Marcus & Millichap Closes Sale of Self-Storage Asset in Tulsa
- Aug 09, 2016
By Adriana Pop
Trey Hammond and Michael Mele, investment specialists in Marcus & Millichap’s Tulsa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Trey Hammond and Michael Mele.
Known as 38th Street Mini Storage, the facility consists of 354 non-climate controlled units, ranging from 50 to 400 square feet. The property provides visibility from Highway 64/51, boasting traffic counts of nearly 90,000 vehicles per day.
38th Street Mini Storage was initially built in 1960, with a solid concrete slab and metal framing and is secured by electronic gate access and recorded video surveillance. The University of Tulsa is within close proximity to the property.
“For an asset of this size, the ability to bring in multiple offers from several states demonstrates the consistently strong demand for entry-level, self-storage properties in the market,” stated Hammond.
“We have seen the private client return significantly over the past year and this transaction is a perfect example of this,” added Mele.
Image courtesy of Marcus & Millichap