$25 Million Long Island Self-Storage Property Sale Brokered by Marcus & Millichap
MIDDLE ISLAND, N.Y., Oct. 6, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Middle Island Self Storage, a 74,061-square-foot, 726-unit self-storage facility managed by Public Storage in Middle Island, New York. The property sold for $25 million, which equates to $34,435 per unit.
“Self-storage properties have been remarkably resilient over the past 18 months,” said Nathan Coe of Marcus & Millichap’s Columbus, Ohio office. “In June, increased demand lowered the national self-storage vacancy rate to a multi-decade low of 5.5% and revived rent growth across the country. Middle Island Self Storage is a high-quality, stabilized asset located within a well-populated and affluent submarket in Suffolk County.” Nathan Coe, Brett Hatcher and Gabriel Coe represented the seller and procured the buyer. John Krueger, vice president and regional manager, is Marcus & Millichap’s broker of record in the state of New York.
Constructed in 2019 on five-plus acres, the property is located on Middle Country Road in a high-traffic area surrounded by retail, restaurants, car dealerships, schools, and residential neighborhoods. The three-building facility has an on-site management office, keypad entry, and 24-hour video surveillance. The majority of the units are climate controlled. At the time of the sale, the property was 91% physically occupied.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.