By Evelyn Jozsa
Marcus and Millichap arranged the sale of Extra Space Storage, a 51,455-square-foot self-storage facility, previously known as Private Storage, in Orlando, Fla. Michael Mele and Luke Elliott, investment specialists at Marcus and Millichap’s office in Tampa, marketed the property on behalf of the seller, a private investor. The company has also represented and secured the buyer, an investment firm.
“This transaction demonstrates the self-storage industry’s continued consolidation as major players purchase smaller properties in both the nation’s primary and emerging markets,” said Mele, in prepared remarks.
Extra Space Storage at Orange Blossom Trail and U.S. Route 441, is situated at one of Orlando’s major thoroughfares. The highway is exposed to a great traffic, more than 55,118 vehicles pass through per day. The property, located at 4601 S. Orange Blossom Trail, is part of Southgate Shopping Center. The center is anchored by retailers such as ALDI, Aaron’s and AutoZone. The self-storage facility offers a total of 443 drive-up units, parking and recreational vehicle parking.
Image courtesy of Marcus and Millichap