Red Storage at 3300 N.E. 2nd Ave. in Miami, Fla., was recently sold to Sentry Self Storage. Sentrys owner will operate the 670-unit, 44,449-square-foot facility along with his other property in Coral Springs, Fla. Red Storage, which was 55 percent occupied at the time of sale, was opened via conversion in 1998.
The seller was represented in the transaction by Steve Mellon, vice president and director of the Self Storage Group at Grubb & Ellis Co., a Houston-based real estate services and investment firm. Mellon was joined by Grant Savage, senior vice president of investment services.
According to Mellon, Red Storage is in a great location that stands to benefit when the economy strengthens. The sale was the result of a referral from Dixie Walker, executive vice president of institutional capital markets in the Grubb & Ellis Newport Beach, Calif., office.
During the past six months, the Grubb & Ellis Self Storage Group has closed self-storage assets in Florida, Tennessee and Texas with a total value in excess of $20 million.
Grubb & Ellis employs more than 5,200 professionals in more than 100 company-owned and affiliate offices. The firm provides real estate transaction, management, consulting and investment services as well as investment products to property owners, tenants and investors.