The Mele Group Arranges Sale of CA Facility
- Sep 19, 2018
The Mele Group, a division of Marcus & Millichap, has arranged the sale of Hemet Self Storage, a 77,758-rentable-square-foot facility in Hemet, Calif. The company represented the seller and the buyer—both private investors—in the deal. This marks The Mele Group’s 28th self-storage transaction during this year.
Located at 1180 N. State St., the storage asset is near freeways 79 and 74, approximately 32 miles from Riverside and 38 miles from San Bernardino. The area is densely populated, with roughly 163,000 people living within a five-mile radius. The 15-building facility, which was built in 1995, occupies 4 acres and comprises 711 non-climate-controlled units, ranging from 25 to 500 square feet, according to Yardi Matrix. Additional characteristics of the facility include a self-service kiosk, gate, drive-up access, security camera and parking spaces.
“This is the Mele Group’s 5th transaction this year on the West Coast. Of these transactions, only one was purchased by an in-state investor,” said Luke Elliott, first vice president of investment at Marcus & Millichap, in prepared remarks.
The brokerage team included Investment Specialists Luke Elliott, Devin Beasley and Michael Mele. Earlier this year, the team arranged the sale of a 382-unit self-storage asset in Spring Hill, Fla.
Image courtesy of Yardi Matrix