Miracle Self Storage in Canton, Ga., sold for $2 million in an all-cash deal to a real estate investment trust. The seller was a financial institution.
The facility has 53,105 rentable square foot, and is within the greater Atlanta metropolitan area in Cherokee County. The property was initially a note sale that was in foreclosure with no financing available to the purchaser. The property was purchased on price per square foot, rather than cap rate.
Stacey Gorman, an investment specialist and member of the National Self Storage Group in the Atlanta office of Marcus & Millichap Real Estate Investment Services, had the exclusive listing to market the property.
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap is the nations largest firm specializing in commercial real estate investments.