Memphis-Area Self-Storage Portfolio Sells for $16.6 Million

  

Anne Williams

MEMPHIS, 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 seven-property, 2,861-unit, 383,175-net-rentable-square-foot self-storage portfolio located in the Memphis, Tenn., metropolitan area.

 The commercial real estate asset’s $16,600,000 sales price equates to $43.32 per square foot. 

            The properties are:

·         Collierville Mini Storage, 50,100 square feet, 348 units, Collierville, Tenn.

·         Kirby Raines Self Storage, 49,610 square feet, 364 units, Memphis, Tenn.

·         Northwest Self Storage, 50,085 square feet, 388 units, Memphis, Tenn.

·         Southaven (Airways) Self Storage, 61,185 square feet, 550 units, Southaven, Miss.

·         Stateline Self Storage, 61,900 square feet, 378 units, Southaven, Miss.

·         Southern (Getwell & Shelby Mini Storage), 51,285 square feet, 352 units, Memphis, Tenn.

·         Winchester Self Storage, 58,470 square feet, 481 units, Memphis, Tenn.

  

Michael A. Mele

All of the properties were constructed between 1995 and 1999. The greatest distance between any two properties is just 25 miles.

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, a private investment firm based in Austin, Texas. 

Mele and Williams also represented the buyer, Simply Self Storage of Orlando, Fla.

“Strategically located within a strong MSA, these seven properties provide the new owner with a substantial market presence and the ability to balance risk between stabilized assets and value-add properties,” says Mele.

 “The market’s appetite for self-storage assets, especially portfolios, continues to be strong, and like other transactions closed this year, we received multiple offers from qualified investors interested in expanding their portfolios,” adds Williams. “We expect to see this trend continue into 2015, as long as interest rates remain low.”

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716