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Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, both in Tampa’s Marcus & Millichap office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a public, non-traded REIT, was also secured and represented by Michael A. Mele and Luke Elliott. “While we have seen rumblings of turmoil in the self-storage market, this asset’s sale demonstrates the strong interest in postcard assets. We closed very close to list price with a line of back-up buyers waiting in tow,” says Elliott. Located at 1105 Northeast Industrial Boulevard in Jensen Beach, Florida, Jensen Mini-Bay Storage encompasses 39,119 total rentable square feet and 366 climate-controlled units, 138 non-climate controlled units and 96 rentable parking spaces to accommodate RV, boat and vehicle storage. The facility is situated in the Port St. Lucie Metropolitan Statistical Area, a component of the larger Miami-Fort Lauderdale-Port St. Lucie Combined Statistical Area. For four consecutive years, Florida has continued to boast the highest annual net migration rate in the country. “Jensen Mini-Bay Storage represented one of the few ‘add-value’ deals we are seeing in this market,” adds Mele. # # #
About Marcus & Millichap (NYSE: MMI) With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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
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