Simply Self Storage (SSS) has purchased a seven-property portfolio in the Memphis, Tenn., metropolitan area for $16.6 million. The seller was a private investment firm based in Austin, Texas, according to a press release. The storage facilities comprise 383,175 net rentable square feet in 2,861 units. They are:
- Collierville Mini Storage, 50,100 square feet, 348 units, Collierville, Tenn.
- Getwell & Shelby Mini Storage, 51,285 square feet, 352 units, Memphis, Tenn.
- Kirby Raines Self Storage, 49,610 square feet, 364 units, Memphis, Tenn.
- Northwest Self Storage, 50,085 square feet, 388 units, Memphis, Tenn.
- Southaven (Airways) Self Storage, 61,185 square feet, 550 units, Southaven, Miss.
- Stateline Self Storage, 61,900 square feet, 378 units, Southaven, Miss.
- Winchester Self Storage, 58,470 square feet, 481 units, Memphis, Tenn.
All of the assets were constructed between 1995 and 1999, with the greatest distance between any two properties being 25 miles. Southaven, Miss., is approximately 14 miles from Memphis.
SSS and the seller were represented in the transaction by Marcus & Millichap Real Estate Investment Services. The brokers were Michael Mele, senior vice president of investments in the company’s Tampa, Fla., office, and Anne Williams, senior associate in the firm’s Memphis office.
“Strategically located within a strong Metropolitan Statistical Area, these seven properties provide the new owner with a substantial market presence and the ability to balance risk between stabilized assets and value-add properties,” Mele said.
The acquisition was the second recent transaction SSS has made in the Tennessee market. In September, the company purchased five facilities in the greater Nashville, Tenn., area from A+ Storage of Tennessee LLC for $33.6 million.
Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion.
Founded in 2003 and headquartered in Orlando, Fla., SSS owns or manages more than 120 self-storage facilities in 16 states.