Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Iron Gate Self Storage Portfolio, a six-property, 289,302-rentable-square-foot self storage portfolio located in Elkhart County, Indiana. The portfolio represents the largest self storage sale on record for Elkhart County.
"The upside potential of this portfolio is fantastic," says Sean Delaney, first vice president investments in Marcus & Millichap's Chicago Oak Brook office. "At the time of the sale, the portfolio was 70 percent physically occupied and 67.2 percent economically occupied. The portfolio's largest facility, made up of 134,000 square feet for boat and RV storage, was reopened under the Iron Gate Self-Storage brand in November 2016 and through the seven months prior to closing, it has leased up to more than 40 percent occupancy. The other five facilities, two of which were expanded in late 2016, were more than 80 percent occupied at the time of closing. To add to the upside, three of the facilities are expansion capable and more than $1.1 million has recently been invested to improve the portfolio."
The Mele Group of Marcus & Millichap, Delaney and Michael Mele, senior managing director investments in the firm's Tampa office represented the seller, a private investor, and procured the buyer, a limited liability company.
"The pool of private buyers remains deep and this transaction is a perfect example of its depth," says Mele. The facilities are located on a total of 37.05 acres. All are less than 13 miles from the main office on County Road 113 in Elkhart.
The properties are:
Josh Caruana, vice president and regional manager of the firm's Indianapolis office, is Marcus & Millichap's broker of record in Indiana.
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.