Marcus & Millichap Inc.
09/03/2024 | Press release | Distributed by Public on 09/03/2024 10:01
Marcus & Millichap Arranges Sale of 223 Unit Self Storage Property in Tallahassee
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Marcus & Millichap Arranges Sale of 223-Unit Self-Storage Property in Tallahassee
September 03, 2024
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TALLAHASSEE, Fla., Sept. 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sentry Self-Service Storage, a 223-unit self-storage property located in Tallahassee, Florida.
"The current market is not what it was when interest rates were next to nothing," said Jonathan Fawley, first vice president investments. "This was a great illustration by both sides of needing to get creative to get a deal done that satisfied both parties. There were many nuances and hurdles that were overcome to get this across the finish line."
Fawley, Nathan Coe, Gabriel Coe and Brett Hatcher, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, Sentry Self Storage, and procured the buyer, Vault Ventures. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
Located at 3116 W. Tharpe Steet, Sentry Self-Service features 223 non-climate-controlled units totaling 24,350 net rentable square feet. The property is situated on 1.69 acres approximately five miles west of downtown Tallahassee and Florida State University.
"The current market is not what it was when interest rates were next to nothing," said Jonathan Fawley, first vice president investments. "This was a great illustration by both sides of needing to get creative to get a deal done that satisfied both parties. There were many nuances and hurdles that were overcome to get this across the finish line."
Fawley, Nathan Coe, Gabriel Coe and Brett Hatcher, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, Sentry Self Storage, and procured the buyer, Vault Ventures. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
Located at 3116 W. Tharpe Steet, Sentry Self-Service features 223 non-climate-controlled units totaling 24,350 net rentable square feet. The property is situated on 1.69 acres approximately five miles west of downtown Tallahassee and Florida State University.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.