Amsdell Cos./Compass Self Storage Buys 2 Atlanta Facilities

Compass Self Storage LLC, a member of the Amsdell family of companies, has purchased two self-storage facilities in the greater Atlanta area. The company now operates seven stores in the region. The properties were purchased by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC and will be rebranded under the Compass name.

Compass Self Storage LLC, a member of the Amsdell family of companies, has purchased two self-storage facilities in the greater Atlanta area. The company now operates seven stores in the region. The properties were purchased by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC and will be rebranded under the Compass name.

The facility at 1680 Hiram Douglasville Highway in Hiram, Ga., encompasses 78,000 net rentable square feet of storage space. The property at 3280 Dallas Highway in Marietta, Ga., features 59,000 net rentable square feet of storage space. Features include climate control, video cameras, electronic access, and a retail center that offers moving and packing supplies. Truck rental will also be available at both facilities. The Hiram location also offers outdoor boat and RV storage.

"We are proud to grow the fleet of Compass Self Storage centers in the greater Atlanta market and provide our new customers with top-notch product and exceptional customer service," said Todd Amsdell, president.

J. L. "Chip" Mack III of real estate firm McWhirter Realty Partners LLC represented Amsdell in the transaction.

Bellwether Enterprise Real Estate Capital LLC, a commercial and multi-family mortgage-banking subsidiary of Enterprise Community Investment Inc., provided the $6 million commercial mortgage-backed securities loan for the acquisition. The non-recourse loan has a 10-year term with 30-year amortization, with the first 36 months interest-only. The loan rate was locked at a rate of 4.25 percent and sized based upon 79.5 percent loan-to-acquisition cost, according to a Bellwether press release.  

Headquartered in Cleveland, Bellwether Enterprise has production offices nationwide.

Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. Since its inception, the company has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It has owned and operated more than 500 storage centers under various trade names in more than 27 states. It currently owns and operates properties in Florida, Georgia, Kentucky, Michigan, Mississippi, New Jersey, Ohio, Pennsylvania, Tennessee and Texas.

Sources:

TAGS: Financing News
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