Amsdell Acquires Five Self-Storage Centers; StyleCraft Signs 170K-Sq.-Ft. Lease
- Jul 13, 2012
Cleveland-based Amsdell Storage Ventures VII LLC has purchased five self-storage centers in the Memphis metropolitan area for an undisclosed price. Two of the storage centers are located in Olive Branch, Miss. at 7097 Commerce Dr. and 7911 Hacks Cross Rd., while the other purchases are in Nesbit, Miss. at 2274 Highway 51, Bartlett, Tenn. at 8036 US Highway 70 and Memphis, Tenn. at 4175 Winchester Rd.
All five storage centers are institutional grade properties and offer a combined surface area of over 300,000 square feet of rentable space, as well as over 2,100 units. The facilities feature drive-up access and indoor storage. Boxes and various packaging supplies are available for customers to increase comfort. The centers will be operated by Compass Self Storage LLC.
“We are thrilled to expand and grow into the greater Memphis market,” Todd Amsdell, president of Amsdell, said of the transaction—which marks the company’s entrance into the Memphis market. “We look forward to providing quality self-storage and moving solutions to our customers. We are proud to continue to expand the Compass brand to this and additional markets.”
In other news, indoor décor retailer StyleCraft Home Collection Inc. has entered a lease agreement for 167,600 square feet at Industrial Development International’s Airways Distribution Center, reports The Memphis Daily News. Of the total leased space, 10,000 square feet will be converted into a lighting, furniture and decorative accessories showroom.
StyleCraft will be relocating from its current space at 4325 Executive Dr. to Airways Distribution Center Building E—a facility it will share with PFSweb Inc. StyleCraft’s move will bring Building E to its full 602,500-square-foot capacity. Furthermore, the move will leave only 26,757 square feet of yet-to-be-leased space at the 2.7 million square foot Class A business park. Other tenants at the master-planned complex include Siemens and Bunzl distribution.
StyleCraft was represented by Dan and Allen Wilkinson of Colliers International in Memphis, while Tim Moore, vice president of Industrial Development International’s Memphis office, represented the landlord.
Photo credit: Hankwang via Wikimedia Commons
Click here for more Memphis market data.