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 U Storage OK, a 7.89-acre self storage facility located in Oklahoma City, Oklahoma, according to Kyle Palmer, vice president and regional manager of the firm's Tulsa office.
Trey Hammond, senior associate in Marcus & Millichap's Tulsa office, and Michael A. Mele, senior managing director investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investment group, was represented by Brian Fulton, associate in Marcus & Millichap's Tampa office.
"This transaction highlighted the ability of out-of-state, private equity capital to enter a new market, compete with multiple buyers and ultimately purchase a Class A self storage facility in Oklahoma," says Hammond.
U Storage OK is located at 14000 North Interstate 35 Service Road in Oklahoma City, Oklahoma, a thoroughfare that witnesses traffic counts of over 76,000 vehicles daily. The subject property is a newly-constructed self storage facility in one of Oklahoma City's most affluent and growing suburbs, Edmond. Well-positioned in a top 50 U.S. metropolitan statistical area, the facility features both climate controlled and non-climate-controlled storage. The facility has significant growth potential via the continued lease-up of a recently-completed 28,000 square-foot expansion.
"Our client is excited about the potential that this asset brings, and is looking forward to partnering with US Storage Centers as the third-party manager to maximize the value of this opportunity," adds Fulton.