TSRE III Kirby Raines LLC purchased a self-storage facility in Memphis, Tenn., from Kirby Raines Self Storage LLC for $1.9 million. The company financed the purchase with a $1.4 million loan through Virtus Storage Investment III LP. It’s the third Memphis self-storage facility the Gulfport, Miss., company has recently purchased.
Built in 1995, the facility is located at 6504 Raines Road near the northwest corner of Kirby Parkway and Raines Road. Kirby Raines Self Storage LLC bought the property in 2008 for $1.4 million.
TSRE III Northwest LLC purchased a self-storage facility at 3891 Thomas St. for $1.5 million, and TSRE III Southern LLC bought a facility at 4740 Getwell Ave. for $1.4 million.
Source: Memphis Daily News, Mississippi Company Buys Storage Facility on Raines