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Apr. 12, 2013

Compass Acquires 56K SF Storage Facility; Medical Office Building and Retail Centers Sold

By Eliza Theiss, Associate Editor

Amsdell Companies member Compass Self Storage LLC has purchased its sixth property in the Greater Memphis Area.  The acquisition represents the nineteenth purchase by made by the company since March 2012.  ”We are glad to expand our service area in Memphis and be able to offer quality self-storage solutions to more of our neighbors,” stated Todd Amsdell, president of the Cleveland, Ohio-based company.

The newly acquired asset is located at 6780 Country Park Drive in Memphis. The self-storage facility features 56,125 square feet of net rentable space and amenities such as drive-up access, truck rental, moving supplies and outdoor storage.

Click here to read about Amsdell’s previous Memphis area purchases. Compass expects to continue expanding in its selected markets, including Memphis.

In other news, the Baptist Memorial Medical Group Inc. has announced the purchase of a Collierville medical office building, reports The Memphis Daily News. The Class A facility, located at 400 East Market Blvd. was acquired for $4.4 million via a special warranty deed from Collierville Medical Center LLC. The asset, located on 3.9-acres, was built in 1998 and features 39,635 square feet of medical office space. The Shelby County Assessor of Property valued it at $3.1 million in 2012.

The Memphis Daily News also reported the transaction of a Cordova retail shopping center in the Memphis Metropolitan Area. The 2002-built, 21,832-square-foot shopping center was purchased by an affiliate of Safeway Group Inc. for $1.8 million. Identified as Cordova Ridge Shops LLC, the entity purchased the asset in a special warranty deed from 1204 Houston Levee Road Holdings LLC, an affiliate of CWCapital Asset Management LLC.  The Class A retail center is attached to a 54,000-square-foot Kroger, unenclosed in the transaction.

Image courtesy of Four-Way Self Storage

Chart courtesy of Marcus & Millichap

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