Hollywood Self Storage of 851 Knights Road in Hollywood, Fla., was recently sold by a financial institution to a limited-liability company for $5.5 million. The 83,251-square-foot facility was built in 1972 on approximately 3.7 acres. It contains nine one- and two-story buildings comprising 795 units, 63 of which are climate-controlled. Also included on the property are 15 parking spaces for boats and RVs and a freestanding office building with a managers apartment.
The buyer and seller were represented in the transaction by Charles Chico LeClaire and Michael Mel, investment specialists at Marcus & Millichap Real Estate Investment Services.
It was a great transaction for the seller because they are exiting the industry and a very opportune time for the new owner because they are re-entering and expanding in the Florida market, LeClaire commented.
Founded in 1971, Marcus & Millichap is one of the nations largest firms specializing in commercial real estate investment services. With more than 1,200 real estate specialists in 70-plus offices, the company closed 4,302 transactions in 2010. Marcus & Millichap includes a National Self Storage Group that specializes in self-storage real estate transactions.