The Mele Group Brokers Sale of FL Facility
- Jan 22, 2019
The Mele Group of Marcus & Millichap has arranged the sale of Safe and Sound Storage, a 37,436-net-rentable-square-foot facility in Port St. Lucie, Fla. The firm worked on behalf of the seller, a private investor and secured the buyer, a limited liability company.
Located at 3737 SE. Jennings Road, the facility is near Freeway 1, which provides exposure to more than 45,000 vehicles per day. Safe and Sound Storage, which comprises 746 units, is also close to Interstate 95 and is approximately 46 miles from West Palm Beach. Features of the asset include climate control and boat and RV parking spaces.
“The national spotlight is on smaller secondary and tertiary markets when it comes to self storage sales,” said Luke Elliott, first vice president investments at Marcus & Millichap, in prepared remarks. “As investors get priced out of major markets, we are seeing some cap rate compression in areas like this all over the country.”
Marcus & Millichap’s brokerage team included Elliot and Executive Managing Director Micheal Mele from the firm’s Tampa-based office. The team also arranged the sale of Self Storage Center Portfolio, a 177,575-net-rentable-square-foot, three-property portfolio in Rhode Island.
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