Marcus & Millichap Agents List Three-Property Self Storage Portfolio in Texas
The AAA Storage portfolio in Corpus Christi is listed at $14.8 million. Michael Mele is joining forces with two other Marcus & Millichap brokers to find the right investor.
Tampa, FL, June 24, 2007 --(PR.com)-- Marcus & Millichap's The Mele Group has listed a three-property portfolio in Corpus Christi, Texas, demonstrating that the Tampa-based self-storage brokerage has the manpower, investor database power and networking power to broker deals in markets beyond its home base in Florida.
The AAA Storage portfolio is listed at $14.8 million. Michael A. Mele and Kevin Gordon from The Mele Group joined forces with Mark A. Villanueva, an Investment Associate in Marcus & Millichap's Real Estate Investment Services' National Self Storage Group in Austin, to broker the sale. The trio will combine their self-storage expertise and investor connections to ensure the AAA Storage portfolio earns top dollar in the market.
"The AAA Storage portfolio offers investors a unique opportunity to buy into a group of properties that are not only in close proximity to one another, but strategically located in markets with high rental populations," said Michael A. Mele, Senior Investment Associate at Marcus & Millichap's Mele Storage Group. "Projecting a closing in early fall and due to its strong lease-up pace, the portfolio will be deliverable near a 7% CAP Rate at list price and offers room for both physical and economic occupancy increases. This is an investor's dream."
The three properties are AAA Storage Ayers, AAA Storage IH 37 and AAA Storage Rodd Field, all within 12 miles of one another. The trio of single-level properties offers a group of premier self-storage facilities totaling 322,085 rentable square feet and 2,238 units. Each site is built out to capacity and is currently in lease up of the final build-out phase. Over the past 12 months, the portfolio has seen its physical occupancy climb, on average, net 2,000 square feet a month – a strong contributor to its investor appeal. As of May 31, 2007, the portfolio posts a 66 percent physical occupancy.
"From a management perspective, the AAA Storage portfolio offers clear benefits. With the properties located so close together, oversight of the facilities becomes easier," said Villanueva, an Investment Associate in Marcus & Millichap's Real Estate Investment Services' National Self Storage Group in Austin. "With occupancy rates rising each month and the city of Corpus Christi poised for growth, this is a strategic acquisition for an investor who is willing to purchase all three properties."
All three properties in the AAA Storage portfolio are located on major thoroughfares with ample frontage. Each site is no more than a half mile from a major highway in Corpus Christi. Corpus Christi is the largest city on Texas' Coastal Bend Region and is widely recognized as the gateway to the southern part of the state. It is 140 miles southwest of San Antonio and 220 miles south of Houston.
"Any of these properties alone would be a good deal, but as a three-property portfolio the AAA Storage properties offer attractive synergies for investors," said Kevin Gordon, a sales agent at Marcus & Millichap's Mele Storage Group. "The renter populations are high, as well as the population counts. There is a strategic opportunity to build on this established storage brand in Corpus Christi."
Located just a half mile south of the Crosstown Expressway, the Ayers site was constructed in phases from 1999 to 2003. It offers over 117,000 net rentable square feet and 803 units with a 70 percent physical occupancy rate. The renter population is more than 35 percent with a total population of 181,000 within five miles. The stabilized effective gross revenue will exceed $830,000.
The IH 37 site boasts nearly 2,500 households within a one-mile radius with excellent visibility from Interstate 37. The site was constructed in 1998, but saw multiple additions through 2003 to keep up with growth opportunities. The property is 59 percent physically occupied and currently in lease-up of the final phase. Nearly 40 percent of the population within a one-mile radius is renters, an important statistics for self-storage occupancies. The facility offers over 100,000 net rentable square feet with 689 units. The stabilized effective gross revenue with total over $608,000.
Finally, the Rodd Field site is located one half mile south of an interstate exit with a population of 142,000 within five miles. The area also boasts a 37.5 percent renter population. The facility was built in 1999 with multiple additions through 2003. The property offers 104,000 net rentable square feet and 746 units with a physical occupancy of 70 percent in the final phase of lease-up. The stabilized effective gross revenue totals over $845,000.
