COCOA BEACH, FLA., November 18, 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 Cocoa Beach Self Storage, a 28,730-square foot self-storage facility located in Cocoa Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.
Luke Elliott, associate in Marcus & Millichap’s Tampa office, and Michael A. Mele, senior vice president investments in the firm’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 financial institution. The buyer, a private investor, was secured and represented by Luke Elliott and Michael A. Mele.
Cocoa Beach Self Storage is located at 14 South 20th Street in the desirable beach community of Cocoa Beach, Florida. Constructed in 2009, the 319 storage units are located inside one large, three-story building with 28,730 net rentable square feet. The building is one of the only solar-powered self-storage facilities in Florida with more than 5,000 square feet of solar paneling. Cocoa Beach Self Storage has dominant market share in the area and experiences little to no competition from nearby facilities. Cocoa Beach is a popular tourist destination with 2.4 million visitors per year. It is also a traditionally white-collar area with an average household income of $84,890 within a five mile radius.
“This was a Class A facility that was less than 30,000-square feet in a high barrier to entry, but tertiary market,” says Elliott. “Overwhelmingly the market spoke and we found a buyer for whom this facility worked well for, it will be a great addition to their portfolio.”
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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