October 3, 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 Patriot Self Storage of Talon Bay, an 849-unit self storage property in North Port, Florida. The Talon Bay facility is the second component of the two-facility Patriot Self Storage Portfolio.
"The North Port-Sarasota-Bradenton MSA is experiencing one of the country's highest migration rates, a trend that is favorable to the region's self storage assets," says Michael Mele, a senior director of Marcus & Millichap's National Self Storage Group (NSSG). "North Port has the highest population in the MSA, which should support the growth of this asset. At the time of the sale, Patriot Self Storage of Talon Bay was nearly 80 percent physically occupied and just under 70 percent economically occupied."
Mele, along with Luke Elliott, NSSG director, represented the seller and procured the buyer. The facility is located in a residentially-dense area in North Point that is approximately 0.15 miles from the Tamiami Trail-U.S. Route 41-and near Interstate 75 and Florida State Road 776. National retailers in the vicinity include Publix Supermarket, Lowe's, T.J. Maxx, Five Guys and CVS. Overall, the facility offers 746 climate-controlled units and 103 non-climate-controlled units that range in size from 20 square feet to 300 square feet, among 82,645 rentable square feet total.
"Patriot Self Storage represents a Class A asset in a tertiary yet notably growing market. We had offers from a variety of buyers nationwide, from REITs to regional operators, further indicating the need to migrate into smaller markets in search of yield," says Elliott.
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 Storage Group of Marcus & Millichap is your choice for bigger deals, better marketing, higher offers and faster closings.