Marcus & Millichap : Closes Five-Property Vehicle Storage Portfolio Sale
April 22, 2023 at 01:10 am IST
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Marcus & Millichap Closes Five-Property Vehicle Storage Portfolio Sale
April 21, 2023
COLUMBUS, Ohio, April 21, 2023 - 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 a 1,499-unit, five-property Cuzin's Vehicle Storage portfolio located in Bonita Springs, Fort Myers, Largo, and Sarasota, Florida.
"All the properties are located in affluent markets with well-defined needs for vehicle-specific storage," said Meir Perlmuter, first vice president investments in Marcus & Millichap's Columbus office. "At the time of the sale, three were stabilized assets and two had opened recently, a combination that gives our buyer steady cash flow and room to grow revenue. I am thrilled to have facilitated one of the largest-ever boat and RV storage transactions in the United States and our team will continue to be a leader in the boat/RV storage investment sales sector."
Perlmuter and Marcus & Millichap's Nathan Coe, Gabriel Coe and Brett Hatcher represented the seller, and procured the buyer, Macritchie Inc. Ryan Nee, senior vice president and division manager is Marcus & Millichap's broker of record in Florida. "We are very pleased to add Cuzin's to our growing RV storage portfolio across the United States," added Will Matthews, Macritchie Inc.'s founder and principal. "This is an important step in becoming the preeminent leader in RV storage."
The properties all have gated entry, 24-hour video surveillance, on-site managers, and offices. Built in 2011 on 4.5 acres, the Bonita Springs location has 155 covered parking spaces and three covered parking structures. There are two properties in Fort Myers, one on Plantation Road, constructed in 2016 on 10 acres with seven covered parking structures and 350 spaces. The second Fort Myers property is composed of two facilities, one on Industrial Drive built in 2001 with 163 covered parking spaces and one on Mainline Parkway constructed in 1996 with 79 uncovered parking spaces.
Completed in 2021 on nine-plus acres, the location in Largo has 421 parking spaces and nine covered structures. The property in Sarasota is a 330-space, seven-structure asset built on nine-plus acres in 2022.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 21 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2023 19:39:08 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
