Thursday, September 18, 2014

Five-Property Self-Storage Portfolio in Nashville, TN Sells for $33.6 Million


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. 

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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