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 Self Storage Center Portfolio, a three-facility self-storage portfolio located in East Greenwich, RI, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Mele and Elliott. Broker, Tim Thompson, assisted in closing this transaction.
“Long-term relationships both with our private clients and an increasing number of well-backed investors allowed us to help the ownership strategically achieve their goals,” says Elliott, first vice president investments.
Situated in central and southern Rhode Island, the 177,575-NRSF portfolio’s properties are in affluent areas with household incomes exceeding both the national and statewide averages, and benefit from additional seasonal population growth throughout the year. Of the facilities, located in East Greenwich, Narragansett and Richmond, the East Greenwich facility most recently expanded to offer Class A, climate-controlled amenities to meet the market's high demand for storage. Additionally, each location features strategic highway accessibility and subsequently strong traffic counts, while enjoying minimal competition in their respective markets.
Mele, senior managing director investments, states, “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.”
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 over 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
