500,000.
Michael A. Mele, senior vice president investments in Marcus & Millichap’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a REIT, was secured and represented by Michael A. Mele.
My Neighborhood Storage Center is a meticulously maintained, institutional-quality facility located at 10053 Lake Underhill Road in Orlando, Florida. The facility is situated on approximately 9.87 acres and was constructed in 1997. It consists of 572 units for a total of 64,480 net rentable square feet, and has both climate and non-climate controlled units and R.V. parking. It boasts security features that include video surveillance and electronic gate access. The facility is currently 92 percent physically occupied based on rentable square footage.
“This facility was very well maintained and located. The seller, who had built and owned this property for 17 years, decided to take some chips off the table in this vibrant market,” says Mele.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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