Press Releases
Marcus & Millichap Announces the Sale of Storage Masters, a Two Property Self-Storage Portfolio in Kentucky
November 14, 2023
CRESTWOOD, Kentucky, November 14, 2023 – 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 Storage Masters, a two property self-storage portfolio located in Crestwood, Kentucky.
Gabriel Coe, Brett R. Hatcher, and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Grant Fitzgerald, Kentucky Broker of Record, assisted in closing this transaction.
“These properties were sold to an out-of-state buyer with a large self-storage fund,” said Gabriel Coe, the lead agent involved. “The buyer will be able to benefit from amazing locations, a long history of high occupancy, and the opportunity to increase the rents that are 20-30 percent below market.”
Both Storage Masters facilities are located within a mile of each other, about 16 miles northeast of Louisville in Crestwood, Kentucky. The facilities feature a combined 527 non-climate-controlled self-storage units, 28 climate-controlled self-storage units, and two outdoor parking spaces that make up a combined 86,370 net rentable square feet. Both locations benefit from good street frontage and traffic counts above 11,000 cars per day, as well as dense and affluent population bases.
Gabriel Coe, Brett R. Hatcher, and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Grant Fitzgerald, Kentucky Broker of Record, assisted in closing this transaction.
“These properties were sold to an out-of-state buyer with a large self-storage fund,” said Gabriel Coe, the lead agent involved. “The buyer will be able to benefit from amazing locations, a long history of high occupancy, and the opportunity to increase the rents that are 20-30 percent below market.”
Both Storage Masters facilities are located within a mile of each other, about 16 miles northeast of Louisville in Crestwood, Kentucky. The facilities feature a combined 527 non-climate-controlled self-storage units, 28 climate-controlled self-storage units, and two outdoor parking spaces that make up a combined 86,370 net rentable square feet. Both locations benefit from good street frontage and traffic counts above 11,000 cars per day, as well as dense and affluent population bases.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
