By Adriana Pop, Senior Associate Editor
“This group of properties, which had a combined physical occupancy at the time of the sale of approximately 87 percent, gives the new owner the opportunity to enjoy substantial cash-on-cash returns and the ability to add value,” stated Michael Mele, a senior director of Marcus & Millichap’s National Self Storage Group (NSSG).
Mele, along with Luke Elliott, an NSSG director, both in the firm’s Tampa office, represented the seller and procured the buyer.
The properties included in the portfolio are:
- Dawnadele Self Storage, a seven-building, 80,628-square-foot facility featuring 559 climate-controlled and non-climate-controlled storage units constructed in 1980 and 1985 in Baton Rouge, La.
- Harrells Ferry Self Storage, a five-building, 330-unit, 35,850-net-rentable-square-foot property built in 1980, renovated in 2009 and located in Baton Rouge, La.
- Slidell Self Storage, a 523-unit, 79,740-net-rentable-square-foot climate-controlled and non-climate-controlled facility featuring five buildings in Slidell, La.
- Gulfport Self Storage, an 11-building facility with 465 climate-controlled and non-climate-controlled units with two annex sites constructed in 1977, renovated in 1993 and located in Gulfport, Miss.
- Mobile Self Storage, a 13-building, 130,059-net-rentable-square-foot facility with 762 climate-controlled and non-climate-controlled units, 34 office/retail spaces and an annex site, constructed in 1974, renovated in 1990, and located in Mobile, Ala.
William Hoffpauir, a senior associate in Marcus & Millichap’s Lafayette, La. office is the firm’s broker of record in Louisiana. In Mississippi, Marcus & Millichap’s broker of record is senior associate Anne Williams and in Alabama, the company’s broker of record is Eddie Greenhalgh, a senior associate in the Birmingham office.
Earlier this month, Marcus & Millichap also arranged the sale of five self-storage facilities in Oklahoma.
Image courtesy of Marcus & Millichap