Citizen Storage – Managed 8-Property Memphis Portfolio

Access Deal Vault
Price
$73,000,000
NRSF
488,058
Memphis, TN
8-Property Portfolio
Opportunity to significantly enhance expected returns on investment due to the ability to assume in-place debt with the following terms; Original Loan Amount:$31 MM, Interest Rate: 4.52%, Current Balance: $30.5 MM, and Maturity Date: 11/05/2030. Supplemental loan documents located in deal vault.
Eight well-maintained self-storage properties in and around Memphis with occupancies between 71.1% and 92.8%.
Strong and growing local economy with major employers such as FedEx, International Paper and St. Jude Children’s Research Hospital.
Rare opportunity to establish a presence in a Top 50 MSA by acquiring over $4.5 million in in-place NOI with occupancy upside across several assets.
This investment opportunity allows asset managers to tour all eight assets in a single day, providing a seamless and efficient means of portfolio management.
Based on our projections, we estimate that a buyer can increase net operating income by over $600,500 within the first 24 months of ownership.

Cushman & Wakefield’s Self-Storage Advisory Group has been exclusively retained by Gelt Ventures to offer for sale Gelt’s Memphis Self-Storage Portfolio.

This portfolio presents a unique opportunity to acquire eight self-storage facilities located in Tennessee and Mississippi in the Memphis MSA. The facilities – which opened between 1972 and 2013 – include over 488,050 rentable square feet spread across 4,006 units. As of August 2023, the portfolio was 83.6% physically occupied (on a square foot basis) across the mix of climate-controlled, drive-up, RV, boat and auto storage units.

Memphis stands as a dynamic and evolving landscape, driven by a diverse range of sectors that contribute to its robust growth. Key factors propelling economic advancement include logistics, healthcare, manufacturing, education, and entertainment. With its strategic location as a major transportation hub, Memphis has become a logistics powerhouse, home to the headquarters of FedEx Corporation and boasting a critical role in global supply chains. The city’s world-renowned healthcare institutions, such as St. Jude Children’s Research Hospital and Methodist Le Bonheur Healthcare, fuel growth not only in the medical field but also in research and innovation. Moreover, manufacturing giants like International Paper and the continuous expansion of educational institutions like the University of Memphis provide employment opportunities and contribute significantly to the local economy. These factors underpin the Memphis economy’s vitality, with ongoing investments and innovative initiatives poised to sustain and amplify its growth trajectory.

This portfolio offers an excellent opportunity to acquire eight stabilized assets in a top 50 MSA, generating nearly $4.5 million of in-place NOI. Buyers will be well-positioned to capitalize on management inefficiencies which will materially increase occupancy and other revenue drivers. Based on our projections, we estimate that a buyer can increase net operating income by over $600,500 within the first 24 months of ownership.

Memphis 8

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the properties known as the Memphis 8 Property Portfolio opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.



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