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 Tolleson Self Storage, a 26,875-rentable square foot self storage facility located in Tolleson, Arizona, according to Ari Ravi, Regional Manager of the firm’s Tampa office.
Devin Beasley, Luke Elliott and Michael A. Mele, self storage investment specialists at The Mele Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Beasley, Elliott and Mele. Brian Tranetzki, broker, assisted in closing this transaction.
“This closing marked the 15th self storage transaction The Mele Group has completed in 2017. The sellers did a phenomenal job with this property and the buyers have a great asset to expand and add to their portfolio,” says Luke Elliott, vice president investments, in Marcus & Millichap’s Tampa office.
Tolleson Self Storage is located at 9620 West Van Buren Street in Maricopa County, the nation’s second fastest-growing county and a part of the Greater Phoenix Metro Area. Comprised of 250 units, the subject boasts high physical and economic occupancies reflecting its strategic location in the heart of the city. The opportunity featured additional value offered through permit-ready expansion upon the site’s vacant ground, which would nearly double the rentable square feet, a unique opportunity in an area with strict city guidelines for additional self storage.
Devin Beasley, investment associate in Marcus & Millichap’s Phoenix office, states, “This acquisition provides the buyer with a quality asset that has potential for expansion in a steadily-growing market.”
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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