Dominion Mini Storage in Richmond Draws Multiple Offers
- May 23, 2016
Richmond, Va.–Marcus & Millichap has arranged the sale of Dominion Mini Storage, a 29,375-square-foot self-storage facility located in Richmond, Va. Terms of the transaction, announced by Bryn Merrey, regional manager of the firm’s Washington, D.C. office, were not disclosed.
Located at 8610 Midlothian Turnpike, Dominion Mini Storage was built in 1978 and consists of 28,375 net rentable square feet of self-storage and approximately 1,000 square feet of rented office space among five office suites. The property sits on approximately 2.1 acres and had an 80 percent overall physical occupancy at the time of sale. All self-storage lockers are standard, non-climate controlled, and there are a limited number of parking spaces available for rent.
Robert Bloch, associate in Marcus & Millichap’s Washington, D.C. office, and Michael Mele, senior vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a REIT, was secured and represented by Robert Bloch and Michael Mele.
“We are seeing self-storage operators from all over the country looking to get into this market. With this kind of equity chasing deals, I expect to see the continued trend of low cap rates,” Mele said in prepared remarks. By 2020, the DC-Maryland-Virginia-West Virginia PMSA is expected to have a 41.2 percent population gain from the year 2000.
“The multiple offers that this listing produced and the end result with both seller and buyer fully achieving their objectives demonstrates the strength of the market in robust secondary markets,” added Bloch.
Image courtesy of Marcus & Millichap