Penny Pinchers Self Storage, a 49,688-square-foot self-storage facility in Charlotte, N.C., sold for $1,025,000.
Built in 1974 the facility was renovated in 2008. The facility, 124 Dorton St., has 334 self-storage, non-climate controlled units and 19 units for RV/boat parking. These units range from 50 to 600 square feet. At the time of the sale, Penny Pinchers was 77 percent occupied.
Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, Allen Smith, a vice president investments in the Charlotte Uptown office, and associate Stacey Gorman in the Atlanta office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Mele and Gorman.
Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,200 investment professionals in offices nationwide.