EMERALD COAST SELF-STORAGE FACILITY SELLS FOR $10 MILLION

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    Seagrove Beach Self StorageMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Seagrove Beach Self Storage, a self-storage facility in Santa Rosa Beach, Fla. featuring 577 climate-controlled storage units. The $10,000,000 sales price equates to $153 per square foot, which sets a new record for self-storage facilities of this size sold in the Florida Panhandle so far this year. Michael Mele, senior vice president investments in Marcus & Millichap’s Tampa office, and Stacey Gorman, senior associate in the firm’s Atlanta office, represented the seller, an Atlanta-based family trust, and the buyer, a private operator based in South Florida. “Seagrove Beach Self Storage is an extremely high-quality asset with historically high occupancy rates,” says Mele. “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.” Built in 2006, the 65,540-square-foot facility is located at 4297 East County Highway 30A— also known as Scenic 30A—in Santa Rosa Beach, Fla. The property serves the 16 beach communities of South Walton, all of which are located along a 26-mile stretch of Northwest Florida’s famed Emerald Coast. Each community features a tranquil setting enforced by strict zoning requirements, luxury beach houses, upscale restaurants and art galleries. In 1998, The Truman Show starring Jim Carrey was filmed in the Seaside beach community. Seagrove Beach Self Storage features one three-story building, a manager’s leasing office, electronic gate access, computerized security, commercial and residential spaces, freight elevators and a sprinkler system.   About Marcus & Millichap (NYSE: MMI) With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 billion. The company 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]]>

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