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 38th Street Mini Storage, a 36,150 rentable square foot self storage facility located in Tulsa, Oklahoma, according to J. Michael Watson, regional manager of the firm's Tulsa office.
Trey Hammond and Michael A. Mele, investment specialists in Marcus & Millichap's Tulsa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Trey Hammond and Michael A. Mele.
"For an asset of this size, the ability to bring in multiple offers from several states demonstrates the consistently strong demand for entry-level, self storage properties in the market," states Hammond.
38th Street Mini Storage is located at 7711 East 38th Street in Tulsa, Oklahoma with great visibility from Highway 64/51, boasting traffic counts of nearly 90,000 vehicles per day. The facility consists of a total of 354 non-climate controlled units, ranging from 50 to 400 square feet. The facility was initially constructed in 1960 with a solid concrete slab and metal framing and is secured by electronic gate access and recorded video surveillance. The University of Tulsa is within near proximity to 38th Street Mini Storage.
"We have seen the private client return significantly over the past year and this transaction is a perfect example of this," adds Mele.
About the Mele Storage Group
The Mele Storage Group of Marcus & Millichap Florida, Inc specializes in self storage sales and research. We provide top of the line market knowledge, access to the largest pool of qualified investors and exchange buyers and a system of creating the broadest possible exposure for each and every facility. The Mele Group of Marcus & Millichap is your choice for bigger deals, better marketing, higher offers and faster closings.