Simply Self Storage (SSS) recently acquired three storage properties in the Nashville area from a New York-based private investor. Financial terms weren’t disclosed, but the asking price for the portfolio was $16.15 million, according to the source. The facilities comprise 206,260 square feet. All three will be renamed under the SSS brand. They are:
- Campbell Station Self Storage, 3000 Harrah Drive, Spring Hill, Tenn. (76,835 square feet)
- Sem’s Store N Lock, 136 Maddox Simpson Parkway, Lebanon, Tenn. (59,700 square feet)
- Sem’s Store N Lock, 400 Quarry Loop Road, Mt. Juliet, Tenn. (69,725 square feet)
This is the second significant Tennessee acquisition made by SSS this winter. The company purchased a seven-facility portfolio in Memphis in December for $16.6 million.
“A lot of national equity is looking to get into storage in Nashville. It’s a hard product to get zoned in the Nashville area. Occupancy and rental rates are really strong, so the industry as a whole has gotten a lot more glamorous in the investment market,” said Ashley Compton of CBRE, the commercial real estate firm that represented the seller in the deal. Compton is first vice president for the company’s Self Storage Advisory Group of Nashville.
Each of the three local markets involved in the transaction have demonstrated strong economic growth in the last 12 months, including a combined 4,000 new jobs created, Compton said.
Headquartered in Orlando, Fla., SSS owns or manages more than 160 self-storage facilities comprising more than 12 million square feet of storage space in 18 states and Puerto Rico. It currently has 14 in Tennessee. Founded in 2003 by Kurt O’Brien, the company ranked No. 9 on the 2014 Inside Self-Storage Top-Operators List.
Sources:
- Nashville Post: CBRE Brokers Sale of Self-Storage Facilities
- The Tennessean: Fla. Operator Buys Three Nashville Area Self-Storage Facilities
