The Mele Group Brokers Sale of PA Storage
- Dec 20, 2018
The Mele Group of Marcus & Millichap has arranged the sale of Storhouse at Paxton Street, a 57,806-square-foot facility in Harrisburg, Pa. Marcus & Millichap’s Tampa-based self storage team worked on behalf of the seller, a partnership, and represented the buyer, a limited liability company.
Situated at 420 Amity Road, Storhouse at Paxton Street is near the intersection of interstates 83 and 283 and Freeway 322, and is exposed to more than 100,000 cars per day. The densely populated area is home to approximately 9000 completed residential units within a 3-mile radius.
Built in 1972 and 2008, the two-building facility occupies 3 acres and comprises 598 units, ranging from 25 to 250 square feet. Characteristics of the storage asset include a gate, drive-up access, climate control and security camera, as well as parking and RV parking spaces. Additional services include on-site management, truck rental options, and 24-hour access.
“We were able to achieve a low cap rate for the seller in a third-tier market, by demonstrating a clear path to higher revenue. There was still sufficient runway for the buyer to achieve the results that they were seeking,” said Robert Bloch, investment specialist at Marcus & Millichap, in prepared remarks.
In November, Marcus & Millichap’s Tampa and Chicago Oak Brook offices arranged the sale of 4 Your Stuff Storage, a 261-unit facility in Granite City, Ill.
Image courtesy of Yardi Matrix