World Class Capital Group (WCCG), an Austin, Texas-based real estate investment firm, has purchased Memphis Mini Storage in Memphis, Tenn. The property at 3961 Lamar Ave. is comprised of 474 units in approximately 60,000 square feet. It will be rebranded as Great Value Storage, a wholly owned subsidiary of WCCG. The seller was C-III Asset Management LLC, a servicer of commercial real estate loans that foreclosed on the previous owner, company officials said.
The acquisition is the latest in a series of self-storage transactions executed by WCCG in the last 18 months. The companys national portfolio now includes more than 20,000 storage units. This opportunistic acquisition allows us to grow our existing presence in the Memphis market as well as our national self-storage platform, said Sheena Paul, vice president for WCCG. We will be making immediate capital improvements to enhance the property.
WCCG pursues investments in all U.S. markets, primarily focusing on real estate and private equity. In addition to self-storage, the firms portfolio includes office, retail, industrial, multi-family and land assets in 12 states. Great Value Storage currently operates 39 self-storage facilities comprising more than 20,000 units and 3 million square feet.