Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Fairfield Self Storage, a 66,720-rentable square foot self-storage facility located in Fairfield, California, according to Ari Ravi, regional manager of the firm’s Tampa office.
The transaction was a collaboration of three Marcus and Millichap offices with Devin Beasley in Phoenix, Daniel Kuchugurny in Sacramento, and Michael Mele and Luke Elliott in Tampa. This transaction marked the 15th self-storage transaction this year by The Mele Storage Group of Marcus & Millichap. The group had the exclusive listing to market the property on behalf of the seller, a private investor and also secured the buyer.
“Understanding the unique circumstances of each project is key, and with our experience we are able to create a pool of buyers for the sellers we represent. During our marketing process, we had buyers from all over the country who are clamoring to invest in California self-storage,” states Mr. Elliott.
Fairfield Self Storage is located at 606 Parker Road in Fairfield, California and resides directly beside the Travis Air Force Base’s entrance gate. The 515-unit self-storage facility is notable for its steady business throughout the year, resulting in a high physical occupancy, and features a self-service kiosk. The subject is surrounded by an abundance of military housing, including both town homes and apartments, and many retailers to cater to this robust community.
Beasley adds, “Fairfield Self Storage was an extremely sought-after property that sourced very strong interest from day one. The buyer is excited to expand their portfolio.”
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
