Long Island Self Storage Facility Trades for $25M
The 726-unit property was 91 percent leased at the time it changed hands.
Marcus & Millichap has brokered the sale of Middle Island Self Storage, a 726-unit facility in Middle Island, N.Y. The property sold for $25 million, the equivalent of $34,435 per unit.
The former owner was Madison Development, a New York City-based developer, according to data from Yardi Matrix. The company completed the facility in 2019 and tapped Public Storage as manager.
The 5.3-acre property encompasses a two-story building and two single-story buildings. Middle Island Self Storage offers a total of 74,061 rentable square feet and includes climate-controlled units as well as storage spaces with drive-up access. Units range between 25 and 240 square feet.
Located in Suffolk County at 901 Middle Country Road, the property is one of 10 facilities within a 5-mile radius, and the only one in Middle Island. The property was 91 percent occupied at the time it changed hands.
The Marcus & Millichap team that arranged the transaction on behalf of the seller included First Vice President Nathan Coe, Senior Managing Director Brett Hatcher and Senior Vice President Gabriel Coe.
This year in July, Marcus & Millichap advised Extra Space Storage in the acquisition of a 1,321-unit self storage portfolio in Texas.