VanWest Partners Buys Memphis Storage Portfolio
- Aug 24, 2020
VanWest Partners has finalized the $4.6 million acquisition of a three-property self storage portfolio totaling 106,208 square feet in Collierville, Tenn. Green & Sons Storage, a family-operated company, sold the facilities, according to Shelby County records. The new owner financed the purchase with a five-year, $5.4 million acquisition and development loan provided by First National Bank & Trust.
Located on 17 acres at 370 Sycamore Road, 698 Commerce Parkway and 731 Chaney Drive, the three facilities encompass 18 single-story buildings completed between 1988 and 2016. As of March, the portfolio had an average occupancy of 82 percent. The properties provide 876 climate-controlled and non-climate-controlled units ranging from 25 to 400 square feet. All three stores have security cameras, drive-up access, truck rentals, as well as auto, boat and RV parking.
EquiCap Commercial Partner Jesse Luke and Marcus & Millichap First Vice President Anne Williams-Blackwell negotiated on behalf of the seller and sourced the buyer in the off-market transaction. In July, the duo brokered the disposition of All Seasons Storage, a two-property portfolio encompassing 531 units spread across 81,150 square feet in Chattanooga, Tenn., and Dalton, Ga.