Marcus & Millichap Facilitates Sale of Three-Property Portfolio in Birmingham
- Apr 21, 2016
Locally based Alacare sold the facilities for a combined $18.5 million. Two of the assets were sold to Simply Self Storage of Orlando, Fla., while the office property was purchased by South Hall of Irondale, Ala.
“The Southeast continues to be one of the country’s most robust markets for self-storage investment properties,” Michael Mele, a senior director of Marcus & Millichap’s National Self Storage Group, said in prepared remarks. “These stabilized assets can provide the new owners with substantial returns and upside through increased economic occupancy.”
Michael Mele, who is also a senior vice president investments in Marcus & Millichap’s Tampa office, along with Eddie Greenhalgh, a senior associate in Marcus & Millichap’s Birmingham office, represented the seller and procured the buyers. Greenhalgh is Marcus & Millichap’s broker of record in Alabama.
“The nine qualified offers we generated from local, regional, and national buyers demonstrate the strength of the Birmingham market,” stated Greenhalgh. He added that Alacare also signed a long-term, 40,000-square-foot office lease to house its corporate headquarters and that the sale would allow the company to focus on its home health and hospice business.
The portfolio features 1,782 climate-controlled self-storage units and 30-plus office suites that combine for more than 240,000 net rentable square feet. The office units are leased to long-standing tenants such as State Farm, Avery Yarborough Real Estate School, My Spoiled Pet, Alabama Land Timber and Alacare. The facilities are fully monitored by video surveillance and are visible along highways 150, 31, and 280, all of which feature high traffic counts and strong demographics.
Image courtesy of Marcus & Millichap