By Adriana Pop, Associate Editor
Marcus & Millichap has secured the sale of Cocoa Beach Self Storage, a 28,730-square-foot self-storage facility located in Cocoa Beach, Fla.
Luke Elliott, associate in Marcus & Millichap’s Tampa office, and Michael Mele, senior vice president investments in the Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a financial institution. Luke Elliott and Michael Mele also secured and represented the buyer, a private investor.
Built in 2009, Cocoa Beach Self Storage is located at 14 South 20th St. and offers 318 storage units inside one large, three-story building.
With 5,000 square feet of solar paneling, the property ranks as one of the greenest self-storage facilities in Florida. Cocoa Beach Self Storage also has dominant market share in the area and experiences little to no competition from nearby facilities.
A popular tourist destination with 2.4 million visitors per year, Cocoa Beach is a traditionally white-collar area with an average household income of $84,890 within a five mile radius.
“This was a Class A facility that was less than 30,000 square feet in a high barrier to entry, but tertiary market.” Elliott said in prepared remarks. “Overwhelmingly the market spoke and we found a buyer for whom this facility worked well for. It will be a great addition to their portfolio.”
Image courtesy of Marcus & Millichap