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 Shelton Storage of Shelton, CT.
The property consists of an on-site management office and 151 units throughout 23,546 net rentable square feet. Current physical occupancy at the facility is over 85% and there is opportunity for upside through raising rents to the market average and possible expansion or conversion.
Shelton Storage received numerous offers and the sellers were able to close at full asking price, $1.2 million at an 8.01% cap rate.
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