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 the Winston-Salem Self-Storage Opportunity, a 70,962-rentable square foot self-storage facility located in Winston Salem, North Carolina, according to Ari Ravi, regional manager of the firm's Tampa office.
Luke Elliott and Michael A. Mele, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer, a first-time storage owner, was also secured and represented by Mele and Elliott. Raj Ravi, broker of record in Marcus & Millichap's North Carolina office assisted in closing this transaction.
Located at 401 Jonestown Road in Winston Salem, the opportunity was newly-constructed in 2014 and opened in 2015. Across two floors, the facility offers 558 climate-controlled units on 1.22 acres for a total of 70,962 net rentable square feet. The facility has an excellent multitude of amenities, from elevator access to a coffee bar, laptop station, conference room, multiple loading points and a model unit, with brand new heating, air conditioning and exterior painting. Situated in the Centre Stage at Jonestown shopping center, the facility has great signage and highway visibility with ease of access to U.S. Highway 421, Interstate 40 and U.S. Highway 158.
"This self storage facility was a conversion of an existing retail building. I predict that we will be seeing a lot more of these projects in the future. There was considerable upside in this project with the facility still leasing up," says Mele, senior managing director investments.