Nick Walker, Vice President of Investments for Marcus & Millichap has facilitated the transaction of Malibu Mini Storage in Las Vegas, Nevada. The well constructed property sold for $9.45 million and closed escrow at the end of July.
“The market for institutional quality self-storage facilities is currently in high demand. With the lack of inventory available, investors are willing to pay a premium for these properties,” said Walker. “Malibu Mini Storage received a dozen qualified offers, had a short due diligence, a really quick closing period and an aggressive in place cap rate.”
Malibu Self Storage sits on approximately eight acres of land and contains 103,375 rentable square feet of self-storage and an additional 66,600 square feet of RV and boat spaces. The facility consists of 982 climate and non-climate controlled units and 206 RV and boat parking spaces.
About Marcus & Millichap
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]]>