Michael A. Mele and Robert Bloch, investment specialists in Marcus & Millichap’s Tampa and Washington, D.C. offices, 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 Bloch and Mele. Payton Banks, Broker, assisted in closing this transaction.
“This transaction reflects the high level of investor interest in the mid-Atlantic market,” says Bloch. “Even in minor markets quality self-storage facilities continue to generate significant premiums for owners.”
“The sale of Lexington Self Storage is an ideal example of the positive trend in the private client sector that our team saw in 2013,” adds Mele. “We anticipate this momentum to continue in 2014.” Lexington Self Storage is located in Lexington, VA. This facility is comprised of 380 units, 93 portable EZ Box units, a garage, on-site management office and parking. This asset also has an annex location less than half a mile from its main location.
About Marcus & Millichap
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally. For more information, please visit: www.MarcusMillichap.com
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