Marcus & Millichap Closes Self-Storage Portfolio Sale in Missiouri
- Sep 22, 2016
Trey Hammond, investment specialist, and Michael Mele, senior vice president of investments, exclusively marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a private investor.
“Branson, Missouri is very tertiary market and we were able to field multiple offers that resulted in choosing an out-of-state buyer looking to take advantage of the higher cap rates achievable in the marketplace. Throughout the escrow process, we continued to field inquiries. The total interest and offers throughout the process was a clear indicator of capital migration into new markets searching for greater returns.”
The 751-unit portfolio includes 694 non-climate controlled units, 16 drive-thru units, 25 climate-controlled units and 16 parking spaces. The close proximity of each facility provided an opportunity to enhance returns through management efficiencies between these locations.
Branson, situated in Southwest Missouri, is known as a family destination with millions of visitors each year. The city has undergone a high volume of construction since 2015.
“This is a great example of the increasing number of private client deals in the market today,” added Mele.
Image courtesy of The Mele Group