NORTH PORT, FL, September 26, 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 Patriot Self Storage of Bobcat Trail, an 83,400 rentable square foot, self-storage facility located in North Port, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele, senior vice president investments, and Luke Elliott, associate vice president investments, both 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 Michael A. Mele and Luke Elliott.
“This was a Class A asset in a tertiary market that the developers had done a phenomenal job with. The buyer pool encompassed regional and national groups,” says Elliott.
Patriot Self Storage of Bobcat Trail is located at 2245 Bobcat Village Center Road in North Port, Florida, offering 818 units among 83,400 rentable square feet and 103,990 gross square feet. The facility is situated in a densely residential area with many national retailers in the vicinity and is near Interstate 75. The North Port-Sarasota-Bradenton Metropolitan Statistical Area is currently experiencing one of the highest domestic migration growth rates in the country. North Port comprises the highest land mass and population in the MSA.
“This sale proves the market is still very strong for quality self-storage assets,” adds Mele.
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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