Amenities at all three properties include a manager's office, manager's apartment, computerized gate access, security fence and lighting, wide driveways, non-climate and climate-controlled units, interior and drive-up units, and outside and covered parking and roll-up doors. Two sites (Ayers and IH 37) also offer RV parking, a lucrative amenity that is expected to enjoy increased demand as the Baby Boom generation begins to retire.
About The Mele Group
Led by East Coast Self Storage Specialist Michael A. Mele, The Mele Group has sold over 75 self-storage properties totaling over $300 million in sales. Mele has over $150 million in Active and Under Contract listings and a database of approximately 5,000 buyers seeking to expand their self-storage portfolios on the East Coast. Mele closed more than $86 million in self-storage sales in 2006 alone. Kevin Gordon is a Sales Agent, a member of Marcus & Millichap's National Self Storage Group. He serves as a client development professional, research specialist and financial analyst for The Mele Group and has played a key role in the transaction of over $125 million in self-storage sales. Each member of The Mele Group is a specialist in the fields of financial analysis, market research, contract management and marketing. Visit the firm online at http://www.melestoragegroup.com.
About V Storage Group
V Storage Group of Marcus & Millichap Real Estate Investment Services is headed up by Self Storage Specialist Mark A. Villanueva. Mark is an Investment Associate in Marcus & Millichap Real Estate Investment Services' National Self Storage Group. Mark began his brokerage career focusing on self-storage and manufactured housing in 2005 and has closed over $37.7 million in transactions in the past 12 months. He is currently a member of the Real Estate Council of Austin, the Texas Self Storage Association, and was recently one of eight agents named to Marcus & Millichap's National Self Storage Advisory Board. Mark is currently managing over $32.9 million dollars of investments in escrow or currently on the market. Visit the firm online at http://www.vstoragegroup.com.
About Marcus & Millichap
With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2006, the firm closed more than $20.5 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.
PR Contacts:
Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009
jennifer@selfstoragepromotions.com
954.454.0072
The Mele Group
Darlina Conto
7650 Courtney Campbell Cswy., Suite 920
Tampa, FL 33607
Dconto@marcusmillichap.com
813.287.9777, ext. 187
V Storage Group
Stacey Marie Lowe
8310 N. Capital of Texas Highway, Suite 150
Austin, Texas 78731
Slowe1@marcusmillichap.com
512.338.7800
###
The AAA Storage portfolio is listed at $14.8 million. Michael A. Mele and Kevin Gordon from The Mele Group joined forces with Mark A. Villanueva, an Investment Associate in Marcus & Millichap's Real Estate Investment Services' National Self Storage Group in Austin, to broker the sale. The trio will combine their self-storage expertise and investor connections to ensure the AAA Storage portfolio earns top dollar in the market.
"The AAA Storage portfolio offers investors a unique opportunity to buy into a group of properties that are not only in close proximity to one another, but strategically located in markets with high rental populations," said Michael A. Mele, Senior Investment Associate at Marcus & Millichap's Mele Storage Group. "Projecting a closing in early fall and due to its strong lease-up pace, the portfolio will be deliverable near a 7% CAP Rate at list price and offers room for both physical and economic occupancy increases. This is an investor's dream."
The three properties are AAA Storage Ayers, AAA Storage IH 37 and AAA Storage Rodd Field, all within 12 miles of one another. The trio of single-level properties offers a group of premier self-storage facilities totaling 322,085 rentable square feet and 2,238 units. Each site is built out to capacity and is currently in lease up of the final build-out phase. Over the past 12 months, the portfolio has seen its physical occupancy climb, on average, net 2,000 square feet a month – a strong contributor to its investor appeal. As of May 31, 2007, the portfolio posts a 66 percent physical occupancy.
"From a management perspective, the AAA Storage portfolio offers clear benefits. With the properties located so close together, oversight of the facilities becomes easier," said Villanueva, an Investment Associate in Marcus & Millichap's Real Estate Investment Services' National Self Storage Group in Austin. "With occupancy rates rising each month and the city of Corpus Christi poised for growth, this is a strategic acquisition for an investor who is willing to purchase all three properties."
