FIVE-PROPERTY SELF-STORAGE PORTFOLIO SALE ARRANGED BY MARCUS & MILLICHAP
TULSA, Okla., May 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a five-property, 1,876-unit, Storage Station self-storage portfolio in Tulsa.
“This is a great example of our reach: we were able to bring a Florida buyer to the deal in Tulsa, Oklahoma,” says Michael Mele, senior director of Marcus & Millichap’s National Self- Storage Group. “It was a total team effort.”
Mele and Trey Hammond, an associate in the firm’s Tulsa office, represented the seller, a private investor, and procured the buyer, a limited liability company. Tom Mann of the Tulsa office is Marcus & Millichap’s broker of record in Oklahoma.
The properties are located less than 10 miles from each another and every location is less than one mile from highway access. The portfolio features 53 buildings, 232,836 net rentable square feet, 112 climate-controlled units, 1,642 non-climate-controlled units and 122 parking spaces. With historical occupancy continuously above 90 percent, the portfolio provides a significant, stable presence in a Southwest secondary market.
“The large number of offers from a diverse set of buyers illustrates the strength and appeal of markets like Oklahoma and the sector’s eagerness to search for better returns,” concludes Hammond.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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