Real estate developer Mequity Cos. has purchased a warehouse in Tucker, Ga., for $5.3 million that it intends to convert to a climate-controlled self storage facility. The site will be managed by real estate investment trust CubeSmart and branded under its name. It’s expected to be complete by the end of the year, according to the source.
The 105,800 square-foot warehouse at 2232 Mountain Industrial Blvd. is in the Stone Mountain Industrial Park, a 4.1 million square-foot, master-planned business park comprising 69 buildings. The seller, Ackerman & Co., acquired the property in 2015, the source reported.
The seller was represented in the transaction by Brett Buckner, senior vice president, Major Martin, associate and Jimmy Stevens, senior vice president of brokerage, for Ackerman.
Atlanta-based Mequity is an investment firm focused on the self storage industry. The company has closed more than $100 million in facility development in 2017 and 2018. Its primary markets include the Atlanta, Miami, New York and Washington, D.C., metropolitan areas as well as Northern New Jersey. Its principals are Bill Marsh and Robert Holly.