MEMPHIS, TN | Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a six property self storage portfolio located throughout the Memphis Metropolitan Area. Three of the properties are located in Tennessee and the other three are just south of the border in Northern Mississippi. The portfolio spans 337,846 square feet consisting of 2,391 units and 297 outdoor parking spaces.
Charles “Chico” LeClaire, Executive Managing Director Investments and Adam Schlosser, First Vice President Investments, both self storage specialists in Marcus & Millichap’s Denver office had the exclusive listing to market the portfolio on behalf of the seller, Amsdell Companies. The buyer, Merit Hill Capital out of New York City, was procured by LeClaire and Schlosser. Anne Williams in Marcus & Millichap’s Memphis office assisted in closing the transaction.
“The seller purchased the majority of the portfolio through us 5 years ago, improved the values of the properties considerably and are exiting the market to deploy capital elsewhere,” LeClaire said, “the purchaser had the opportunity to enter a new market with scale and by bringing on a national management company they could continue to improve the value of the assets.”
Constructed between 1983 and 2006, the properties are comprised primarily of single story drive up buildings with a mix of climate and non-climate controlled units. The locations offer uniform amenities that include perimeter fencing, electronic gate access, 24-hour video surveillance, and onsite leasing offices. The portfolio had two billboards, one cell tower and a commercial tenant generating additional revenue.