PORT ST LUCIE, FL, May 9, 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 Storage West, a 530-unit, 53,111 net rentable square foot self-storage facility located in Port St Lucie, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Michael A. Mele, senior vice president investments, and Luke Elliott, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Mele and Elliott procured the buyer, a public, non-traded REIT, Strategic Storage Trust II, Inc. (SST II).
“This client success marks the 18th transaction for the Mele Group since the beginning of the year,” says Elliott, director of the firm’s National Self Storage Group. “It also shows the continued increase in larger buyers purchasing well-located secondary and tertiary market facilities.”
Storage West is located at 525 SW South Macedo Boulevard in Port St. Lucie, Florida and features excellent accessibility and demographics. The property is only 0.4 miles east of the Florida Turnpike and has clear visibility from Port St. Lucie West Boulevard, benefitting from over 60,000 vehicles per day combined from both roads. The property is in St. Lucie County, located along Florida’s Atlantic coastline. The city has almost doubled in population since 2000.
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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