Marcus & Millichap announced the sale of Seagrove Beach Self Storage last week
December 29, 2014- Marcus & Millichap is a leading commercial real estate investment services firm and has offices throughout the United States and Canada. It has announced the sale of self-storage in Santa Rosa Beach, FL. The self-storage has 577 climate controlled storage units. It was sold for $153 per square foot which sets a new record for self-storage facilities of similar size in the state.
"Seagrove Beach Self Storage is an extremely high-quality asset with historically high occupancy rates," says Mele, senior vice president investments in Marcus & Millichap’s Tampa office. "It will make a great addition to the new owner's portfolio."
"The acquisition gives the purchaser significant market share with very limited competition," adds Gorman. "Restrictive building regulations combined with the high cost of land in Santa Rosa severely limit any new competitors from entering the market."
The self-storage was constructed in 2006. It is 65,540-square-foot facility and is located at 4297 East County Highway 30A. The self-storage serves residents of 16 beach communities of South Walton, along 26-mile stretch of Northwest Florida’s famed Emerald Coast.
The self-storage is three story building with a manager’s leasing office, and facilities like electronic gate access, computerized security, commercial and residential spaces and more.Read complete article on: http://www.ministoragemessenger.com/