SUFFOLK COUNTY, NY | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Peconic Mini Storage, a 38,160 square foot storage facility with room for expansion located in Riverhead, New York. Building out the approved expansion would allow Peconic Mini Storage to offer the only modern climate-controlled space in an underserved affluent market.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, Mini Storage Companies. “One of the interesting things about this transaction was that it was with a national REIT,” said LeClaire. “It’s the third public REIT that we have closed with in the last 30 days and the fourth of the five REITs is about ready to go under contract with us now,” he continued. “It shows that there is still activity in this segment of the market.”
Peconic Mini Storage consists of 424 climate and non-climate controlled units. It is located on Flanders Road, a well-traveled two-lane roadway with average daily traffic counts of 14,756 and a designated turn lane into the property. Peconic Mini Storage is fully fenced and gated with keypad access and has an on-site leasing office. The property services The Hamptons, one of the most affluent areas in the entire country and a popular weekend and summer destination for wealthy New Yorkers. Local demographics are strong with an average ten-mile household income of $107,062. The area is also considered to be under supplied with just 4.32 square feet of storage per capita within three miles. The competing properties are primarily of 80’s, 90’s and early 2000’s vintage.