Bloch & Mele of Marcus & Millichap DC office arranges 71,608 s/f self-storage sale in Temple
TEMPLE HILLS, MD — Marcus & Millichap announced the sale of Budget Self Storage, a 65,394-net rentable s/f self-storage facility located in Temple Hills. The asset sold for $4.25 million. Robert Bloch, self-storage investment specialist, and Michael Mele senior VP investments in Marcus & Millichap’s Washington, DC and Tampa, FL offices, respectively, had the listing to market the property on behalf of the seller, a local real estate investor who has owned the property for nearly 20 years. The buyer, a growing self-storage investor with properties in MD and PA, was also brought to the deal by Bloch and Mele.
“Since this was a difficult location on a dead end road, it could have been a challenging deal, but we were able to find a buyer who believes in the strength of the area, and has a clear marketing vision to achieve stabilization” Bloch said. “The new owner has a plan to tap into the massive nearby development and growing demographics in order to hit capacity.” Budget Self Storage is located at 5061 Beech Pl. The property is one mile from the new Town Center at Camp Spring, a mixed use development consisting of high density multi-family housing and retail, located at the Camp Springs metro station. The proposed development, Suitland Town Center, a community park with retail and multi-family properties, is less than three miles from the property. Also, the storage facility is approximately four miles from a new development in Suitland at the corner of Marlboro Pike and Brooks Dr. “Robert’s ability to close this potentially difficult deal demonstrates Marcus & Millichap’s, as well as Robert’s, success and knowledge of the Mid-Atlantic region,” Mele concluded. MIDLOTHIAN, VA — Marcus & Millichap announced the sale of Union First Market Bank, a 3,500 s/f net-leased property located in Midlothian. The asset sold for $1.95 million, or $557 psf . Rich Merryman, senior VP investments, and Bill Schofield, first VP investment, both in Marcus & Millichap’s San Francisco, CA office, had the listing to market the property on behalf of the seller, an institutional fund based out of NY. The 1031 exchange buyer, a full service commercial real estate firm out of Fredericksburg, was secured and represented by Chandler Pace, investment specialist, and Robert Filley, senior director in the firm’s DC office. Union First Market Bank is located at 13700 Midlothian Tpke. within the expanding retail corridor between Hwy. 288 and 76.