Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Millville Self Storage, a 78,875-square-foot self storage facility with 707 units and 44 parking spaces located in Millville, NJ. After successful marketing process that generated multiple offers, the asset sold for $9,000,000 which equates to $114 per square foot.
Robert Bloch, vice president investments, Noah E. Obuchowski, associates, both in Marcus & Millichap’s Washington D.C office along with Michael A. Mele, senior managing director in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor and procured the buyer, a limited liability company.
Millville Self Storage is located at 2303 West Main Street in Millville, NJ. The property was built in 2005 and recently expanded in 2017. The investment provides the buyer with a secure cash-flowing self storage facility with a consistently high occupancy and the potential to build out additional permitted units on the site’s 13.6 acres.
“The seller previously fielded off-market offers that were significantly less than the price we were able to generate through the firm’s marketing platform” says. Obuchowski. “We were able to deliver a below-market capitalization rate to the seller, by establishing significant upside through management, and expansion. This transaction was a win-win for the buyer and seller.”
The conveniently located facility is in close proximity to highways, S-R 49 and S-R 55 and I95. The surrounding community encompasses a mixture of single-family homes, multifamily residences and several national retailers.
“This transaction demonstrates the power of our firm’s marketing platform” says Bloch. - “By exposing the property to a wide buyer pool, we were able to uncover a buyer for this property who understood this market and was willing to provide maximum value for the seller based on the potential future returns.”
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