Safe and Sound Storage in Jensen Beach, Fla., was recently sold for $8.6 million, or $135 per square foot, to a New York-based institutional investor. The property at 1400 N.E. Savannah Road encompasses 82,949 square feet of storage space in 797 units. Built in 1989 on nearly 8 acres, the facility features 10 single-story buildings, an office, climate-controlled and standard units, and covered RV parking.
The seller, a private investor, had been approached by several off-market buyers, according to a press release from Marcus & Millichap Real Estate Investment Services, the commercial property investment firm that brokered the deal. Michael Mele, senior vice president of investments, and associate Luke Elliott from the firm’s Tampa, Fla., office, represented the seller and buyer.
Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion.