Marcus & Millichap Inc.
03/20/2023 | Press release | Distributed by Public on 03/20/2023 10:26
Marcus & Millichap Announces the Sale of Hanover Self Storage in Hanover, Pennsylvania
Press Releases
Marcus & Millichap Announces the Sale of Hanover Self Storage in Hanover, Pennsylvania
March 20, 2023
HANOVER, Pennsylvania, March 20, 2023 - Marcus & Millichap Real Estate Investment Services of Seattle, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Hanover Self Storage, a 32,150-square-foot self-storage facility located in Hanover, Pennsylvania.
Gabriel Coe, Brett R. Hatcher and Nathan Coe, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Sean Beuche, Pennsylvania Broker of Record, assisted in closing this transaction.
"This was sold as part of a 12-property portfolio to an out-of-state buyer after multiple competing offers," said Gabriel Coe, the lead agent involved. "The buyer will benefit from strong existing cash flow and the opportunity to raise rents."
Hanover Self Storage is located about thirty-three miles south of Harrisburg in Hanover, Pennsylvania. This stabilized, cash-flowing facility is situated on approximately 2.11 acres of land and currently features 92 climate-controlled, 138 drive-up, and 38 interior self-storage units that make up 32,150 net rentable square feet, as well as 10 outdoor parking spaces.
Gabriel Coe, Brett R. Hatcher and Nathan Coe, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Sean Beuche, Pennsylvania Broker of Record, assisted in closing this transaction.
"This was sold as part of a 12-property portfolio to an out-of-state buyer after multiple competing offers," said Gabriel Coe, the lead agent involved. "The buyer will benefit from strong existing cash flow and the opportunity to raise rents."
Hanover Self Storage is located about thirty-three miles south of Harrisburg in Hanover, Pennsylvania. This stabilized, cash-flowing facility is situated on approximately 2.11 acres of land and currently features 92 climate-controlled, 138 drive-up, and 38 interior self-storage units that make up 32,150 net rentable square feet, as well as 10 outdoor parking spaces.
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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.