Press Releases
Marcus & Millichap Brokers Sale of Park South Storage in Bessemer for $1.95 Million
December 19, 2024
BESSEMER, Ala., Dec. 19, 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 Park South Storage, a 158-unit self-storage property located in Bessemer, Alabama. The property sold for $1.95 million.
“Park South Storage is a strong value add self-storage facility that has been owned and operated by the same family for more than 20 years. Upside will be realized through occupancy, adjusting rates, and future expansion,” said Eddie Greenhalgh, senior vice president investments and senior director of the National Self Storage Group.
Greenhalgh and Lee Thornton, investment specialists in Marcus & Millichap’s Birmingham office, marketed the property on behalf of the seller, Park South Storage, LLC, and procured the buyer, Edwin B. Lumpkin, Jr.
Park South Storage is located at 6282 Park South Dr., just off Interstate 459. Built in 2003, the 2.48-acre property features a mix of climate- and non-climate-controlled units across 33,600 rentable square feet with an existing pad for expansion.
“This facility is highly visible from Interstate 459 with extremely high traffic counts,” added Thornton, associate. “This transaction is part of the Greenhalgh Storage Group’s continued success in the Bessemer market, contributing to a strong year of self-storage sales across the region.”
This sale marks the third storage facility closed by the Greenhalgh Storage Group in Bessemer in 2024. Other transactions include Copper Storage Solutions Bessemer Storage CO near Ross Bridge, sold to an out-of-state buyer now managed by Public Storage, and Second Attic Storage, also sold to an out-of-state buyer and now managed by Top Storage.
“Park South Storage is a strong value add self-storage facility that has been owned and operated by the same family for more than 20 years. Upside will be realized through occupancy, adjusting rates, and future expansion,” said Eddie Greenhalgh, senior vice president investments and senior director of the National Self Storage Group.
Greenhalgh and Lee Thornton, investment specialists in Marcus & Millichap’s Birmingham office, marketed the property on behalf of the seller, Park South Storage, LLC, and procured the buyer, Edwin B. Lumpkin, Jr.
Park South Storage is located at 6282 Park South Dr., just off Interstate 459. Built in 2003, the 2.48-acre property features a mix of climate- and non-climate-controlled units across 33,600 rentable square feet with an existing pad for expansion.
“This facility is highly visible from Interstate 459 with extremely high traffic counts,” added Thornton, associate. “This transaction is part of the Greenhalgh Storage Group’s continued success in the Bessemer market, contributing to a strong year of self-storage sales across the region.”
This sale marks the third storage facility closed by the Greenhalgh Storage Group in Bessemer in 2024. Other transactions include Copper Storage Solutions Bessemer Storage CO near Ross Bridge, sold to an out-of-state buyer now managed by Public Storage, and Second Attic Storage, also sold to an out-of-state buyer and now managed by Top Storage.
# # #
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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
