Wednesday, April 6, 2011

Marcus & Millichap Brokers Self-Storage Properties in Denver, CO and Birmingham, AL


 23,459-Unit Portfolio in 3 States Listed for  $188 Million

DENVER, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the A-American Self-Storage portfolio, a 46-property portfolio located in California, Hawaii and Illinois.

The listing price is $188 million. The 3.18 million-square foot, 23,459-unit portfolio may be sold together or separately.

Charles “Chico” LeClaire (top right photo), a senior vice president investments and a senior director of Marcus & Millichap’s National Self-Storage Group in Denver, is representing the seller, A-American Self Storage, a privately held self-storage company based in Los Angeles.

“A-American Self Storage is one of the largest independent owners of self-storage properties in the United States with more than 75 properties. A-American plans to retain the remaining facilities within the family portfolio,” says LeClaire.

“Because of the improving economy, more people are relocating to urban centers that offer more abundant job opportunities,” he adds. “As people migrate and downsize their residences, self-storage property operations should improve significantly through year end, making the A-American facilities an excellent long-term investment.”

All together, the facilities include 23,459 storage units encompassing 3,181,562 square feet of space in the following locations:

  • California: 29 properties, 18,130 units, 2,056,173 rentable square feet, 111.79 acres
  •  Illinois: 13 properties, 6,735 units, 847,247 rentable square feet, 57.91 acres
  • Hawaii: four properties, 4,302 units, 278,142 rentable square feet, 9.15 acres

 LeClaire has 20 years experience as self-storage property investment specialist. He has closed more than $1 billion in self-storage property transactions nationwide during the course of his career.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

75,897-SF  Facility in Birmingham, AL Sold for $2.5 million

BIRMINGHAM, AL, April 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Downtown Storage (middle right photo) of Birmingham, a 75,897-square foot self-storage facility located in Birmingham, Ala, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,500,000.

Michael A. Mele (lower  left photo), vice president investments, and senior director of the National Self-Storage Group and Nicholas Walker (lower right photo), an associate in the firm’s Tampa and Ontario, offices, had the exclusive listing to market the property on behalf of the seller, a financial institution based out of California. 

 The Alabama-based buyer, a private investor, was secured and represented by Edwin Greenhalgh, an associate in Marcus & Millichap’s Birmingham office. 

Downtown Storage of Birmingham is a state-of-the-art facility situated on approximately 1.52 acres of land at 900 17th Street North.  The facility consists of 627 storage units, 519 of which are climate controlled. 

“Eddie and Brooks Lumpkin of Metro Mini Storage, along with their bank, were able to come to the table and close this transaction within a 72-hour timeline from start to finish” says Mele..

  “This is a personal record and shows that deals can be done in this market with local banking relationships. This ‘Class A’ facility fits perfectly into Metro’s portfolio and they are very excited to be the new owners,” adds Mele..

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

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