Riviera Beach Storage Draws Out-of-State Buyer

Marcus & Millichap has closed on the sale of West Palm Beach Self Storage, a 491-unit facility in Riviera Beach, Fla.

By Adriana Pop

Riviera Beach, Fla.The Mele Storage Group of Marcus & Millichap has arranged the sale of a 491-unit self-storage facility in Riviera Beach. The announcement came from Ari Ravi, regional manager of the firm’s Tampa office.

3895 Westroads Drive, Riviera Beach, Fla.
3895 Westroads Drive, Riviera Beach, Fla.

Brian Baldwin, investment associate, Luke Elliott, associate vice president investments, and Michael Mele, senior vice president investments, 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.

West Palm Beach Self Storage offers 40,665 net rentable square feet. Located at 3895 Westroads Drive, the three-building property comprises 66 climate-controlled units and 394 non-climate-controlled units, ranging in size from 25 to 480 square feet, as well as 31 boat and RV parking spaces. The facility, conveniently situated near Interstate 95, sits on approximately 3.1 acres. The site is fully secured by a perimeter fence with electronic gate access and monitored by video surveillance.

“This opportunity attracted interest from investors across the spectrum, both with cash and bank financing terms, and an out-of-state buyer was eventually selected,” Elliott said in prepared remarks.

Image courtesy of Yardi Matrix