Marcus & Millichap Closes Sale of Florida Self-Storage Property

A new owner has emerged for Diamond Self Storage, a nearly 45,000-square-foot facility in Beverly Hills, Fla.

By Adriana Pop, Associate Editor

Beverly Hills, Fla.–Richard Matricaria, regional manager of Marcus & Millichap’s Tampa office, has announced the sale of Diamond Self Storage, a 44,793-square foot self-storage facility located in Beverly Hills, Fla.

Diamond Self Storage in Beverly Hills, Fla.
4239 N. Modelwood Drive in Beverly Hills, Fla.

Michael Mele, senior director of the firm’s National Self Storage Group & senior vice president of investments, along with Senior Associate Luke Elliott and Associate Brian Baldwin, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baldwin, Elliott and Mele also secured and represented the buyer.

Located at 4239 N. Modelwood Drive, Diamond Self Storage was built in 2002 and offers a total of 425 units. The facility, which covers approximately 2.84 acres, is secured by electronic gate access and recorded video surveillance.

The property’s location in Citrus County, along Florida’s Gulf Coast, offers a strong business climate, as well as an exceptional quality of life due to its low labor costs and affordable living costs. Diamond Self Storage is 4.5 miles southwest of Highway 41 and only two miles northeast of Black Diamond Ranch, which was rated the top golf community in Florida by both Golf Week and Florida Golf Magazine.

“Marcus & Millichap was designed to help private clients and the success of the seller in this situation demonstrates this in graphic fashion. Controlling the process from listing to close in just over 90 days, we drove multiple, qualified offers to the seller and ultimately closed with a regional investor outside the traditional buyer pool,” Elliott commented in prepared remarks.

“Understanding what works on these facilities and having worked in them for years, really give us an edge on explaining to outside capital why they make sense,” added Baldwin.

Image courtesy of Marcus & Millichap