EquiCap Commercial and Marcus & Millichap have arranged the sale of a two-property self storage portfolio in Chattanooga, Tenn., and Dalton. Ga. The All Seasons Storage facilities total 531 climate-controlled units spread across 81,150 net rentable square feet. EquiCap Partner Jesse Luke and Marcus & Millichap First Vice President Anne Williams-Blackwell facilitated the 1031 exchange on behalf of the seller, a private investor.
The new owner is a local investor—an owner and manager of self storage properties looking to expand its portfolio. Around the time of the sale, the buyer received $3.8 million in financing from Bank Five Nine and Southern Georgia Area Development Corp., according to public records. The three notes are set to mature in 2021, 2045 and 2051.
The Chattanooga property, located on 4 acres at 4305 Benton Drive, is a single-story building completed in 1996 and 1998. The facility features 323 indoor units totaling 48,400 square feet and provides truck rentals. The Dalton property was built in 1997 and sits on 7 acres at 1060 Vista Drive. The store features 208 indoor and drive-up access units.
In January, Jesse Luke and Anne Williams-Blackwell arranged the disposition of the 467-unit Econo Mini Storage in Humboldt, Tenn., and the 691-unit Dyersburg Self Storage in Dyersburg, Tenn. The duo procured the buyer and secured the financing.