Marcus & Millichap Arranges the Sale of Interstate Mini Storage
WHITE HOUSE, TN, October 8, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Interstate Mini Storage, a 28,450-square foot self-storage facility located in White House, Tennessee, according to Jody McKibben, first vice president and regional manager of the firm’s Memphis office.
"We ran a competitive marketing process and received multiple offers from local, regional and national investors,” says Andy Beeckman, associate in the firm’s Nashville office. “The seller is an owner/operator who built the property and ran the day-to-day operations. It was an exceptionally clean, stabilized asset and provided excellent cash flows from day one. The cap rate we were able to achieve for the seller is indicative of the demand, even though the buyer was not a large private equity fund.”
Beeckman, in addition to Anne Williams-Blackwell, first vice president investments in Marcus & Millichap’s Memphis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Interstate Mini Storage is located at 124 Industrial Drive in White House, Tennessee. Originally opening in 1995, the facility features 24 climate-controlled and 167 non-climate-controlled units for a total of 217.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.