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 a 680-unit, 80,875 square-foot self storage facility located at 4619 Washington Ave. in Evansville, Ind., according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.
Jeffrey L. Herrmann, Sean M. Delaney and Michael A. Mele, investment specialists in Marcus & Millichap's Chicago Oak Brook and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, Iron Guard Storage, was also secured and represented by Herrmann, Delaney and Mele. Josh Caruana assisted in closing the transaction as the broker of record in Indiana. This transaction marked the 26th self storage transaction this year by The Mele Storage Group of Marcus & Millichap.
"We are very excited to have acquired one of the finest self storage facilities in the region and to begin operations in Indiana," said Iron Guard Storage's CEO David Ross.
The property, previously known as Washington Avenue Mini Storage, enjoys a main-on-main location in the heart of Evansville - it has 144 climate-controlled storage units and 536 drive-up units. Located near the Washington Avenue-Green River Road intersection, the property has high visibility with over 41,800 cars passing daily. The facility also resides directly across from Washington Square Mall on this primary intersection, further generating traffic and subsequent visibility. The area overall is currently witnessing a significant number of commercial projects to add to Evansville's thriving landscape.
"We are very pleased to be part of Iron Guard's expansion into the Midwest, and at the same time help the sellers conclude their successful ownership, development and expansion of this outstanding facility," said Herrmann.