We’ve helped thousands of clients get where they want to be through our personalized approach to self-storage advisory services. Our knowledgeable team of self-storage brokers has helped buyers and sellers find success investing in the self-storage market, regardless of their situation or setting.
Memphis, TN MSA
Memphis MSA Portfolio
We were selected to exclusively market for sale the Memphis MSA Portfolio. The Memphis MSA Portfolio is comprised of eight facilities across 490,187…
We were selected to exclusively market for sale the Memphis MSA Portfolio. The Memphis MSA Portfolio is comprised of eight facilities across 490,187 NRSF. The portfolio contains 296 climate-controlled units, 3,186 non-climate-controlled and drive-up units, 384 boat/RV parking spaces and one commercial office space, for a total of 3,867 units.
The seller, a private equity group based in Brooklyn, N.Y., approached us to sell part of its portfolio. Our team laid out a strategic plan spanning the next six months. Each property had recently completed various capital improvements — including unit conversions, painting and LED retrofitting — effectively upping their value and making them more appealing to potential buyers who could now charge more per unit.
After going under contract in January 2020, the transaction faced multiple hurdles due to the effects of the economy as a result of the Coronavirus. The buyers were challenged to find a new lender amidst the pandemic, after their original lender opted out of the transaction. Multiple extensions were granted, and the transaction was finally closed in June 2020 due to the commitment and patience of both the buyer and seller. The portfolio sold at 89% occupancy and, ultimately, received 14 offers.
“Mike and his team are deal makers. They see both the seller’s and buyer’s side on most issues and work fairly and pragmatically to figure out a solution that is a win-win for everyone. They are truly some of the most seasoned and best storage professionals/brokers in the industry. I have enjoyed every deal I have done with them and hope to do more with them.”
-Liz Schlesinger, Merit Hill Capital
We were selected to exclusively market for sale Upland Self-Storage, a self-storage facility located in Upland, California. Located at 135 South Campus Avenue…
We were selected to exclusively market for sale Upland Self-Storage, a self-storage facility located in Upland, California. Located at 135 South Campus Avenue in the Riverside/San Bernardino area, the facility provided an opportunity for entry into a high-barrier-to-entry market. The 70,570-square-foot building sits on 5.2 acres, and the property features 827 self-storage units with drive-up access, video monitoring, gated access and RV/boat/auto storage.
The seller approached us in October of 2019 to review and determine the feasibility of their asset as well as the optimum time to capitalize on the asset. Our team analyzed the property site and provided our assessment of the project as well as recommendations. We worked with the seller through every stage of the project, laying out a strategic plan and vision for how to maximize the value of their asset and achieve the goals they set.
Following a successful marketing process — and after only a month and a few days on the market — the property received 82 executed NDAs and 10 first-round offers. With an occupancy rate of 87%, the property sold over the asking price, for a total of $12,175,000.
“The Self-Storage Advisory Group at Cushman & Wakefield did an outstanding job in all aspects of the sale of my storage facility. I highly recommend them.”
-Bernie Svalstad, seller
9 asset self-storage portfolio
Best Storage Portfolio
The Best Self Storage Portfolio is a nine-asset portfolio in Broward County, Florida, in the Fort Lauderdale area. The seller, a private, high-net-worth…
The Best Self Storage Portfolio is a nine-asset portfolio in Broward County, Florida, in the Fort Lauderdale area. The seller, a private, high-net-worth individual, retained us as exclusive advisor for the sale. The quality and size of the assets, along with their geographic concentration, presented challenges to the buyer pool for the assets.
After a 15-year relationship, the seller approached us to explore a potential disposition of all nine of the storage assets. Our team flew out and did a full audit on the portfolio — analyzing not only current operations but also how the portfolio functioned as a whole — and delivered a baseline analysis with points to improve upon. Our strategic analysis included a recommendation to make significant changes in operations and placed a current value on the portfolio of $65,000,000. Our team laid out a strategic plan spanning the next 12 months that included targeted capital improvements, marketing initiatives and consistent updates. The seller engaged our team and executed on our strategy.
Following a successful marketing process that targeted institutional funds, large operators and PE firms, our team received 120 executed NDAs and nine total offers, ultimately transacting for over $90,000,000.
“Mike and his team took the necessary steps to ensure that it was a simplistic, smooth transaction. Mike and his team operate with confidence and expertise, and I was truly pleased with their dedication and constant focus throughout every step in the transaction.”
Our recent sales reflect the breadth and depth of our portfolio — and our commitment to our clients’ success.