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 West Palm Beach Self Storage, a 491-unit, 40,665 net rentable square foot self storage facility located in Riviera Beach, Florida, according to Ari Ravi, regional manager of the firm's Tampa office.
Brian Baldwin, investment associate, Luke Elliott, associate vice president investments, and Michael A. Mele, senior vice president investments, all in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and also represented by Baldwin, Elliott and Mele. "This opportunity attracted interest from investors across the spectrum, both with cash and bank financing terms, and an out-of-state buyer was eventually selected," said Elliott.
West Palm Beach Self Storage is located at 3895 Westroads Drive in West Palm Beach, Florida. The 40,665-net rentable square feet facility is comprised of 66 climate controlled units and 394 non-climate controlled units, ranging in size from 25 to 480 square feet. Also, there are 31 boat and RV parking spaces on the property. The facility, conveniently located near Interstate 95, sits on approximately 3.09 acres and is fully secured by a perimeter fence with electronic gate access and is monitored by video surveillance to ensure safe storage.
West Palm Beach is on Florida's Atlantic Coast, only 68 miles north of Miami and is one of the three major cities comprising the coveted South Florida region
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.