Self-storage developer The Natchez Group recently acquired a 2.5-acre lot in Chattanooga, Tenn., on which it intends to build a self-storage facility. Northside Self Storage will comprise 75,000 square feet in more than 600 units and sit at the rear of a mixed-use project with about 12,000 square feet of retail or other commercial space, according to the source.
The property at 1105 Dayton Blvd. is the former home of the Cherokee Motel. It’s in an area that has seen an increase in self-storage development due to residential growth in the vicinity, John Mitchum, a real estate broker with ReMax Renaissance Realtors, told the source.
Last week, the Natchez Group also finalized the purchase of Main Street Storage at the corner of Main and Carter Streets for $2.4 million, the source reported. The developer has been active in the state in recent weeks, including a planned three-story facility in Spring Hill and two other projects in Franklin and Nashville.
The Dayton Boulevard project is about a half-mile from a new self-storage development being constructed by Pratt Home Builders. The single-story facility is about three months from completion and will comprise 35,000 square feet in 266 units, according to the source.
The Natchez Group focuses on self-storage development and investments in Central Tennessee and the Southeast. In the past four years, the company has been involved in more than 500,000 square feet of self-storage projects.