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 Best Storage, a 47,575-square-foot self-storage with 306 total units located in Saint Michaels, MD. After a successful marketing process that generated multiple offers, the asset sold for $3,300,000 which equates to a 5.91% cap rate.
Robert Bloch, vice president investments, Noah E. Obuchowski, associate, both in Marcus & Millichap’s Washington D.C office along with Michael A. Mele, senior managing director in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Bloch, Mele and Obuchowski.
Best Storage is comprised of three self-storage parcels which are located at 25869 Saint Michaels Road and 1109 Talbot Street, both in St. Michaels, MD, and 8683 Brooks Drive in Easton, MD, all within a ten-minute drive from one another.
“The potential buyers recognized the appeal of this tertiary market. Even though the density was less than optimal, we were able to demonstrate a clear path to increase the revenue. That, coupled with high barriers to entry and a strong demographic profile, enabled us to achieve a great result for the seller, with tight terms and a short closing timeframe” stated Bloch.
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.
