{"id":1004154389,"date":"2016-10-10T01:36:28","date_gmt":"2016-10-10T09:36:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154389"},"modified":"2021-05-14T21:29:41","modified_gmt":"2021-05-15T05:29:41","slug":"self-storage-asset-changes-hands-in-sarasota-county","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-asset-changes-hands-in-sarasota-county\/","title":{"rendered":"Self-Storage Asset Changes Hands in Sarasota County"},"content":{"rendered":"

By Adriana Pop<\/em><\/p>\n

North Port, Fla<\/strong>.\u2014The Mele Group<\/a> of Marcus & Millichap<\/a> has arranged the sale of Patriot Self Storage of Talon Bay, an 849-unit self-storage facility<\/a> in North Port. The property is the second component of the two-facility Patriot Self Storage portfolio.<\/p>\n

\"Patriot<\/a>

Patriot Self Storage of Talon Bay, North Port, Fla.<\/p><\/div>\n

Patriot Self Storage of Talon Bay is located in a dense residential area in North Point, just 400 feet away from the Tamiami Trail\u2014U.S. Route 41\u2014and near Interstate 75 and Florida State Road 776. National retailers in the vicinity include Publix Supermarket, Lowe\u2019s, T.J. Maxx, Five Guys and CVS. Overall, the facility provides 746 climate-controlled units and 103 non-climate-controlled units that range in size from 20 to 300 square feet.<\/p>\n

\u201cThe North Port-Sarasota-Bradenton MSA is experiencing one of the country\u2019s highest migration rates, a trend that is favorable to the region\u2019s self-storage assets,\u201d Michael Mele, a senior director of Marcus & Millichap\u2019s National Self-Storage Group, said in prepared remarks. \u201cNorth Port has the highest population in the MSA, which should support the growth of this asset. At the time of the sale, Patriot Self Storage of Talon Bay was nearly 80 percent physically occupied and just under 70 percent economically occupied.\u201d<\/p>\n

Mele, along with Luke Elliott, NSSG director, represented the seller and procured the buyer.<\/p>\n

\u201cPatriot Self Storage represents a Class A asset in a tertiary yet notably growing market. We had offers from a variety of buyers nationwide, from REITs to regional operators, further indicating the need to migrate into smaller markets in search of yield,\u201d added Elliott.<\/p>\n

In a recent transaction, The Mele Group of Marcus & Millichap has also arranged the sale of Patriot Self Storage of Bobcat Trail<\/a>, an 818-unit facility representing the first component of the Patriot Self Storage portfolio in North Port.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap closed on the sale of the second component of the two-facility Patriot Self Storage portfolio in North Port, Fla.<\/p>\n","protected":false},"author":260,"featured_media":1004154390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742],"tags":[],"class_list":["post-1004154389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest"],"acf":[],"yoast_head":"\nSelf-Storage Asset Changes Hands in Sarasota County - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/self-storage-asset-changes-hands-in-sarasota-county\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self-Storage Asset Changes Hands in Sarasota County\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap closed on the sale of the second component of the two-facility Patriot Self Storage portfolio in North Port, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/self-storage-asset-changes-hands-in-sarasota-county\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-10T09:36:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T05:29:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Patriot-Self-Storage-of-Talon-Bay.png\" \/>\n\t<meta property=\"og:image:width\" content=\"841\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-asset-changes-hands-in-sarasota-county\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-asset-changes-hands-in-sarasota-county\/\",\"name\":\"Self-Storage Asset Changes Hands in Sarasota County - 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She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. 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