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 J & B Storage, a 29,500-net rentable square foot, self-storage facility located in New Palestine, IN, according to Josh Caruana, regional manager of the firm’s Indianapolis office.
Mickey Hurley, Sean M. Delaney and Michael A. Mele, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Mickey Hurley, Sean M. Delaney and Michael A. Mele.
According to Mickey Hurley, “J & B Storage is yet another example of the high demand for self-storage assets. While New Palestine, Indiana is a tertiary market by any standard and the property itself presented development challenges, our dynamic marketing platform still garnered attention from many out of market buyers and we were able to generate multiple offers for the seller to consider.”
The facility is located at 5780 West US Highway 52 in New Palestine, Indiana and witnesses traffic counts of over 11,000 vehicles daily along its road. Situated on approximately 8.59 acres and constructed in 1992, the facility has a total of 241 non-climate controlled units. The facility is in close proximity to Interstate 465 and is surrounded by a mixture of residential neighborhoods and national retailers.
J & B Storage represents the best product the New Palestine market has to offer in terms of security, appearance, convenience and overall consumer value, which is further demonstrated by the facility’s historically high occupancy. At the time of the sale, the facility was 90 percent physically occupied.