Thursday, July 19, 2012

Marcus & Millichap announces sale of Tellus self storage portfolio in Tennessee for $4.5 million

 MEMPHIS MSA, TN, July 19, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tellus Self Storage Portfolio (top left photo), a 198,910-square foot self-storage facility located in the Memphis MSA, Tennessee, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $4,500,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) in the Tampa, Fla. office of Marcus & Millichap and Anne Williams, associate and broker of record in the firm’s Memphis, Tennessee office, represented the Mississippi-based seller. 

Tellus Self Storage Portfolio is located at 7384 Raleigh LaGrange Road. Each facility is equipped with both climate and non-climate controlled units among a variety of other amenities.  Combined, the portfolio has a total of 146,355 net rentable square feet and 844 storage units.

“This deal is a great example of how effective the Marcus & Millichap marketing platform is,” comments Mele. “Through our extensive marketing, we were able to find a first time buyer from out of the region for a property in Memphis, Tennessee and close the deal with CMBS financing,” adds Mele.

 “This was a great match between a motivated seller and a buyer eager to transact in the current market,” offers Williams.          

Press Contact:

 Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

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