Update 5/11/16 – Compass Self Storage has further expanded its footprint in the Nashville market with the purchase of the Stor N Lock facility at 1703 Green Lane in Shelbyville, Tenn. The property was acquired by separate affiliates of Amsdell Group and Compass, according to a press release. It comprises 98,000 net rentable square feet and offers climate control, drive-up units, electronic access, and covered and open-air boat/RV storage.
The business also offers access to a moving truck, online payments, and moving and packing supplies. It will offer a smartphone app to give tenants remote gate access via their mobile devices, the release stated.
“We are excited about the acquisition of this self-storage center, as it will allow us to further expand our service area in the Nashville market,” Amsdell said.
The property was acquired for $5.95 million, according to a press release from commercial real estate firm Marcus & Millichap, which brokered the deal. The buyer and the seller were represented in the transaction by investment specialists Gabriel Coe and Brett R. Hatcher from the firm’s Columbus, Ohio, office, as well as Anne Williams, a broker with its National Self Storage Group.
Marcus & Millichap is a commercial-property investment firm with more than 1,600 investment professionals in offices throughout the United States and Canada. The company closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Compass now operates 69 self-storage facilities nationwide.
2/17/16 – Compass Self Storage, a member of the Amsdell family of companies, has acquired a four-property portfolio from BGS America Storage in the Nashville, Tenn., metropolitan market. The facilities are the company’s first in the area and comprise a total of 212,000 square feet, according to a press release. The properties were purchased by separate affiliates of Amsdell Group LLC and Compass. They include:
- 461 Waldron Road in La Vergne, Tenn.
- 702 Jessica St. in Murfreesboro, Tenn.
- 200 Front St. in Smyrna, Tenn.
- 1022 Nissan Drive in Smyrna, Tenn.
Planned improvements to the locations include the addition of climate control to some units, upgrades to security systems, and the addition of a retail line of moving and packing supplies. The properties offer electronic access, moving-truck rental and online account management, the release stated.
“We are very pleased to enter the Nashville market and offer our top-notch level of service to our residential and business customers,” said Todd Amsdell, president. “We believe the improvements that we have planned for these four storage centers will deliver an upgraded product and elevated customer experience.”
J.L. “Chip” Mack III, a broker with McWhirter Realty Partners LLC, represented Amsdell in the transaction.
Compass has added 14 facilities to its portfolio since the beginning of 2016.
Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. Since its inception, the company has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It has owned and operated more than 500 storage centers under various trade names in more than 27 states. It currently owns and operates self-storage properties in 13 states.