American Mini Storage Sells for $2.4M After Foreclosure

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American Mini Storage, a Memphis, Tenn., self-storage facility in foreclosure, recently sold for $2.4 million to 7399 US Highway 64 Holdings LLC, an entity affiliated with Miami Beach, Fla.-based loan servicer LNR Partners LLC. The company purchased the property in July from a substitute trustee’s deed from Stewart G. Austin Jr. and R. Mathew Brinner of Glankler Brown PLLC.

American Mini Storage, 7399 U.S. 64, went into foreclosure last May after its four owners—AMS Memphis II Investments LLC, CB AMS Memphis II Holdings LLC, JD AMS Memphis II Holdings LLC and MC AMS Memphis II Holdings LLC—defaulted on a $3.4 million loan from UBS Real Estate Investments Inc. The owners purchased the property in 2006 for $4.3 million from BHGG LLC.

The 10-building, 85,390-square-foot facility was built in 1999 on 5.3 acres. The property's 2013 appraisal by the Shelby County Assessor of Property valued it at $2.9 million.

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