Marcus & Millichap (NYSE: MMI), announced today the sale of The Grove Mini Storage, a 44,225-square-foot self-storage in Hattiesburg. The asset sold for $3,000,000.
Jake Payne, associate, and Eddie Greenhalgh, first vice president investments and Director of the National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a partnership. Payne and Greenhalgh also procured the buyer, a limited liability company. Mickey Davis served as the Mississippi broker of record in this transaction.
The Grove Mini Storage is located at 2543 Oak Grove Rd in Hattiesburg, Mississippi. Constructed in 2002, the property features 340 total units, 315 of which are climate controlled. The facility features three buildings, two climate-controlled buildings and one large non-climate building. The new owners have hired a professional management company named CubeSmart. They expect to see strong operation improvements in the coming years benefiting from the property’s great exposure, and high traffic counts.