Press Releases
Marcus & Millichap Auctions Karam Self Storage & Retail Center in Memphis
May 03, 2024
MEMPHIS, Tenn., May 3, 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 7060 Winchester Road, a self-storage and retail facility located in Memphis, Tennessee. The property sold for an undisclosed price.
“Having popular retailers like Starbucks and Chick-Fil-A on the adjacent pad sites added to the exceptional opportunity for the buyer to take the property to great heights as the seller completes the conversion development cycle,” said Dave Knobler, senior managing director investments. “The mutual benefits made this sale an all-around win-win.”
Knobler and Anne Willams, investment specialists in Marcus & Millichap’s Houston and Memphis offices, had the exclusive listing to market the property on behalf of the seller. Knobler and Williams collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset and secure the buyer.
“Since this was a mixed-use project consisting of self-storage and retail, we decided to utilize the auction platform which allowed us to expand the buyer pool exponentially to both storage and retail investors across the U.S.,” said Williams, first vice president investments.
Karam Self Storage & Retail Center contains 737 newly constructed climate-controlled storage units across 81,125 square feet, along with 67,729 square feet of retail space. The property is positioned within a strong retail corridor with national retailers like Home Depot, Walmart, Sam’s Club and Planet Fitness.
“Having popular retailers like Starbucks and Chick-Fil-A on the adjacent pad sites added to the exceptional opportunity for the buyer to take the property to great heights as the seller completes the conversion development cycle,” said Dave Knobler, senior managing director investments. “The mutual benefits made this sale an all-around win-win.”
Knobler and Anne Willams, investment specialists in Marcus & Millichap’s Houston and Memphis offices, had the exclusive listing to market the property on behalf of the seller. Knobler and Williams collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset and secure the buyer.
“Since this was a mixed-use project consisting of self-storage and retail, we decided to utilize the auction platform which allowed us to expand the buyer pool exponentially to both storage and retail investors across the U.S.,” said Williams, first vice president investments.
Karam Self Storage & Retail Center contains 737 newly constructed climate-controlled storage units across 81,125 square feet, along with 67,729 square feet of retail space. The property is positioned within a strong retail corridor with national retailers like Home Depot, Walmart, Sam’s Club and Planet Fitness.
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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.
