Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Charlotte MSA

By Adriana Pop

Charlotte, N.C–Marcus & Millichap has arranged the sale of a three-property, 881-unit self-storage portfolio located in metro Charlotte, N.C.

Michael Mele of The Mele Storage Group

Tampa-based Brian Baldwin, investment associate, Elliott, associate vice president of investments and Michael Mele, senior vice president of investments, all in part of The Mele Storage Group, had the exclusive listing to market the portfolio on behalf of the seller, a private investor. The group also secured the buyer, Volta Global, a private investment group active in venture capital, private equity, real estate and public markets.

“This is the 22nd transaction for our group year-to-date, and one that sheds light on the diversity of the buyer pool looking at the storage industry. The buyer in this case had never owned self storage and this portfolio marks their entrance into the space,” Elliott said.

The properties included in the portfolio are:

• Highway 70 Self Storage, 344 units in Newton, N.C.
• North Cannon Self Storage, 302 units in Kannapolis, N.C.
• Shelby Self Storage, 235 units in Shelby, N.C.

All three facilities are located in Greater Charlotte, within a short distance from each other. With an estimated population of 2,500,000 residents, the Charlotte metro area is the most populous in North Carolina and the sixth largest MSA in the Southeast United States. By 2020, the metro is expected to have a 58.6 percent population growth from 2000.

“Getting interest in this opportunity not only from the usual storage buyers, but also outside of that mix and in this case Volta Global, highlights one of the benefits a seller can get from hiring The Mele Group of Marcus & Millichap, with access to new capital all across the county,” added Baldwin.

Image courtesy of Marcus & Millichap