Scenic City Storage in Chattanooga, Tenn., was recently sold to Andover Properties, dba Storage King USA, for an undisclosed sum. The property at 5027 Hixson Pike contains 495 units encompassing 64,323 rentable square feet. Originally developed as a big-box retail store, the building was converted to self-storage in 2003 and expanded in 2007.
The facility benefits from excellent exposure on the Hixson Pike and is directly across from Northgate Mall, according to a press release. It provides amenities including secured gates with control keypads, boat and RV parking, document storage, and packing supplies.
The seller was represented in the transaction by Doug McCarron, Steve Mellon and Pete Williams, managing directors of the Jones Lang LaSalle National Self Storage Team.
We hope that this will be our first acquisition of many in the coming months," said Brian Cohen, president of Andover Properties, which disposed of the majority of its self-storage assets in 2012.
Scenic City Storage serves Chattanooga, Hixson, North Chattanooga, Ooltewah, Red Bank, Signal Mountain, Soddy Daisy and other Tennessee towns.
Jones Lang LaSalle is an investment-management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, the company operates in 70 countries from more than 1,000 locations worldwide.
The firm also provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. It completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment-management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management.
- National Real Estate Investor: PRESS RELEASE: Jones Lang LaSalle Closes Sale of Scenic Self Storage in Chattanooga, Tennessee