$12 MILLION SELF-STORAGE FACILITY SALE ARRANGED BY MARCUS & MILLICHAP

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    Marcus & Millichap, the nation’s largest real estate investment services firm, has arranged the sale of Pleasant Hill Self Storage, a 981-unit, 106,475-square-foot self-storage facility located in Kissimmee, Fla. The $12,000,000 sales price equates to $144 per square foot. Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, along with Douglas K. Mandel, a first vice president investments, and C. Todd Everett, SIOR, senior associate, both in the firm’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in West Palm Beach, Fla. Mele and Everett also represented the buyer, a New York-based private investor. “This sale has an aggressive price per square foot for the Orlando market,” says Mele. “However, the extremely high barriers-to-entry that exist for new competition and the property’s potential upside justify the sales price for the new owners.” “The facility also fits nicely into their portfolio,” adds Mele. The property is located at 4390 Pleasant Hill Road in Kissimmee, Fla. Constructed in 2006 and expanded to include two additional storage buildings in 2009, Pleasant Hill Self Storage is the newest self-storage facility in the Kissimmee area. The 83,280- net-rentable square-foot property stretches across 14.7 acres. The units range in size from 25 square feet to 600 square feet and 45 percent are climate-controlled. The property also has 234 parking spaces for recreational vehicle storage and boat storage. About Marcus & Millichap With more than 1,100 investment professionals in offices nationwide, Marcus & Millichap 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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