Self-Storage Development Site Sells for $11M

1784 Capital Partners is planning to develop a new self-storage facility on the 1.5-acre parcel in Bethesda, Md.
5204 River Road in Bethesda, Md.5204 River Road in Bethesda, Md. Sells for $11M
Washington, D.C.—Marcus & Millichap has arranged the sale of a 1.5-acre parcel of land located at 5204 River Road in Bethesda, Md., in the Washington, D.C. MSA. Robert Bloch and Michael Mele, investment specialists in Marcus & Millichap’s D.C. and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a single asset corporation. The buyer, 1784 Capital Partners, was also secured by Bloch and Mele.
The land sold for $11 million, or approximately $7.3 million per acre. 1784 Capital Partners intends to redevelop the site into a Class A self-storage facility, according to Bryn Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices…
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