RECORD-BREAKING PRICE FOR SOUTH FLORIDA SELF-STORAGE FACILITY
HOLLYWOOD, Fla., July 17, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Emerald Hills Extra Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit self-storage facility in Hollywood, Fla. The $18,825,000 sales price equates to $146 per square foot.
Michael Mele, senior vice president investments, and Luke Elliott, associate, both in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“The sales price is the highest paid for a single self-storage property in Florida to date,” says Elliott. “The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer’s portfolio.”
“We had over nine offers from qualified buyers and significant interest from many other investors during our marketing process,” adds Mele. “The sale shows that well-maintained, well-located assets can command substantial premiums in the current market.”
The property is located on approximately 7.4 acres at 3090 Sheridan St. in Hollywood, Fla., one-tenth of a mile west of Interstate 95. Sheridan Street has traffic counts of 43,500 vehicles per day.
Emerald Hills Extra Closet Self Storage was constructed in 1991, expanded in 1998 and features additional land for more expansion. The facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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