Memphis Storage VI LP Buys Bartlett Self Storage

Olive Branch, Miss.-based Memphis Storage VI LP recently purchased a self-storage facility, curently branded as Bartlett Self Storage, at 8036 U.S. Route 70 in Memphis. James C. Hise Jr. and Brenda L. Hise sold the facility for $3 million. It was financed by a $2.2 million loan through SunTrust Bank that was filed the same day and matures in November 2016. The transaction closed Oct. 25.

The class-C investment-grade facility was built in 1985 and covers 69,750 square feet, according to the source, which cited the Shelby County Assessor of Property. It sits on 5.1 acres on the north side of U.S. 70 slightly west of North Germantown Parkway. The assessors 2011 appraisal is $2 million.