The LeClaire Group of Marcus & Millichap Sells Six-Property Portfolio In Memphis, Tennessee and Northern Mississippi
MEMPHIS, Tenn., Oct. 17, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a six-property self-storage portfolio located throughout the Memphis metropolitan area. Three of the properties are located in Tennessee and the other three are just south of the border in Northern Mississippi. The portfolio spans 337,846 square feet and consists of 2,391 units and 297 outdoor parking spaces.
Charles “Chico” LeClaire, executive managing director investments and Adam Schlosser, first vice president investments, both self-storage specialists in Marcus & Millichap’s Denver office had the exclusive listing to market the portfolio on behalf of the seller, Amsdell Companies. The buyer, Merit Hill Capital out of New York City, was procured by LeClaire and Schlosser. Anne Williams, Marcus & Millichap’s broker of record in Tennessee and Mississippi assisted in closing the transaction.
“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,” LeClaire said. “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.”
Constructed between 1983 and 2006, the properties are comprised primarily of single story drive-up buildings with a mix of climate- and non-climate-controlled units. The locations offer uniform amenities that include perimeter fencing, electronic gate access, 24-hour video surveillance, and onsite leasing offices. The portfolio has two billboards, one cell tower, and a commercial tenant generating additional revenue.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com