The Mele Group Brokers Sale of 382-Unit Facility

The Mele Group Brokers Sale of 382-Unit Facility
Posted: 6/22/2018 Link:
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The Mele Group of Marcus & Millichap has arranged the sale of Security Storage, a facility comprising 88,338 square feet of storage space in Spring Hill, Fla. The brokerage team worked on behalf of the seller, a private investor, and secured the buyer, a limited liability company. The deal marks The Mele Group’s 20th transaction during this year.

Located at 3663 Commercial Way, the property is alongside Freeway 19, approximately 53 miles from Tampa. Around 81,000 people live within a five-mile radius, with an average income of about $41,000. The area offers 6.19-net-rentable-square-foot storage space per capita, Yardi Matrix data shows. Built in 1977, the facility comprises 382 units ranging in size from 60 to 288 square feet.

“We worked with the owner to implement a strategy that would effectively showcase this 54-acre property and help buyers conceptually design a plan to renovate, expand and maximize the value of this opportunity,” said Brian Fulton, investment specialist at Marcus & Millichap, in prepared remarks.

Fulton arranged the sale of the property together with Michael Mele, Luke Elliott and Paul Bouldin, investment specialists. Last month, The Mele Group brokered the sale of a 722-unit storage facility located in Mesa, Ariz.

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