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 Hemet Self Storage, a 77,758 rentable square foot self storage facility located in Hemet, CA, according to Ari Ravi, regional manager of the firm's Tampa office.
Luke Elliott, Devin Beasley and Michael A. Mele, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Luke Elliott, Devin Beasley and Michael A. Mele. James Markel, Broker, assisted in closing this transaction. This transaction marked the 28th self-storage transaction this year by The Mele Storage Group of Marcus & Millichap.
Hemet Self-Storage is comprised of 711 non climate-controlled units with an on-site residence and a self-service kiosk. Surrounded by a great mixture of residential, retail and industrial from all directions, the surrounding five-mile radius population consists of 162,883 individuals. Hemet is part of the Riverside-San Bernardino-Ontario, California Metropolitan Statistical Area, a component of the populous Greater Los Angeles Area.
"This is the Mele Group's 5th transaction this year on the West Coast. Of these transactions, only one was purchased by an in-state investor," says Luke Elliott, first vice president investments. "In every other West Coast transaction facilitated, out-of-state capital was sourced for the highest-dollar buyer."