Three limited liability companies affiliated with Gulfport, Miss.-based Tellus Equity GP have taken out $3.7 million in loans for three self-storage facilities they purchased in the Memphis area in July. All loans are through Standard Insurance Co. and will mature in March 2036.
TSRE III Kirby Raines LLC financed $1.3 million for Kirby Raines Self Storage, 3.7-acre facility built in 1995. The Shelby County, Tenn., Assessors 2010 appraisal was $1.4 million. The company bought the property, located at the intersection of Kirby Parkway and Raines Road in southeast Memphis, for $1.9 million.
TSRE III Northwest LLC also financed $1.3 million for Northwest Self Storage, a 3.5-acre facility located on Thomas Street in the far northwest corner of Memphis, also built in 1995. The county assessor appraised the property $1.7 million in 2010, and the company bought the property for $1.5 million.
TSRE III Southern LLC financed $1.1 million for Southern Self Storage, a four-acre facility built in 1998 in southern Memphis near Memphis International Airport. The assessors 2010 appraisal was $1.5 million, and the company bought the property for $1.4 million.
Tellus Equity GP is part of Tellus Development Ltd., which was founded in 1990. According to the company website, Tellus Development owns and manages properties in Alabama, Florida, Louisiana, Mississippi, Tennessee, Georgia and Texas.
- Memphis Daily News: Mississippi LLCs Finance Three Self-Storage Sites