Tri-Sons Storage, a Missouri-based self-storage operator, has sold a five-property portfolio in Branson, Mo., to an unidentified private investor. The facilities comprise 127,449 rentable square feet in 751 units, including 694 which are climate control. Tri-Sons lists six self-storage locations on its website.
The buyer and seller were represented in the transaction by a team from commercial real estate firm Marcus & Millichap, including Trey Hammond, investment specialist, and Michael A. Mele, senior vice president of investments, according to a press release.
"Branson is very tertiary market, and we were able to field multiple offers that resulted in choosing an out-of-state buyer looking to take advantage of the higher [capitalization] rates achievable in the marketplace,” Hammond said. “Throughout the escrow process, we continued to field inquiries. The total interest and offers throughout the process was a clear indicator of capital migration into new markets searching for greater returns."
Branson has “undergone a high volume of construction since 2015,” the release stated. “This is a great example of the increasing number of private-client deals in the market today,” Mele said.
Tri-Sons lists six facilities in Branson, Forsyth, Kirbyville and Merriam Woods, Mo.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.