Marcus & Millichap : Brokers Three-Property Self-Storage Portfolio Sale
July 07, 2023 at 12:04 am
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Marcus & Millichap Brokers Three-Property Self-Storage Portfolio Sale
July 06, 2023
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COLUMBUS, Ohio, July 6, 2023 - 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 three-property, 1,656-unit CubeSmart self-storage portfolio in Jacksonville, Tallahassee and Middleburg, Florida.
"This portfolio sale of newly built, Class A properties in the lease-up stage is a great example of continued buyer demand in our industry amidst the tougher interest rate environment we are in," said Nathan Coe, senior vice president investments in Marcus & Millichap's Columbus office. "The buyer is adding tremendous assets to their portfolio and growing their presence in densely populated North Florida submarkets." The Jacksonville and Tallahassee facilities opened in July and March 2021, respectively and are 64% and 65% physically occupied. The Middleburg location began operations in May 2022 and is 44% physically occupied. Nathan Coe, Gabriel Coe, and Brett Hatcher represented the seller, and procured the buyer.
All the properties have climate- and non-climate-controlled units, gated entry, and 24-hour video surveillance. The Jacksonville facility is a six-building, 618-unit property with 69,750 net rentable square feet on four acres. The traffic count is 11,800 cars per day. The Tallahassee location has five buildings, 583 units, and is seen by 32,500 cars per day. The Middleburg facility is a four-building, 53,115-net-rentable-square-foot, 455-unit property on three acres with a traffic count of 41,000 cars per day. Ryan Nee, senior vice president and division manager is Marcus & Millichap's broker of record in Florida.
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About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 06 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2023 23:03:00 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. 
