Amsdell Storage Ventures VII LLC recently acquired five self-storage properties in the Memphis, Tenn., metro area. The facilities, which comprise more than 330,000 net rentable square feet and more than 2,600 units, will operate under the name Compass Self Storage LLC. Two of the properties are in Tennessee, with three others just across the Mississippi border from Memphis. No financial terms were disclosed.
The entrance into the Memphis market comes on the heels of Amsdells foray into the Cincinnati market last month with the purchase of five additional self-storage facilities. Amsdell has actively been acquiring properties to expand the Compass Self Storage brand beyond its Florida, Michigan, Ohio and Pennsylvania locations.
The new property addresses are:
- 7097 Commerce Drive, Olive Branch, Miss.
- 7911 Hacks Cross Road, Olive Branch, Miss.
- 2274 Highway 51, Nesbit, Miss.
- 8036 U.S. Highway 70, Bartlett, Tenn.
- 4175 Winchester Road, Memphis, Tenn.
The facilities offer drive-up access and indoor storage in addition to a full line of boxes and packing supplies.
We are thrilled to expand and grow into the greater Memphis market. We look forward to providing quality self-storage and moving solutions to our customers, said Todd Amsdell, president. We are proud to continue to expand the Compass brand to this and additional markets.
Marcus & Millichap Real Estate Investment Services represented the seller, Memphis Storage LLC.
Self-storage acquisitions were steady in 2011 but have increased in 2012. Sellers are motivated to sell while interest rates are low, raising property values and fueling investor demand, said Anne Williams, an associate in Marcus & Millichaps Memphis office. Charles Chico LeClaire, a senior vice president of investments in Marcus & Millichaps Denver office, also helped broker the sale.
Headquartered in Cleveland, the Amsdell Cos. draw its roots from the family-owned construction company founded in 1928. The company, which owns and operates self-storage properties in Florida, Kentucky, Michigan, Mississippi, Ohio, Pennsylvania and Tennessee, has since been active in several billions of dollars worth of real estate ventures with a primary focus in self-storage.
Marcus & Millichap is a commercial property investment services firm prominent in the self-storage industry. The company has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.