Budget Self Storage, a 64,440-net-rentable-square-foot facility in Temple Hills, Md., recently sold to a growing self-storage investor with properties in Maryland and Pennsylvania for $4.25 million, according to a press release by Marcus & Millichap, the commercial real estate firm that brokered the transaction. The seller was local real estate investor who has owned the property for nearly 20 years.
The property at 5061 Beech Place is just inside the 495 Beltway, a 15-minute drive from the National Harbor and approximately one mile from the new Town Center at Camp Spring, a mixed-use development consisting of high-density multi-family housing and retail. It’s also close to Suitland Town Center, a community park with retail and multi-family properties, and a new development at the corner of Brooks Drive and Marlboro Pike in Suitland.
Robert Bloch, self-storage investment specialist in the Marcus & Millichap Washington, D.C., office, and Michael Mele, senior vice president of investments in the firm’s Tampa, Fla., office, had the exclusive listing to market the property on behalf of the seller and also brought the buyer to the deal.
“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,” said Bloch. “The new owner has a plan to tap into the massive nearby development and growing demographics in order to hit capacity.”
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.
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