Midgard Self Storage Buys Atlanta-Area Assets
The two properties, totaling more than 800 units, sold for a combined $15.5 million.
Image courtesy of Paul Brennan via pixabay
Midgard Self Storage, a subsidiary of Reliant Real Estate Management, has purchased two Atlanta-area self storage properties totaling 104,646 net rentable square feet and 808 units in Oakwood and Gainesville, Ga.
According to public records, the buyer paid a combined $15.5 million for the assets. The same source shows that the acquisition involved an $11.8 million loan from Ameris Bank set to mature in 2028. Formerly known as Lotta Space Storage and North Lanier Storage, the facilities now operate under the Midgard Self Storage brand.
Marcus & Millichap’s Senior Managing Directors Gabriel Coe and Brett Hatcher, along with Senior Vice President Nathan Coe led the team that facilitated the transaction, representing the seller and procuring the buyer. Nathan Coe stated in prepared remarks that the purchase offers the buyer the opportunity to expand into an adjacent lot approved for 20,200 square feet of storage space. He added that the area within a 5-miles radius of both properties registered a 56 percent population increase in the past two decades. The same team was recently involved in the sale of a 10-property self storage portfolio across three southern states.
Two efficient Georgia facilities
The Oakwood asset, Lotta Space Storage, is a 55,337-square-foot property which comprises 443 units ranging from 25 to 300 square feet. The facility is equipped with 24-hour electronic gate access and video surveillance. It also incorporates RV and boat storage. It is situated at 3825 Old Flowery Branch Road, off Highway 53, which provides connectivity to Interstate 985.
Within roughly 6 miles, at 5335 Browns Bridge Road, sits the Gainesville asset, North Lanier Storage. Situated approximately 50 miles from downtown Atlanta, the property is a 51,309-square-foot facility featuring 365 units ranging from 47 to 350 square feet, and similar on-site amenities. Both properties include a mix of climate-controlled and non-climate-controlled units, as well as drive-up access.
