BEVERLY HILLS, FL, March 31, 2016 – 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 Diamond Self Storage, a 44,793-square foot self-storage facility located in Beverly Hills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Michael A. Mele, senior director of the firm’s National Self Storage Group and senior vice president investments, Luke Elliott, senior associate, and Brian Baldwin, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Brian Baldwin, Luke Elliott and Michael A. Mele.
Diamond Self Storage is a 44,793 net rentable square foot self-storage facility located at 4239 North Modelwood Drive in Beverly Hills, Florida. The facility consists of a total of 425 units and was constructed in 2002. It is situated on approximately 2.84 acres, and is secured by electronic gate access and recorded video surveillance. The property is located in Citrus County, along Florida’s Gulf Coast. Citrus County, commonly known as the “Nature Coast”, offers a strong business climate paired with an exceptional quality of life due to its low labor costs and affordable living costs. The property is 4.5 miles southwest of Highway 41 and only two miles northeast of Black Diamond Ranch, which was rated the #1 golf community in Florida by both Golf Week and Florida Golf Magazine.
“Marcus & Millichap was designed to help private clients and the success of the seller in this situation demonstrates this in graphic fashion. Controlling the process from listing to close in just over 90 days, we drove multiple, qualified offers to the seller and ultimately closed with a regional investor outside the traditional buyer pool,” says Elliott.
“Understanding what works on these facilities and having worked in them for years, really give us an edge on explaining to outside capital why they make sense,” added Baldwin.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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