Marcus & Millichap Sells 55,067-SF Self-Storage Facility Building in Knoxville, TN

KNOXVILLE, TN, May 27, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Papermill Self Storage, (bottom right photo)  a 55,067-square foot self-storage facility property located in Knoxville, TN, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $2,025,000.

Michael A. Mele, (top right photo)  vice president investments in Marcus & Millichap’s Tampa office, along with Anne Williams, investment specialist in the firm’s Memphis office, had the exclusive listing to market the property on behalf of the Texas-based seller, a bank/financial institution. The buyer, a limited liability company based out of Mississippi, is also represented by Mele and Williams.

“This sale is one of the first of what will be a wave of REO sales in self-storage”, stated Mele.

 “We will see many more deals like this one over the next two years, as financial institutions look to clear their inventory of self-storage properties” added Mele.

Papermill Self Storage is located at 3980 Papermill Road. This property was built in 2004, expanded in 2007 and enjoys a 70.04 percent physical occupancy.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700