MEMPHIS, TN, July 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a five-property, 2,671-unit, 338,766-rentable square foot self-storage portfolio located in the greater Memphis metropolitan area. The terms of the sale were not disclosed.
Charles “Chico” LeClaire (lower right photo), a senior vice president investments in Marcus & Millichap’s Denver office, and Anne Williams (lower left photo), an associate in the firm’s Memphis office, represented the seller, Memphis Storage LLC. Memphis Storage’s managing member is Kenneth Cox. The buyer is Amsdell Storage Ventures VII LLC.
“This acquisition represents a re-entrance into the Memphis market by the buyer and notably added to their national portfolio,” says Williams. “Self-storage acquisitions were steady in 2011 but have increased in 2012. Sellers are motivated to sell while interest rates are low, raising property values and fueling investor demand,” adds Williams.
“This was a perfect match between a motivated buyer and a seller eager to transact in the current market,” offers LeClaire.Two of the properties are located in Memphis, two are in Olive Branch, Miss. and one is in Hernando, Miss.
All of the properties in the portfolio were designed and built as self-storage facilities between 1973 and 2003. All are well maintained and have stabilized income.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
1 comment:
How cool would it be to have some self storage ? Pretty sure it would save me so much space in my home for things i don't need now.
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