Marcus & Millichap’s Mele Storage Group Negotiates Additional $600,000 in Sale of Bradenton Self-Sto

From: Self Storage Promotions
Published: Tue Jan 16 2007

The "For Sale By Owner" trend may have gained momentum in residential properties during the recent real estate boom times, but Marcus & Millichap’s Mele Storage Group is proving once again that it pays to work with professional commercial realtors.

Indeed, removing the middle man can cost hundreds of thousands of dollars. Just ask the seller of 64 Stor-N-More Self Storage in Bradenton, Fla. 64 Stor-N-More is a 91,000 square foot, state-of-the-art facility that features a strategic blend of climate controlled and non-climate controlled units. 64 Store-N-More offers 599 units, 435 of which are climate controlled. Sixteen of those climate controlled units offer tenants drive up access. The mixed-use facility, complete with four parking spaces for RVs and boats, is located one-quarter mile west of Interstate 75. The seller, however, could have lost hundreds of thousands of dollars on this strategically located facility had he not contracted with the Mele Storage Group to broker the deal.

"The seller was approached by a local operator with an unsolicited offer of $7.75 million. After meeting with our team, the seller saw the value in allowing us to represent him in the transaction," said Michael A. Mele, senior investment associate at Marcus & Millichap’s Mele Storage Group. "That trust paid off – and so did our negotiations on the seller’s behalf. The same operator who made the unsolicited offer wound up purchasing 64 Stor-N-More for $8.35 million. It wasn’t until the buyer realized that we were representing the seller that he stepped up to the plate with a higher price."

The Mele Storage Group brought $600,000 of value to the table for its client in what concluded as a win-win deal for both sides of the transaction. The seller received top dollar for his property, which boasts a prime location next to a brand new Wal-Mart Supercenter with a sign facing Wal-Mart and State Road 64. The closest competitor is two miles away, and does not enjoy the same visibility from the roadways. The buyer scored a property with a physical occupancy rate of 92 percent and a healthy cash on cash and total return on investment.

"This deal proves once again that our team is more than brokers. We are value-added consultants who work for our clients to get the best possible price," said Mele, who is also president of the Florida Self Storage Association. "Self-storage property owners may save on commissions if they choose to go it alone, but those cost savings can quickly evaporate – and actually cost you hundreds of thousands of dollars – if you don’t understand how to facilitate a large commercial property deal."

About The Mele Storage Group
Led by East Coast Self Storage Specialist Michael A. Mele, The Mele Storage Group has sold over 70 self-storage properties totaling over $266 million in sales. Mele has over $108 million in Active and Under Contract listings and a database of approximately 3,200 buyers seeking to expand their self-storage portfolios on the East Coast. Mele closed more than $86 million in self-storage sales in 2006 alone. Each member of the group is a specialist in the fields of financial analysis, market research, contract management and marketing.

About Marcus & Millichap
With more than 1,100 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2005, the firm closed more than $21 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

PR Contacts:

Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009

Mele Storage Group
Darlina Conto
7650 Courtney Campbell Cswy., Suite 920
Tampa, FL 33607
813.287.9777, ext. 187

Company: Self Storage Promotions
Contact Name: Jennifer LeClaire
Contact Email:
Contact Phone: 954.454.0072

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