Marcus & Millichap Brokers Self Storage Center Portfolio Sale

The Mele Group arranged the deal for three Rhode Island facilities located in East Greenwich, Narragansett and Richmond, totaling more than 175,000 square feet.
Self Storage Center, Richmond

The Mele Group of Marcus & Millichap has arranged the sale of Self Storage Center Portfolio, a 177,575-net-rentable-square-foot, three-property portfolio located in three towns across Rhode Island. The firm’s brokerage team represented the seller and the buyer, both limited liability companies.

The first property is located in East Greenwich, at 5805 Post Road alongside Freeway 1, around 16 miles from downtown Providence. Constructed in 1990, the six-building facility occupies 4 acres and features units ranging from 25 to 273 square feet, according to Yardi Matrix. The facility is gated and features drive-up access and climate-controlled units.

The second storage asset is in Narragansett, at 39 Walts Way, approximately 16 miles from the East Greenwich property and 32 miles from Providence. Built in two phases in 1988 and 2004, the 11-building facility encompasses storage spaces ranging from 25 to 600 square feet.

Self Storage Center Portfolio also includes a storage space in Richmond, situated at 39 Stilson Road just off Interstate 95, roughly 30 miles from downtown Providence. The 11-building facility occupies 4 acres and comprises units ranging from 25 to 400 square feet. Features of the storage asset include a gate, drive-up access, and parking spaces.

“This is yet another example of a family-owned-and-operated portfolio being purchased by a large institutional investor. The popularity of self-storage in the institutional investment world combined with the lack of available inventory continues to compress cap rates in secondary markets,” said Michael Mele, senior managing director at The Mele Group, in prepared remarks.

Marcus & Millichap’s team included Mele, Investment Specialist Luke Elliott and Broker Tim Thompson. Earlier this month, The Mele Group arranged the sale of A Storeroom Mini-Storage, a 67,900-square-foot facility in New Braunfels, Texas.

Image courtesy of Marcus & Millichap