MEMPHIS, Tenn., Dec. 13, 2016 /PRNewswire/ -- The NGKF Self Storage Group is pleased to announce the sale of the Storage Pros Knoxville, TN portfolio. Aaron Swerdlin, Executive Managing Director and Kenneth Cox, Senior Managing Director represented the seller, Storage Pros Management LLC, in this transaction.
The Storage Pros Knoxville, TN offering provided a unique opportunity for a buyer to acquire a dominant position in the Knoxville MSA storage market by purchasing a portfolio of assets strategically positioned within the MSA in a single transaction. The portfolio consisted of eight well-maintained facilities comprised of 415,616 SF of self storage and 23,500 SF of outside parking space. The eight facilities encircle the Knoxville MSA and are located within a 20-mile radius of one other. This dominant geographic positioning allows for favorable pricing power and online marketing presence in the Knoxville MSA.
David Levenfeld, CEO of Storage Pros Management LLC commented, "Aaron and Kenneth managed this transaction with their usual diligence, while providing excellent strategic guidance along the way. As has been our experience with them over the years, the outcome exceeded our expectations."
Mr. Swerdlin and Mr. Cox head up NGKF Capital Markets' Self Storage Group and, together, have led more than $5 billion in self storage transactions during their careers. The team understands the complexity of this property type in the context of operational issues as well as the most current perspective relative to the capital markets and transaction environment. Focusing on strategy and execution within a unified team, they combine critical industry knowledge and local insight, ensuring clients' needs are clearly understood and the most effective solutions are implemented.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
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SOURCE NGKF Capital Markets Self Storage Group