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 Midway Storage and Rentals, a 21,664-NRSF self-storage facility located in Augusta, Georgia, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Brian Fulton, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, also was secured and represented by Michael A. Mele and Brian Fulton. Michael J. Fasano, Broker and Regional Manager, assisted in closing this transaction.
“We enjoyed working with the owner to maximize the value of his facility and the expansion potential for the location. We believe this transaction represented a unique opportunity for the buyer to generate additional value by way of a previously-approved expansion opportunity at the site,” says Fulton.
Midway Storage and Rentals is located at 1735 Barton Chapel Road in Augusta. Strategically situated near Interstate 520, the facility’s surroundings feature a strong demographic profile for storage with a high amount of renter-occupied housing units in the flourishing Augusta market. The 175-unit facility has a high year-round physical occupancy and offers many expansion opportunities to match the area’s growing population.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
