{"id":1004459080,"date":"2020-06-26T04:57:07","date_gmt":"2020-06-26T12:57:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004459080"},"modified":"2025-02-27T01:07:34","modified_gmt":"2025-02-27T09:07:34","slug":"memphis-storage-portfolio-trades-for-41m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/","title":{"rendered":"Memphis Storage Portfolio Trades for $41M"},"content":{"rendered":"<div id=\"attachment_1004459083\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004459083\" data-attachment-id=\"1004459083\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/memphis-property\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1880 Titus Road\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1880 Titus Road. &lt;i&gt;Image courtesy of Gelt&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg?w=800\" class=\"wp-image-1004459083 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004459083\" class=\"wp-caption-text\">1880 Titus Road. <i>Image courtesy of Gelt<\/i><\/p><\/div>\n<p>Gelt has purchased an eight-property self storage portfolio encompassing 490,200 square feet and 3,867 units in Memphis, Tenn. Merit Hill Capital sold the assets for $41 million. At the time of sale, the facilities were 91 percent occupied. Cushman &amp; Wakefield assisted the seller, while Gelt had in-house representation.<\/p>\n<p>3650 REIT provided a 10-year, $31 million acquisition loan. The note represents 75 percent of the purchase price, according to&nbsp;Ken Dickey, managing partner for 3650 REIT. Principal Devin Huber of The BSC Group secured the financing package for the borrower.<\/p>\n<p>Merit Hill Capital owns the following self storage properties in the Memphis MSA, according to Yardi Matrix:<\/p>\n<ul>\n<li>Memphis, Tenn.: 8036 US Route 70, 1880 Titus Road, 6780 Country Park Drive, 4175 Winchester Road, 3417 Fontaine Road<\/li>\n<li>Olive Branch, Miss.: 7097 Commerce Drive, 7911 Hacks Cross Road<\/li>\n<li>Nesbit, Miss: 2274 U.S. Route 51.<\/li>\n<\/ul>\n<p>The facilities were completed between 1972 and 2006 and have on-site managers, office space and a combination of indoor, climate-controlled and drive-up access units, with sizes ranging from 25 to 430 square feet. The new owner has selected Citizen Storage to operate the portfolio. Additionally, Gelt will execute a capital improvement plan on the properties.<\/p>\n<p>The brokerage team included Cushman &amp; Wakefield Vice Chairman Mike Mele and Executive Managing Director Luke Elliott. In March, the duo assisted Merit Hill Capital in <a href=\"https:\/\/www.commercialsearch.com\/news\/merit-hill-capital-grows-inland-empire-presence\/\">the $12.2 million purchase<\/a> of Upland Self Storage, a 70,600-square-foot storage facility in Upland, Calif.<\/p>\n<p><em>*The article was updated on 6\/30\/2020 to add details about the acquisition loan from 3650 REIT.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the time of closing, the eight assets were 91 percent occupied.<\/p>\n","protected":false},"author":867,"featured_media":1004459083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742],"tags":[44420,32799,39228,32926,38349,49432],"class_list":["post-1004459080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","tag-3650-reit","tag-cushman-wakefield","tag-gelt-inc","tag-luke-elliott","tag-merit-hill-capital","tag-mike-mele"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Memphis Storage Portfolio Trades for $41M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memphis Storage Portfolio Trades for $41M\" \/>\n<meta property=\"og:description\" content=\"At the time of closing, the eight assets were 91 percent occupied.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-26T12:57:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T09:07:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/\",\"name\":\"Memphis Storage Portfolio Trades for $41M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\",\"datePublished\":\"2020-06-26T12:57:07+00:00\",\"dateModified\":\"2025-02-27T09:07:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/caac04e9f88552f7c898ba456c2498d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/memphis-storage-portfolio-trades-for-41m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Memphis-Property.jpg\",\"width\":800,\"height\":620,\"caption\":\"1880 Titus Road. 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