The Mele Storage Group of 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 Gaithersburg Storehouse, a 55,002-square-foot self storage facility in Gaithersburg, MD, according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $8,899,900, $429,000 over its original list price.
Robert Bloch, senior associate, and Michael A. Mele, senior managing director investments in Marcus & Millichap’s Washington, D.C. and Tampa offices, respectively, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Bloch and Mele also secured the buyer, a privately-held, large operator based on the West Coast.
"Once again, we were able to use the Marcus & Millichap system to import West Coast capital to a smaller, East Coast deal," said Mele.
Gaithersburg Storehouse is located at 11 Metropolitan Grove Road in Gaithersburg, MD. The property is situated on a high-traffic count thoroughfare in one of the most desirable communities in the U.S. The demographic profile of the surrounding trade market is exceptional, with high-residential density and high growth. Coupled with the high barriers to entry in this market, investors were able to check all of the boxes, and the bidding process was very competitive.
“Property listings in the best locations are still generating intense competition, even if the facilities are not class A,” Bloch concluded. “This property is a prime example of that. We received 15 offers within the first week.”
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: MarcusMillichap.com