Andover Sells Music City Self Storage in Nashville

HFF announces the sale of a newly constructed self storage facility in Nashville, Tennessee
Music-City-Self-Storage

November 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Music City Self Storage, a newly constructed, 1,058-unit, state-of-the-art self storage facility in Nashville, Tennessee.

The HFF team marketed the property on behalf of the seller, Andover Management Group. AMERCO Real Estate Company purchased the asset.

Completed in March 2018, Music City Self Storage includes 969 climate-controlled units and 89 temperature- and humidity-controlled wine storage lockers housed in one building. The state-of-the-art building features a backup generator with full building power capacity, 24-hour HD surveillance system, covered parking and unloading areas and individual alarm units. Situated on 1.69 acres at 506 Fesslers Lane, Music City Self Storage is one mile southeast from downtown Nashville and on the I-24/I-40 corridor, a critical thoroughfare for the city. This highly visible location is seen by more than 175,000 vehicles a day. More than 82,741 residents earning an average annual household income of $70,399 live within a three-mile radius of the facility.

The HFF investment advisory team representing the seller included managing director Barbara Guffey and senior managing director Jason Nettles.

“This was a great opportunity for the buyer to strategically add to their existing Nashville portfolio with a newly constructed and modernized Class A property in a high-growth market,” Guffey said.

 

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