Marcus & Millichap Promotes Mele, Transacts Multi-Family Sales

By Georgiana Mihaila, Associate Editor This week was a highly active one for the Tampa team of Marcus & Millichap Real Estate Investment Services. The company started by naming Michael Mele first vice president of investments, one of its highest levels [...]

This week was a highly active one for the Tampa team of Marcus & Millichap Real Estate Investment Services. The company started by naming Michael Mele first vice president of investments, one of its highest levels of recognition for its investment specialists. The promotion stands as excellence award in the development and servicing of long-term client relationships. Mele, who specializes in the sale of self-storage investment real estate, joined the firm in May 1999 and was promoted to senior associate in May 2002. In 2008, he was named vice president of investments; the new promotion takes him to nine sales recognition awards from Marcus & Millichap. Mele is also a senior director of the firm’s national self-storage group.

The first transaction Mele mediated after his promotion was the sale of Mandarin Mini Storage, a 52,800-square-foot self-storage facility in Jacksonville. The asset—consisting of 546 units—traded for $1.3 million, with Mele having the exclusive listing to market the property on behalf of the seller, a REIT. The buyer, a California-based limited liability company, was also represented by Mele.

Marcus & Millichap also announced the sale of Courtyard Apartments, a 59-unit multifamily property in St. Petersburg. Associate vice president of investments Michael Regan and senior associate Francesco Carriera of the Tampa office marketed the property on behalf of the seller, a local limited liability company; they were assisted in representing the buyer, a limited liability company, by Nicholas Meoli, a multifamily specialist. The Courtyard Apartments, located at 2400 15th Ave. S., were built in 1960. The two concrete-block buildings with flat roofs offer two-bedroom, one-bathroom units of 600 square feet. The property traded for $1.2 million.