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 Cape Coral Self-Storage Facility, a 65,950-rentable square foot self-storage facility located in Cape Coral, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, an out-of-state, East Coast-based private investor, was also secured by Mele and Elliott.
Located at 337 Northeast Pine Island Road, the Cape Coral Self-Storage Facility has high visibility along a primary thoroughfare in an area that boasts all of the ideal elements for self-storage, including a record-breaking population surge and a wide array of national retailers. Initially constructed in 2000, the facility underwent an expansion in 2003 to match Cape Coral’s growing population, resulting in a total of 678 total units among five buildings.
“The seller previously had off-market offers that were over a million dollars less than the price we were able to get them for the property,” says Elliott, first vice president of investments at Marcus & Millichap, “We had a deep buyer pool who appreciated the quality of the asset and ultimately selected a buyer who closed at the list price.”
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: www.MarcusMillichap.com