HARRISBURG, PA — Marcus & Millichap announced the sale of Storhouse at Paxton St., a 57,806 s/f self-storage facility located in Harrisburg.
Michael Mele, Robert Bloch and Noah Obuchowski, self-storage investment specialists in Marcus & Millichap’s Tampa and D.C. offices, had the listing to market the 598-unit facility on behalf of the seller. The buyer was also secured and represented by Mele, Bloch and Obuchowski. Anthony Palumbo, broker, assisted in closing this transaction.
“This transaction, I think more than most, is testament to our understanding of the market for storage assets,” Bloch said. “We were able to achieve a low cap rate for the seller in a third-tier market, by demonstrating a clear path to higher revenue. There was still sufficient runway for the buyer to achieve the results that they were seeking.”