Papermill Self Storage, a 55,067-square foot self-storage facility in Knoxville, Tenn., sold for just over $2 million. Marcus & Millichap Real Estate Investment Services, a nationwide firm specializing in commercial real estate investment services, brokered the sale.
Michael A. Mele, vice president investments in Marcus & Millichap’s Tampa, Fla., office, along with Anne Williams, investment specialist in the firm’s Memphis, Tenn., office, had the exclusive listing to market the property on behalf of the Texas-based seller, a bank/financial institution. The buyer, a limited-liability company in Mississippi, was also represented by Mele and Williams.
“This sale is one of the first of what will be a wave of real estate owned sales in self-storage,” Mele said. “We will see many more deals like this one over the next two years, as financial institutions look to clear their inventory of self-storage properties.”
Papermill Self Storage is located at 3980 Papermill Road. The facility was built in 2004, expanded in 2007 and maintains 70 percent physical occupancy.