Press Releases
Marcus & Millichap Announces $7.85 Million Sale of a New Construction Self-Storage Facility in Alabama
February 14, 2024
BIRMINGHAM, Ala., Feb. 14, 2024 – 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 1500 Tedescki Drive, a new construction self-storage facility located in Birmingham, Ala. The property sold for $7,850,000, or $15,606 per unit.
“We expect this facility to do very well based on the quality of construction, location and professional management,” says Eddie Greenhalgh, senior director national self-storage division. “This was a great transaction for both buyer and seller considering the challenging market conditions.”
Greenhalgh, Jake Payne and Lee Thornton, investment specialists in Marcus & Millichap’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, Copper Storage Solutions, LLC, and procured the buyer, Ziff Real Estate Partners based out of Charleston, SC. The property generated significant interest with multiple out-of-state offers.
Located at 1500 Tedescki Drive, the property boasts a total of 503 units. These comprise of 289 climate-controlled units and 214 non-climate-controlled units, tailored to fit a wide range of storage needs. The asset is located off Lakeshore Parkway next to the new Publix and Robert Trent Jones Golf Trail at Ross Bridge. Upon opening, the facility will be third-party managed by Public Storage, the largest owner and operator of storage facilities in the world with over 170 million net rentable square-feet.
“We expect this facility to do very well based on the quality of construction, location and professional management,” says Eddie Greenhalgh, senior director national self-storage division. “This was a great transaction for both buyer and seller considering the challenging market conditions.”
Greenhalgh, Jake Payne and Lee Thornton, investment specialists in Marcus & Millichap’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, Copper Storage Solutions, LLC, and procured the buyer, Ziff Real Estate Partners based out of Charleston, SC. The property generated significant interest with multiple out-of-state offers.
Located at 1500 Tedescki Drive, the property boasts a total of 503 units. These comprise of 289 climate-controlled units and 214 non-climate-controlled units, tailored to fit a wide range of storage needs. The asset is located off Lakeshore Parkway next to the new Publix and Robert Trent Jones Golf Trail at Ross Bridge. Upon opening, the facility will be third-party managed by Public Storage, the largest owner and operator of storage facilities in the world with over 170 million net rentable square-feet.
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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.
