19 Apr Three-Property, Self-Storage Portfolio in Atlanta Area Sold by Marcus & Millichap
“All of the properties were recently expanded upon by very capable operators with the high quality and solid locations being indicative of the finished product that Space Shop delivers.” says Michael Mele, a senior director of Marcus & Millichap’s National Self Storage Group (NSSG). “The portfolio allowed the new owner a value-enhancement opportunity through increasing the occupancies of the newly-constructed additions.”
The properties are:
* Space Shop Self Storage, 538 units in Hamilton Mill, Ga.
* Space Shop Self Storage, 502 units in Loganville, Ga.
* Space Shop Self Storage, 733 units in Hudson, Ga.
The assets are located less than 60 miles from each other in Georgia’s most populous MSA. Home to more than 6.1 million people, the area is the ninth-largest MSA in the United States. Jeffrey Stein, principal with Space Shop, adds that, “We delivered an institutional-quality product and with their platform, the Marcus & Millichap team was an excellent partner for us.
“Mele, and Stacey Gorman, also an NSSG senior director and Luke Elliott, director, represented the seller, a regional investment group and procured the buyer, a national REIT. “This transaction showed two things: One, it solidified the continued interest of larger players to look at and pay for future cash flow. Secondly, the combined interest from public and private groups, along with a multitude of top operators from across the country, shows the strength of our platform and demand for well-located, high-quality self-storage assets, leased up or not,” notes Elliott.
Michael J. Fasano, first vice president, is Marcus & Millichap’s broker of record in Georgia.