$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)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.