By Adriana Pop, Associate Editor
My Neighborhood Storage Center, a 64,480-square-foot self-storage facility located in Orlando, has changed hands for $8.5 million.
Michael Mele, senior vice president investments in Marcus & Millichap’s 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 private investor. The buyer, a REIT, was secured and represented by Michael Mele.
My Neighborhood Storage Center is located at 10053 Lake Underhill Road and covers approximately 9.87 acres. The facility was built in 1997 and offers 572 climate and non-climate controlled units, as well as R.V. parking. Security features include video surveillance and electronic gate access. The property is currently 92 percent occupied.
“This facility was very well maintained and located. The seller, who had built and owned this property for 17 years, decided to take some chips off the table in this vibrant market,” Mele said in prepared remarks.
Image courtesy of Marcus & Millichap