Marcus & Millichap Brokers Sale of Five Self-Storage Facilities in Oklahoma
- May 09, 2016
The facilities are situated less than ten miles from one another, with highway access less than one mile from each location. Overall, the portfolio has 53 buildings and 232,836 net rentable square feet across 92 climate-controlled units, 1,642 non climate-controlled units and 122 parking spaces. With historical occupancy continuously above 90 percent, these properties provided a significant, stable presence in a Southwest secondary market.
“This is a great example of our reach, we were able to bring a Florida buyer to the deal in Tulsa, Oklahoma,” Michael Mele, senior director of Marcus & Millichap’s National Self Storage Group, said in prepared remarks. “It was a total team effort.”
Mele and Trey Hammond, an associate in the firm’s Tulsa office, represented the seller, a private investor, and procured the buyer, a limited liability company. Paul Thomas Mann of the Tulsa office is Marcus & Millichap’s broker of record in Oklahoma.
The properties included in the portfolio are:
- Beeline, 10 buildings, 393 units, 47,200 rentable square feet;
- Brookside, 17 buildings, 512 units, 64,555 rentable square feet;
- Downtown, one building, 200 units, 31,661 rentable square feet;
- Midtown, 20 buildings, 465 units, 57,401 rentable square feet;
- Yale, five buildings, 306 units, 32,019 rentable square feet.
“A large number of offers from such a diverse set of buyers illustrates the strength and appeal of markets like Oklahoma and the sector’s eagerness to search for better returns,” added Hammond.
Image courtesy of Storage Station Tulsa