Virtus Real Estate Capital, a real estate private equity firm, has acquired the 97,800-square-foot Outback Storage facility in Horn Lake, Mississippi. The transaction represents the ninth self-storage acquisition in the greater Memphis area.
Built in 2005, Outback Storage is a Class A facility that contains 636 units of climate and non-climate storage. The site is located just west of the heavily traveled intersection of Highway 51 and Goodman Rd. Horn Lake is situated in one of the fastest growing areas in the Mid-South region, which includes Mississippi, Tennessee and Arkansas.
“Outback Storage is a welcome addition to our portfolio of eight other Memphis area self-storage properties. With local population growth expected to average two to three percent for the next five years and significant retail and residential development along the Goodman Road corridor, this site was a prime target for Virtus to add to our existing portfolio of Memphis stores,” said Scott Humphreys, acquisitions manager, Virtus Real Estate Capital.
Extra Space Management (ESM), the facility-management arm of Extra Space Storage, has been hired to run the on-site operations of the facility. The Outback Storage site will mark ESM’s 26th store in the Memphis area, a region where they have demonstrated a track record of success through the implementation a cutting edge real-time revenue management program, an extensive regional operations team providing significant economies of scale, and industry leading internet marketing and search-engine optimization techniques.
High-resolution photos of Outback Storage are available upon request.
About Virtus Real Estate Capital
Virtus Real Estate Capital is a private equity real estate investment company based out of Austin, Texas. Founded in 2003, Virtus has acquired over $2 billion of commercial real estate in more than 120 properties across the United States. Virtus’s investment strategy is to acquire commercial real estate in specific niche property types that serve the highest growth segments of the population in the United States: Self Storage, Student Housing, Medical Office and Senior Living. Virtus is actively seeking out additional opportunities to acquire self-storage properties in their target markets.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. As of June 30, 2013, the Company owned and/or operated 974 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 649,000 units and approximately 71.0 million square feet of rentable storage space offering customers conveniently located and secure storage solutions, including business storage.]]>