The Williams Storage Group of Marcus & Millichap is pleased to announce the recent closing of Interstate Mini Storage, a 217-unit facility located in White House, Tennessee, a northern bedroom community to Nashville, TN. Anne Williams-Blackwell and Andy Beeckman out of the firm’s Memphis and Nashville office, respectively, had the exclusive right to market the property on behalf of the seller. a local owner/operator.
According to Andy Beeckman, "We ran a competitive marketing process and received multiple offers from local, regional and national investors." The seller was an owner/operator who built the property and ran the day to day operations. "It was an exceptionally clean, stabilized asset which provided excellent cash flows from day 1. The cap rate we were able to achieve is indicative of the demand even though the buyer wasn’t a large private equity fund.” (Read more...)