Marcus & Millichap Brokers Sale of Five Southeast Self-Storage Facilities

The properties, located in Louisiana and Alabama, offer a total of 2,725 self-storage units and have an approximately 87 percent occupancy rate.

Tampa, Fla.–Marcus & Millichap has arranged the sale of a five-property, 2,725-unit self-storage portfolio in the Southeast.

“This group of properties, which had a combined physical occupancy at the time of the sale of approximately 87 percent, gives the new owner the opportunity to enjoy substantial cash-on-cash returns and the ability to add value,” stated Michael Mele, a senior director of Marcus & Millichap’s National Self Storage Group (NSSG).

Luke Elliott, Marcus & Millichap

Luke Elliott, Director, Marcus & Millichap

Mele, along with Luke Elliott, an NSSG director, both in the firm’s Tampa office, represented the seller and procured the buyer.

The properties included in the portfolio are:

  • Dawnadele Self Storage, a seven-building, 80,628-square-foot facility featuring 559 climate-controlled and non-climate-controlled storage units constructed in 1980 and 1985 in Baton Rouge, La.
  • Harrells Ferry Self Storage, a five-building, 330-unit, 35,850-net-rentable-square-foot property built in 1980, renovated in 2009 and located in Baton Rouge, La.
  • Slidell Self Storage, a 523-unit, 79,740-net-rentable-square-foot climate-controlled and non-climate-controlled facility featuring five buildings in Slidell, La.
  • Gulfport Self Storage, an 11-building facility with 465 climate-controlled and non-climate-controlled units with two annex sites constructed in 1977, renovated in 1993 and located in Gulfport, Miss.
  • Mobile Self Storage, a 13-building, 130,059-net-rentable-square-foot facility with 762 climate-controlled and non-climate-controlled units, 34 office/retail spaces and an annex site, constructed in 1974, renovated in 1990, and located in Mobile, Ala.

William Hoffpauir, a senior associate in Marcus & Millichap’s Lafayette, La. office is the firm’s broker of record in Louisiana. In Mississippi, Marcus & Millichap’s broker of record is senior associate Anne Williams and in Alabama, the company’s broker of record is Eddie Greenhalgh, a senior associate in the Birmingham office.

Earlier this month, Marcus & Millichap also arranged the sale of five self-storage facilities in Oklahoma.

Image courtesy of Marcus & Millichap