Simply Self Storage (SSS), which owns or manages 192 self-storage facilities in the United States and Puerto Rico, has purchased two self-storage properties in Birmingham, Ala., from Alacare Home Health & Hospice, a home-health agency. A third property, an office building, was purchased by South Hall of Irondale, Ala. The total portfolio sold for $18.5 million.
The assets include 1,782 climate-controlled self-storage units and 30-plus office suites. Combined, the portfolio offers more than 240,000 net rentable square feet of space. The office units are leased to long-standing tenants such as Alabama Land & Timber Inc., Avery Yarbrough & Associates, My Spoiled Pet Resort & Spa and State Farm Insurance. Alacare also occupies office space.
“The Southeast continues to be one of the country’s most robust markets for self-storage investment properties,” said Michael Mele, senior vice president of investments in the Marcus & Millichap Tampa, Fla., office and senior director of the firm’s National Self Storage Group. “These stabilized assets can provide the new owners with substantial returns and upside through increased economic occupancy.”
The buyers and seller were represented in the transaction by Mele and Eddie Greenhalgh, a senior associate in the firm’s Birmingham office. “The nine qualified offers we generated from local, regional and national buyers demonstrate the strength of the Birmingham market,” Greenhalgh said.
Headquartered in Orlando, Fla., SSS owns or manages facilities in 18 states and Puerto Rico. Its properties comprise 14.9 million square feet of storage space.
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Sources:
- Commercial Property Executive: Marcus & Millichap Facilitates Sale of Three-Property Portfolio in Birmingham
