Marcus & Millichap Brokers Sale of Augusta Storage Facility
- Apr 23, 2018
The Mele Group of Marcus & Millichap has completed the sale of Midway Storage and Rentals, a 21,664-net-rentable-square-foot facility in Augusta, Ga. The firm marketed the sale of the property on behalf of the seller and buyer, both private investors.
Located at 1735 Barton Chapel Road, the facility is near Interstate 520 and State Route 78. Approximately 144,902 people live within a five-mile radius and have an average household income of $43,481, according to Yardi Matrix. Built in phases from 2004-2005, the three-building property occupies 12.9 acres and comprises 175 units. Features of the facility include a gate, drive-up access, security camera and climate control. Additionally, Midway Storage and Rentals offers services, such as on-site manager, truck rentals and 24-hour access.
“We enjoyed working with the owner to maximize the value of his facility and the expansion potential for the location,” said Brian Fulton, investment specialist at Marcus & Millichap, in prepared remarks. “We believe this transaction represented a unique opportunity for the buyer to generate additional value by way of a previously approved expansion opportunity at the site.”
The brokerage team included Fulton and Michael Mele investment specialists and Michael Fasano regional manager.
Image courtesy of Yardi Matrix