All three properties in the AAA Storage portfolio are located on major thoroughfares with ample frontage. Each site is no more than a half mile from a major highway in Corpus Christi. Corpus Christi is the largest city on Texas' Coastal Bend Region and is widely recognized as the gateway to the southern part of the state. It is 140 miles southwest of San Antonio and 220 miles south of Houston.
"Any of these properties alone would be a good deal, but as a three-property portfolio the AAA Storage properties offer attractive synergies for investors," said Kevin Gordon, a sales agent at Marcus & Millichap's Mele Storage Group. "The renter populations are high, as well as the population counts. There is a strategic opportunity to build on this established storage brand in Corpus Christi."
Located just a half mile south of the Crosstown Expressway, the Ayers site was constructed in phases from 1999 to 2003. It offers over 117,000 net rentable square feet and 803 units with a 70 percent physical occupancy rate. The renter population is more than 35 percent with a total population of 181,000 within five miles. The stabilized effective gross revenue will exceed $830,000.
The IH 37 site boasts nearly 2,500 households within a one-mile radius with excellent visibility from Interstate 37. The site was constructed in 1998, but saw multiple additions through 2003 to keep up with growth opportunities. The property is 59 percent physically occupied and currently in lease-up of the final phase. Nearly 40 percent of the population within a one-mile radius is renters, an important statistics for self-storage occupancies. The facility offers over 100,000 net rentable square feet with 689 units. The stabilized effective gross revenue with total over $608,000.
Finally, the Rodd Field site is located one half mile south of an interstate exit with a population of 142,000 within five miles. The area also boasts a 37.5 percent renter population. The facility was built in 1999 with multiple additions through 2003. The property offers 104,000 net rentable square feet and 746 units with a physical occupancy of 70 percent in the final phase of lease-up. The stabilized effective gross revenue totals over $845,000.
Amenities at all three properties include a manager's office, manager's apartment, computerized gate access, security fence and lighting, wide driveways, non-climate and climate-controlled units, interior and drive-up units, and outside and covered parking and roll-up doors. Two sites (Ayers and IH 37) also offer RV parking, a lucrative amenity that is expected to enjoy increased demand as the Baby Boom generation begins to retire.
About The Mele Group
Led by East Coast Self Storage Specialist Michael A. Mele, The Mele Group has sold over 75 self-storage properties totaling over $300 million in sales. Mele has over $150 million in Active and Under Contract listings and a database of approximately 5,000 buyers seeking to expand their self-storage portfolios on the East Coast. Mele closed more than $86 million in self-storage sales in 2006 alone. Kevin Gordon is a Sales Agent, a member of Marcus & Millichap's National Self Storage Group. He serves as a client development professional, research specialist and financial analyst for The Mele Group and has played a key role in the transaction of over $125 million in self-storage sales. Each member of The Mele Group is a specialist in the fields of financial analysis, market research, contract management and marketing. Visit the firm online at http://www.melestoragegroup.com.
About V Storage Group
V Storage Group of Marcus & Millichap Real Estate Investment Services is headed up by Self Storage Specialist Mark A. Villanueva. Mark is an Investment Associate in Marcus & Millichap Real Estate Investment Services' National Self Storage Group. Mark began his brokerage career focusing on self-storage and manufactured housing in 2005 and has closed over $37.7 million in transactions in the past 12 months. He is currently a member of the Real Estate Council of Austin, the Texas Self Storage Association, and was recently one of eight agents named to Marcus & Millichap's National Self Storage Advisory Board. Mark is currently managing over $32.9 million dollars of investments in escrow or currently on the market. Visit the firm online at http://www.vstoragegroup.com.
About Marcus & Millichap
With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2006, the firm closed more than $20.5 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.
PR Contacts:
Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009
jennifer@selfstoragepromotions.com
954.454.0072
The Mele Group
Darlina Conto
7650 Courtney Campbell Cswy., Suite 920
Tampa, FL 33607
Dconto@marcusmillichap.com
813.287.9777, ext. 187
V Storage Group
Stacey Marie Lowe
8310 N. Capital of Texas Highway, Suite 150
Austin, Texas 78731
Slowe1@marcusmillichap.com
512.338.7800
###
Contact
The Mele Storage Group
Jennifer LeClaire
954.454.0072
www.melestoragegroup.com
Jennifer LeClaire
954.454.0072
www.melestoragegroup.com
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