By IvyLee Rosario
Amsdell Cos. sold a six-property self-storage portfolio, consisting of three assets in Memphis, Tenn. and another three in Northern Mississippi, to Merit Hill Capital. Executive Managing Director Investments Charles LeClaire and First Vice President Investments Adam Schlosser of Marcus & Millichap marketed the portfolio on behalf of Amsdell and procured the buyer.
The properties total 337,846 square feet and 2,391 units as well as 297 parking spaces. Built between 1983 and 2006, the facilities are mostly single-story drive-up buildings with a mix of climate- and non-climate-controlled units. Some locations provide amenities such as perimeter fencing, 24-hour video surveillance, electronic gate access and on-site leasing offices. The portfolio also includes two billboards, one commercial tenant and one cell tower generating additional revenue.
“The seller purchased the majority of the portfolio through us five years ago, improved the values of the properties considerably, and are exiting the market to deploy capital elsewhere,” said LeClaire, in a prepared statement. “The purchaser had the opportunity to enter a new market with scale and by bringing on a national management company, can continue to improve the value of the assets.”
Image courtesy of Marcus & Millichap