Mele Storage Group Brokers $4 Million Sale of Armor Storage

May 18th, 2007

Marcus & Millichap’s Mele Storage Group continues its 2007 sales streak with the closing of Armor Storage. The Mele Storage Group’s Michael Mele brokered the $4 million deal for his client, Tampa Bay-based Watermark Development Group.

“Much of the Florida’s population growth is heading to southwest and central Florida, and the Watermark Development Group is benefiting from its ability to pick the right market at the right time and build a Class A facility with attractive amenities,” said Michael A. Mele, Senior Investment Associate at Marcus & Millichap’s Mele Storage Group.

A newly constructed Class-A facility located in Spring Hill, Armor Storage leverages its strategic Central Florida position by offering climate-controlled traditional storage, RV and boat storage. Spring Hill is a growing city in fast-growth Pasco County. Indeed, Pasco County is the 38th fastest growing county in the nation with a population growth of 5.2 percent a year. Spring Hill’s population exceeds 70,000 with a median resident age of 48 and income of $42,000. There are 32,782 households within a five-mile radius and a projected population growth of 15 percent by 2010.

“Watermark has a reputation for building best of breed properties with suitable amenities and Armor Storage certainly fits that description,” said Mele, who is also president of the Florida Self Storage Association. “The buyer was a savvy investor who understood the quality of the facility, as well as its strategic location. These are among the chief ingredients of a profitable self-storage venture.”

Entry Filed under: Industry Happenings