Storage USA Selling 35 Properties in 17 States

SAN FRANCISCO-Storage USA of Memphis, TN is unloading 35 properties valued at more than $140 million that no longer fit the company’s mould.

Located in 17 different states, the properties represent about 5% of the self-storage company’s overall portfolio, according to the broker on the assignment, Charles “Chico” LeClaire, senior director of Marcus & Millichap’s National Self-Storage Group and a senior investment associate in the firm’s Denver office. LeClaire, who had a preexisting relationship with Storage USA, has assembled a team of regional M&M brokers to market specific areas. “This may be the largest one-off portfolio sale anyone has ever attempted,” LeClaire tells GlobeSt.com.

LeClaire says Storage USA is selling off assets that do not fit with the company’s future plans and market penetration strategies. “Some are older, some are smaller, some are in markets where they have newer assets and are trying to upgrade the quality of their portfolio,” LeClaire tells GlobeSt.com. “There is a wide variety from (class) C’s all the way to A’s; some are in less than secondary markets and some are in primary markets, some are urban warehouse conversions and some are 1990s suburban-style construction.”