Press Releases
Marcus & Millichap Arranges Sale of 314-Unit Self Storage Property in Mississippi
August 28, 2024
COLUMBUS, Miss., August 28, 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 Friendly City Mini Warehouses, a 314-unit self-storage property located in Columbus, Mississippi.
“This deal was taken to the market as phase two of the project was leasing up,” said Matthew Porter, associate. “Lease-up deals can be challenging to finalize in the current market, but I remained committed, closely tracked the lease-up progress and successfully closed the deal.”
Porter, investment specialist in Marcus & Millichap’s Memphis office, had the exclusive listing to market the property on behalf of the seller, Peter Imes. Mickey Davis, Broker of Record in Mississippi, assisted in closing the transaction.
Friendly City Mini Warehouses is located at 7627 Highway 45 N. The unit mix includes 163 climate-controlled units and 145 non-climate-controlled units across 47,720 net rentable square feet. Built in 2022 with an expansion in 2024, this was the seller's newest construction, while they continue to own four other similar facilities in the market. The facility features advanced 24-hour digital surveillance, gated entry with coded access, and is situated on 3.25 acres of land with room for future growth. The property achieved a rapid lease-up, reaching 89 percent occupancy within months of opening and continues to serve the area's storage needs with a current occupancy rate of 91 percent.
“This deal was taken to the market as phase two of the project was leasing up,” said Matthew Porter, associate. “Lease-up deals can be challenging to finalize in the current market, but I remained committed, closely tracked the lease-up progress and successfully closed the deal.”
Porter, investment specialist in Marcus & Millichap’s Memphis office, had the exclusive listing to market the property on behalf of the seller, Peter Imes. Mickey Davis, Broker of Record in Mississippi, assisted in closing the transaction.
Friendly City Mini Warehouses is located at 7627 Highway 45 N. The unit mix includes 163 climate-controlled units and 145 non-climate-controlled units across 47,720 net rentable square feet. Built in 2022 with an expansion in 2024, this was the seller's newest construction, while they continue to own four other similar facilities in the market. The facility features advanced 24-hour digital surveillance, gated entry with coded access, and is situated on 3.25 acres of land with room for future growth. The property achieved a rapid lease-up, reaching 89 percent occupancy within months of opening and continues to serve the area's storage needs with a current occupancy rate of 91 percent.
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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.
