Marcus & Millichap arranges sale of South Shore self-storage property

Rockland, MA Marcus & Millichap completed the sale of Pleasant Storage, a 231-unit self-storage property.

“This sold sub 5% cap rate and shows the continued appetite for stabilized self-storage facilities,” said Nathan Coe, senior managing director investments and lead agent involved in the transaction. “The buyer is acquiring a solid self-storage and flex property with a tremendous amount of upside in a strong, undersupplied storage market.”

Nathan Coe, Gabriel Coe and Brett Hatcher, investment specialists in Marcus & Millichap’s Columbus office, in association with Thomas Shihadeh, Marcus & Millichap’s Massachusetts broker of record, marketed the property on behalf of the seller, a local father-and-son ownership group, and procured the buyer, Patriot Holdings and All Purpose Self Storage.

Pleasant Storage is located at 265 Pleasant St. on a 4.9-acre site. Built in 2003, the property features 222 non-climate-controlled units and nine additional units across 45,160 rentable s/f and seven buildings. The facility offers opportunities for future expansion.