Marcus & Millichap Cinches Sale of IN Self-Storage Facility

The company represented the seller of Southside Storage in Bloomington, Ind., which changed hands for $74 per net rentable square foot.

Southside Storage
Southside Storage

Marcus & Millichap has arranged the sale of Southside Storage, a 21,600-square-foot self-storage facility in Bloomington, Ind., for $74 per net rentable square foot. The firm marketed the property on behalf of the seller, a limited liability company. Weichert, Realtors – The Owens Group advised the buyer in the deal.

Located at 4724 S. Walnut St. Pike, the facility offers access to area thoroughfares, including state routes 37, 45, 46 and 466, as well as Interstate 69. The facility is surrounded by single-family and rental homes and is approximately 3.5 miles from downtown Bloomington. Built in three phases between 2005 and 2008, the five-building facility occupies 2.9 acres and comprises units ranging from 50-300 square feet.

“Bloomington represents the attractiveness of many markets throughout Indiana that are experiencing healthy growth and prosperity, which is reflected in strong rental rates and higher occupancies,” said Jeffrey Herrmann, investment specialist at Marcus & Millichap, in prepared remarks.

Herrmann, Sean Delaney and Michael Mele investment specialists with Marcus & Millichap represented the seller and Jeff Brawley of Weichert, Realtors – The Owens Group advised the buyer.

Image courtesy of Yardi Matrix