ATLANTA, GA | The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of CubeSmart (Managed) Portfolio, a two property self-storage portfolio located in the Atlanta MSA and developed by Atlanta-based Mequity Companies. The assets have a combined 1,843 units and 171,990 net rentable square feet.
Ian Lindahl, Investment Associate, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver office had the exclusive listing to market the properties on behalf of Mequity, an east coast self-storage development company established in 2017. “Each facility had good lease-up trends with the Marietta location averaging 4.37% occupancy growth per month and the Tucker location at 97% physically occupied in 30 months. The Seller was able to capitalize on the competitive storage market and sell at a great time in the current cycle,” said Lindahl. The Buyer, who was a public REIT, was also secured by Ian Lindahl and Adam Schlosser and was excited to add to their already strong position in the market with these acquisitions.
“Each facility had good lease-up trends with the Marietta location averaging 4.37% occupancy growth per month and the Tucker location at 97% physically occupied in 30 months. The Seller was able to capitalize on the competitive storage market and sell at a great time in the current cycle.”
The CubeSmart (Managed) Portfolio has locations at 2141 Powers Ferry Road in Marietta, and 2232 Mountain Industrial Boulevard in Tucker. Both facilities are Class “A” in excellent locations with prime visibility.
