Gelt Ventures Sells 487 KSF Memphis Self Storage Portfolio

Gelt Ventures has sold an eight-property self storage portfolio in the Greater Memphis Area to Canada-based Mini Mall Storage Properties. The ensemble comprises 3,999 units across facilities totaling 487,000 square feet. Five of the assets are in Memphis, Tenn., two in Olive Branch, Miss. and one in Nesbit, Miss.

The Tennessee side of the portfolio traded for a combined $34.4 million. Bank of Montreal facilitated the sale with a $240.5 million line of credit that extends to other properties as well, according to public records.

JLL Senior Managing Directors Brian Somoza, Steve Mellon and Richard Reid, together with Directors Adam Roossien and Matthew Wheeler worked on behalf of the seller in the transaction.

An eight-facility Memphis-area portfolio

Gelt Ventures acquired the portfolio in June 2020 from Merit Hill Capital, for $41 million. At that time, the properties were 91 percent occupied. All eight assets came online between 1972 and 2006 and are single-story properties. Amenities include commercial office space, manager’s apartments, as well as drive-up, indoor and climate-controlled units, ranging in size from 5 to 430 square feet.

The properties are relatively close to each other, with the northernmost being at 8036 US-70 in Memphis and the southernmost at 2274 US-51 in Nesbit. These two facilities are some 60 miles apart, with the other six properties located in between.

The self storage market in Memphis had 11 planned and one prospective facilities as of November, totaling more than 700,000 rentable square feet, according to Yardi Matrix data.