STOCKTON, CA, September 21, 2017 – 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 Stockton Self Storage, a 53,425-square foot self-storage facility located in Stockton, CA, according to Ari Ravi, regional manager of the firm’s Tampa office.
Devin Beasley, investment specialist in Marcus & Millichap’s Phoenix office, Luke Elliott, first vice president investments in Marcus & Millichap’s Tampa office, Michael A. Mele, senior managing director, also in the Tampa office, and Daniel Kuchugurny, investment specialist in Marcus & Millichap’s Sacramento office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an out-of-state private investor, was secured and also represented by Elliott, Beasley, Mele and Kuchugurny. James Markel, Broker, assisted in closing this transaction.
“Bidding was very competitive from a variety of capital groups, offers coming in from California, the East Coast and Southwestern United States. Ultimately the out of state buyer obtained a very solid asset,” says Elliott.
Stockton Self Storage is located at 1880 West Charter Way, this thoroughfare is also known as State Route 4. Situated on 6.60 acres, this institutional-quality facility makes up 53,425 rentable square feet among 409 non-climate controlled units and 225 covered boat/RV parking spaces for a total of 634 units.
“The commitment of the buyer and seller to The Mele Group’s process resulted in a smooth and efficient transfer of a high-quality asset which left both parties very pleased at the closing,” adds Beasley.
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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