Self-Storage Facility in Temple Hills Changes Hands
- Dec 21, 2015
Temple Hills, Md.– Marcus & Millichap has brokered the sale of Budget Self Storage, a 64,440-net-rentable-square-foot self-storage facility located in Temple Hills, Md. Bryn Merrey, regional manager of the firm’s Washington, D.C. office announced the transaction, which closed for $4.25 million.
Robert Bloch, self-storage investment specialist, and Michael Mele, senior vice president of investments, in Marcus & Millichap’s Washington, D.C. and Tampa offices, respectively, had the exclusive listing to market the property on behalf of the seller, a local real estate investor who has owned the property for nearly 20 years. Bloch and Mele also brought the buyer to the deal, a growing self-storage investor with properties in Maryland and Pennsylvania.
“Since this was a difficult location on a dead end road, it could have been a challenging deal, but we were able to find a buyer who believes in the strength of the area and has a clear marketing vision to achieve stabilization,” said Bloch. “The new owner has a plan to tap into the massive nearby development and growing demographics in order to hit capacity.”
Located at 5061 Beech Place, Budget Self Storage is just inside the 495 Beltway and a 15-minute drive from the National Harbor. The property is also approximately one mile from the new Town Center at Camp Spring, a mixed-use development consisting of high-density multifamily housing and retail, located at the Camp Springs metro station. The proposed development, Suitland Town Center, a community park with retail and multifamily properties, is less than three miles from the property. Also, the storage facility is approximately four miles from a new development in Suitland at the corner of Marlboro Pike and Brooks Drive.
“Robert’s ability to close this potentially difficult deal demonstrates Marcus & Millichap’s, as well as Robert’s, success and knowledge of the Mid-Atlantic region,” added Mele.
Image courtesy of Marcus & Millichap