WINDSOR LOCKS, Conn., August 28, 2018 – 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 Bradley Self-Storage, a 36,300-square foot self-storage located in Windsor Locks, Conn., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,950,000.
Michael A. Mele, Robert Bloch and Noah E. Obuchowski, investment specialists in Marcus & Millichap’s Tampa and Washington, D.C. offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Noah E. Obuchowski, Robert Bloch and Michael A. Mele, investment specialists in Marcus & Millichap’s Tampa and Washington, D.C. offices.
Bradley Self-Storage is situated just off State Highway 75/Ella Grasso Turnpike on North Street in Windsor Locks, benefiting from its proximity to Bradley International Airport (BDL). Advantageously, the facility is the closest to the nearby large-scale suburb, serving as the most convenient destination for the surrounding community.
Located at 497 North Street, the property consists of 2.22 acres and three, single-story buildings with excellent drive-up access among non-climate-controlled units. The facility provides 200 total units, totaling 36,300 rentable square feet. The facility, built in 2002, is 75.12 percent physically occupied with a 59.68 percent economic occupancy factor, indicating the investments strong returns through increased efficiencies, revenue management and rate increases. Facility amenities include perimeter-wide fencing, electronic keypad access control, video surveillance and an on-site office.
Less than 3.4 miles from the subject are the main terminals for Bradley International Airport. Serving over 6,400,000 visitors in 2017, BDL realized an increase of 6.5 percent in year-after-year passenger traffic counts. The property is surrounded by high-income demographics and is situated in Hartford County. Bradley Self-Storage is located at 497 North Street in Windsor Locks, Conn.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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