Phoenix-based AMERCO Real Estate Co., the development and acquisitions entity for The U-Haul Co., recently purchased American Mini Storage in Memphis, Tenn., for $3.8 million. The seller was 7399 US Highway 64 Holdings LLC, an entity affiliated with Miami Beach, Fla.-based loan servicer LNR Partners LLC.
Built in 1999, the facility at 7399 U.S. 64 is on 5.2 acres of land on the south side of the highway, between Appling Road and Dromedary Drive. It includes 10 buildings and 85,390 square feet of storage space.
LNR acquired the facility in July 2013 from a substitute trustee’s deed from Stewart G. Austin Jr. and R. Mathew Brinner of Glankler Brown PLLC. The property had gone into foreclosure in May 2013 when its four owners—AMS Memphis II Investments LLC, CB AMS Memphis II Holdings LLC, JD AMS Memphis II Holdings LLC and MC AMS Memphis II Holdings LLC—defaulted on a $3.4 million loan from UBS Real Estate Investments Inc. The owners purchased the property in 2006 for $4.3 million from BHGG LLC.
The Shelby County Assessor of Property appraised the site at $2.9 million in 2013 and $2.7 million in 2014.
AMERCO is the parent company of U-Haul International, Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul has 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.
