Marcus & Millichap : Completes North Florida Self-Storage Portfolio Sale
September 23, 2022 at 01:03 pm EDT
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Marcus & Millichap Completes North Florida Self-Storage Portfolio Sale
September 22, 2022
GAINESVILLE, Fla., Sept 22, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a five-property self-storage portfolio in Gainesville and St. Augustine, Florida.
"Located in and around densely populated North Florida submarkets, the portfolio consists of a combined 2,317 units that have provided consistent economic return," said Gabriel Coe, senior vice president investments in Marcus & Millichap's Columbus office. "With a physical occupancy of 93%, over 23 acres of land and nearly 290,000 net rentable square feet, a sale of this magnitude represents the acquisition of a major stake of self-storage assets in the region." Coe, Brett Hatcher, Nathan Coe and Meir Perlmuter represented the seller and procured the buyer.
The five properties included in this portfolio are:
312 Self Storage Inc. in St. Augustine
Archer Road Business Park in Gainesville
Archer Road Self Storage in Gainesville
I-75 Business Park & Self Storage in Gainesville
South West Self Storage in Gainesville
"Despite the difficult debt environment in the current market, we were able to utilize our proven market relationships to broker the sale of this portfolio and achieve primary market cap rates in a secondary market," added Perlmuter. "Given the growth potential and expansion capabilities surrounding the five properties, we held a highly competitive sales process to acquire this portfolio." Ryan Nee is Marcus & Millichap's broker of record in Florida.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 22 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 17:02:02 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
