EquiCap, Marcus & Millichap Arrange Tennessee Self Storage Deals
- Jan 22, 2020
EquiCap Commercial and Marcus & Millichap’s self storage group have brokered the sale of Econo Mini Storage, in Humboldt, Tenn., and Dyersburg Self Storage in Dyersburg, Tenn. An out-of-state investor purchased both properties in a 1031 exchange.
Anne Williams-Blackwell of Marcus & Millichap worked with Jesse Luke of EquiCap to source a buyer, secure financing and close the deal. In September 2019, the duo represented the seller of 38,780-rentable-square-foot facility in Cape May Court House, N.J.
Located at 2877 TN-3 S., Dyersburg Self Storage includes 467 units and has 57,105 net rentable square feet. The asset is within 1 mile of Dyersburg Regional Airport. The Humboldt property is located at 1594 Coleman Drive and features 691 units. The self storage facility has 87,020 net rentable square feet and the option to expand on additional acreage. The two brokers secured acquisition financing for the Humboldt property from Live Oak Bank and referred Absolute Storage to handle management at the asset.
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