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| A+Storage Portfolio, Nashville, TN |
NASHVILLE, TN– Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of a portion of the A+ Storage
Portfolio in Nashville, Tenn.
A+ Storage sold five of its 12 Class A properties, including
2,800 units with 346,264-rentable-square feet in the greater Nashville area.
The $33,600,000 sales price equates to $97 per square foot. The sale did not include A+’s flagship
facility and corporate headquarters in the Gulch area of downtown
Nashville.
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| Michael A. Meli |
Michael
Mele, senior vice president investments in Marcus & Millichap’s Tampa
office, and Anne Williams, senior associate in the firm’s Memphis office,
represented the seller, Tommy Pierce, and the buyer, Kurt O’Brien. The properties will be managed by Simply
Self Storage.
“This was
the first time in the last eight years that a self-storage investment opportunity
of this size and quality had been available in middle Tennessee,” says Mele.
“The portfolio was strategically aggregated by a private
Nashville owner and operator who developed, managed and expanded the majority
of the facilities during the recession.
This is a testament to the strength of the self-storage business and the
portfolio’s viability and growth potential.”
“The A+ Storage portfolio is an outstanding blend of
stabilized assets with strong cash-flow and expansion opportunities in solid growth
submarkets of the greater Nashville area,” adds Williams.
“The stars were lined up for this one,” says Pierce.
“Interest rates remained low, the self-storage industry fared the recession
well, and Nashville became one of the top 10 business and real estate markets
in the country. The purchaser already
has a national presence, and this acquisition allows them to establish a strong
presence in Nashville with one transaction. The A+ Storage team, together with the
Marcus & Millichap team, did a terrific job navigating the transaction to a
successful closing,” concludes Pierce.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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