Premier Storage Investors LLC, a self-storage real estate investment and development company, has acquired a parcel in Germantown, Tenn., for $4.4 million on which it plans to develop a self-storage facility. The 1.42-acre property at 1138 Second Ave. N. includes an existing 13,000-square-foot office and a 10,000-square-foot warehouse. It was formerly home to WASCO Inc., a masonry business. The seller, Clay Sifford, purchased it in 2013 for about $1.19 million, the source reported.
The site is adjacent to existing large-scale buildings, many of which are mixed-use, as well as others that are under construction or in the planning stages, the source reported. It’s two blocks west of the Cumberland River.
“This is a key parcel given it provides a buffer between the industrial property on Germantown’s eastern fringe and the mixed-use projects the area is seeing to the west and northwest,” said Bart Johnston, a broker with Colliers International of Nashville, who represented the seller in the transaction.
In June, Premier Storage acquired more than 6.5 acres of land in Nashville, Tenn., on which it intends to build self-storage. The properties were purchased in two transactions for a total of $2.3 million.
Launched in January 2014, Premier has offices in Los Angeles and Memphis, Tenn. The company specializes in self-storage acquisitions and development within the top 40 U.S. Metropolitan Statistical Areas.
Sources:
- Nashville Post: Germantown Property Sells for $4.45M
