AMERCO, the parent company of U-Haul International Inc., has acquired Music City Self Storage in Nashville, Tenn., from Andover Management Group, a real estate development and management firm. Opened in March, the facility at 506 Fesslers Lane contains 969 climate-controlled units and 89 wine-storage units, according to a press release.
Situated on 1.69 acres, the property is a mile from downtown Nashville and near the Interstate 24/Interstate 40 corridor, a city thoroughfare. Features include covered unloading area, individual door alarms and video cameras.
The seller was represented in the transaction by Barbara Guffey, managing director, and Jason Nettles, senior managing director, of Holliday Fenoglio Fowler L.P. (HFF). “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.
AMERCO is also the parent company of Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul owns more than 55 million square feet of storage space throughout North America.
Andover specializes in property acquisition, development, management and disposition. Its principals have developed and invested across numerous asset classes including industrial, multi-family, office, residential and self-storage.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 26 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.