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Hanover Holdings Acquires US 41 Self Storage Facility

SunTrust Banks Closes $3.2M REO Sale
October 16, 2012
SunTrust Banks, Inc. sold the bank-owned US 41 Self Storage facility at 14150 N. Cleveland Ave. in North Fort Myers, FL to Hanover Holdings, Ltd. for $3.2 million, or about $42 per square foot.

The two-story, 76,903-square-foot storage facility totals 438 units of varying size, including 219 climate-controlled units. It was built in 2006 on nine acres in Lee County. The facility was foreclosed on by SunTrust Bank back in July 2012.

Michael Mele of Marcus & Millichap brokered the deal for the seller.

For additional details on this transaction, refer to CoStar COMPS #2569064.

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