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Middle Island self-storage facility sells for $25M

A self-storage facility in Middle Island has traded for $25 million. 

Dallas-based Pegasus-IP purchased the 74,061-square-foot property on 5.27 acres at 901 Middle Country Road. 

Managed by Public Storage, the newly built facility has 726 storage units and the sale price equates to $34,435 per unit. 

Constructed in 2019, the three-building facility has an on-site management office, keypad entry, and 24-hour video surveillance. The property was 91 percent occupied at the time of the sale. 

Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented Manhattan-based seller Wildflower Ltd. And procured the buyer. 

“Self-storage properties have been remarkably resilient over the past 18 months,” Coe said in a written statement. “In June, increased demand lowered the national self-storage vacancy rate to a multi-decade low of 5.5 percent and revived rent growth across the country.”