Press Releases
Marcus & Millichap Arranges the Sale of CubeSmart (Managed) in Ridgecrest, California
January 26, 2024
SAN FRANCISCO, January 26, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, today announced the sale of CubeSmart (Managed), a 48,450 square-foot self-storage property located in Ridgecrest, California.
Dean Trammell, investment associate, in Marcus & Millichap’s San Francisco office and Adam Schlosser, senior managing director, in the firm’s Denver office, represented the seller, a development group out of Alabama. “This recently converted CubeSmart has shown impressive lease-up activity. The successful execution of this trade in current market conditions speaks to the resilience and expertise of both seller and buyer,” said Trammell. The Buyer was also secured by Trammell and Schlosser. Jim Markel, first vice president and regional manager of the firm’s Encino, Bakersfield, Fresno, and Ventura offices, served as the broker of record.
Converted from a Walmart Center in 2022, this Class “A” facility offers 457 first floor climate-controlled units and is the only REIT-managed property in the trade area. The facility is located at 909 South China Lake Boulevard.
Dean Trammell, investment associate, in Marcus & Millichap’s San Francisco office and Adam Schlosser, senior managing director, in the firm’s Denver office, represented the seller, a development group out of Alabama. “This recently converted CubeSmart has shown impressive lease-up activity. The successful execution of this trade in current market conditions speaks to the resilience and expertise of both seller and buyer,” said Trammell. The Buyer was also secured by Trammell and Schlosser. Jim Markel, first vice president and regional manager of the firm’s Encino, Bakersfield, Fresno, and Ventura offices, served as the broker of record.
Converted from a Walmart Center in 2022, this Class “A” facility offers 457 first floor climate-controlled units and is the only REIT-managed property in the trade area. The facility is located at 909 South China Lake Boulevard.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
