Marcus & Millichap Agents List Three-Property Self Storage Portfolio in Texas
Marcus & Millichap’s The Mele Group has listed a three-property portfolio in Corpus Christi, Texas, demonstrating that the Tampa-based self-storage brokerage has the manpower, investor database power and networking power to broker deals in markets beyond its home base in Florida.The AAA Storage portfolio is listed at $14.8 million. Michael A. Mele and Kevin Gordon from The Mele Group joined forces with Mark A. Villanueva, an Investment Associate in Marcus & Millichap’s Real Estate Investment Services’ National Self Storage Group in Austin, to broker the sale. The trio will combine their self-storage expertise and investor connections to ensure the AAA Storage portfolio earns top dollar in the market.
“The AAA Storage portfolio offers investors a unique opportunity to buy into a group of properties that are not only in close proximity to one another, but strategically located in markets with high rental populations,” said Michael A. Mele, Senior Investment Associate at Marcus & Millichap’s Mele Storage Group. “Projecting a closing in early fall and due to its strong lease-up pace, the portfolio will be deliverable near a 7% CAP Rate at list price and offers room for both physical and economic occupancy increases. This is an investor’s dream.”
The three properties are AAA Storage Ayers, AAA Storage IH 37 and AAA Storage Rodd Field, all within 12 miles of one another. The trio of single-level properties offers a group of premier self-storage facilities totaling 322,085 rentable square feet and 2,238 units. Each site is built out to capacity and is currently in lease up of the final build-out phase. Over the past 12 months, the portfolio has seen its physical occupancy climb, on average, net 2,000 square feet a month – a strong contributor to its investor appeal. As of May 31, 2007, the portfolio posts a 66 percent physical occupancy.
“From a management perspective, the AAA Storage portfolio offers clear benefits. With the properties located so close together, oversight of the facilities becomes easier,” said Villanueva, an Investment Associate in Marcus & Millichap’s Real Estate Investment Services’ National Self Storage Group in Austin. “With occupancy rates rising each month and the city of Corpus Christi poised for growth, this is a strategic acquisition for an investor who is willing to purchase all three properties.”
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Add comment June 25th, 2007
