Mequity Cos. has sold a two-property self storage portfolio totaling 171,990 net rentable square feet in Atlanta. Extra Space Storage acquired the portfolio previously managed by CubeSmart. The LeClaire-Schlosser Group of Marcus & Millichap represented both parties in the deal.
The first property, built in two phases in 1980 and 2020, is located at 2141 Powers Ferry Road in Marietta, Ga., and offers 87,664 rentable square feet of climate-controlled units, ranging from 20 to 540 square feet. The facility includes drive-up access and parking options.
Completed in 2018, the second asset is located at 2232 Mountain Industrial Blvd. in Tucker, Ga., and encompasses 89,250 rentable square feet. Storage spaces include climate-controlled units ranging between 25 and 300 square feet, some of them with drive-up access.
A growing market
Despite moderating rent growth across the U.S. and a per-person inventory of 8.4 net square feet, above the 6.9 national figure, Atlanta recorded double-digit rent increases for the average 10×10 non-climate- and climate-controlled units year-over-year in December, reaching 14.3 percent and 13 percent, respectively.
The Marietta facility has an occupancy rate growth of 4.4 percent per month, and the Tucker location reached 97 percent occupancy in 30 months. The seller was able to capitalize on these strong market fundamentals and sell at a convenient time in the current cycle, according to prepared remarks from Ian Lindahl, investment associate at Marcus & Millichap.
Just earlier this month, Marcus & Millichap arranged the sale of another self storage portfolio in the area, totaling 3,070 units that traded for $67 million.